Joint Venture Approval in Myanmar (November 2019)
Sompo Japan Insurance Inc. obtained an approval from the authority for the establishment of a joint venture with AYA Myanmar General Insurance (hereinafter “AMGI”) on November 28, 2019. In accordance with the approval, AMGI changed the company name to AYA SOMPO Insurance Company Limited (hereinafter “AYA SOMPO”).
Sompo Japan Insurance Inc. began providing insurance services in Myanmar’s Thilawa Special Economic Zone in 2015, and since then has been carrying out activities to contribute to the country’s development, in such way as the launch of a pilot project for “Weather Index Insurance” for farmers in December 2018. Furthermore, we have built a close relationship with AMGI, the partner for establishment of the joint venture, through deepening the interaction, holding training and providing technical advice since 2016.
Based on the progress of liberalization by the local authorities, we will integrate the direct insurance service in the Thilawa Special Economic Zone, and the direct insurance service through the national insurance company outside the Special Economic Zone into the direct insurance service, provided by AYA SOMPO to further improve customer convenience and services. By investing not only capital but also our group’s advanced technologies and human resources in AYA SOMPO, we will strive to achieve sustainable growth in AYA SOMPO's business performance and improve its governance. In addition, we will contribute to the penetration of "insurance" and the development of the market in Myanmar.
For more details, please check the press release dated November 28, 2019(PDF/310KB)
Sompo Holdings Group Holds Business Seminar for Japanese Companies with Africa’s Largest Financial Services Group (February and July 2019)
Striving to enhance its sales network on the continent of Africa, the Group concluded a strategic partnership agreement with Sanlam Group* in 2017.
Since then, the two groups have been carrying out various initiatives for personnel exchange and pioneering of markets, and held business seminars in 2019 in Johannesburg in February and Nairobi in July in which many Japanese companies in Africa participated.
Going forward, the Sompo Holdings Group will increase its presence in the region alongside the Sanlam Group as a partner that aims to provide high-quality financial services to multinational companies across the entire continent of Africa.
- Sanlam Group is the largest non-bank financial services group in Africa with a wide network spread across the continent. Through five companies (Sanlam Personal Finance, Sanlam Pan Africa, Sanlam Investments, Sanlam Corporate, and Santam), it is developing business not only in P&C and life insurance, but also financial planning, pensions, investment, and wealth management for affluent parties.
Notice Regarding the Acquisition of the Surety Business of Lexon Surety Group, LLC (January 2018)
The Sompo Holdings Group positions Sompo International Holdings Ltd. as a platform for its global insurance business, with the intention of expanding its overseas insurance business through the supply of insurance products centered on highly specialized fields. Sompo International has agreed to acquire the operating subsidiaries of Lexon Surety Group, LLC (CEO: David E. Campbell, “Lexon”) in the United States. Lexon possesses a high level of specialist underwriting expertise and a solid broker network in the surety insurance business, which includes “license and permit surety,” a product that aims to ensure that an enterprise active in a legally licensed field is adhering to the legal requirements of such industry, as well as “contract surety” and “subdivision surety,” which are products required mostly by construction companies to engage in work for private and public contracts. Through this acquisition, Sompo International will obtain Lexon’s specialist underwriting expertise and a solid broker network in the surety insurance business, as well as diversify its profit and risk sources. This will further enhance Sompo International’s presence in the U.S. insurance market.
AgriSompo, an Integrated Global Platform for Agriculture Insurance (November 2017)
On November 1 2017, Sompo International Holdings Ltd. (SIH), a subsidiary of Sompo Holdings, Inc., launched AgriSompo, an integrated platform to provide agriculture insurance across the globe. The new platform will deliver a common underwriting approach with shared expertise and technology across a range of products to farmers, agricultural insurers and a wide variety of other agri-businesses. Based on this platform, SIH will strive to further develop its current business in a number of countries including the United States and China, in conjunction with driving further expansion in the underwriting of agricultural insurance by other overseas Group companies in India, Thailand and elsewhere. Through AgriSompo, the Sompo Holdings Group will contribute to the development of the agriculture sector around the world.
Reorganization and Creation of a Global Insurance Platform at Sompo International Holdings (October 2017)
Sompo International (SIH) received the transfer of all of the companies in the former Endurance Group on September 27 as a first step toward creating a global platform. Sompo America Holdings, Inc. subsidiaries were transferred under SIH on December 31 and Sompo Japan Insurance Company of Europe Limited is to be transferred under this plat form in the near future. SIH will use its global platform and global clearance system to set a new global standard of conducting business, providing customers with a wide array of products to help manage their various risks.
Alliance with China's Largest Internet Insurance Company ZhongAn Online P&C Insurance Co., Ltd.－Joint Development of Overseas Travel Insurance for Travelers Visiting Japan－(June 2017）
Sompo Holdings's Chinese subsidiary, Sompo Insurance China Co., Ltd., entered an alliance with ZhongAn Online P&C Insurance Co., Ltd. ("ZhongAn Insurance") in June 2017 to jointly develop overseas travel insurance products for Chinese travelers visiting Japan. ZhongAn Insurance was established through an investment by leading Chinese IT firms Alibaba Group Holding Limited and Tencent Holdings Limited., among others, as China's first purely Internet-based insurance company. The new service will combine ZhongAn Insurance's advanced insurance service based on its digital technology and its brand capabilities with the Sompo Group's network of medical institutions and medical interpreting services to provide the highest quality services to contribute to the security, health and wellbeing of customers.