Japanese insurer files for bankruptcy

CNN

TOKYO, Japan (CNN) -- Yamato Life Insurance Co. filed for bankruptcy on Friday, the company's president said.

"In the critical situation of the global financial market, our equity asset value went down in a speed and depth that we never expected," Takeo Nakazono told reporters.

The Tokyo-based company is the first in Japan to fail amid the current global financial crisis.

Yamato will look for sponsors for rehabilitation, Nakazono said.