New York - Maurice Greenberg, a major AIG shareholder who founded and led the insurance giant American Insurance Group until 2006, says the terms of the 123-billion-dollar US government bail-out are unfair and could lead to destruction of the company.

In a letter posted Tuesday at the Securities Exchange Commission, Greenberg pushed AIG chief Edward Liddy to renegotiate the deal with the government.

IDBI Fortis Life Insurance has informed that the company will shortly open 24 branches, including six in Tamil Nadu, to expand its footprints in the southern region. 

The company, a joint venture of IDBI, Federal Bank and Fortis, Europe's banking and insurance firm, has launched its operations in March, this fiscal. 

Under its proposed expansion plan, the firm intends to open 100 branches across the country in coming months. 

Tokyo - Yamato Life Insurance Co became the first Japanese financial firm Friday to fail due to losses linked to the global financial crisis, a media report said.

The medium-sized firm filed for bankruptcy protection Friday in Tokyo, reported Kyodo news agency.

The insurance firm incurred debts of 269.5 billion yen (2.68 billion dollars) from losses from investments in subprime mortgages-related bonds and other securities as their prices plunged amid the US financial crisis, the officials said.

Mobile retailer Univercell, along with Oriental Insurance Company, has introduced a new mobile theft and damage insurance plan for all mobile handsets.