Latest news with #SompoHoldings
Bloomberg
20-05-2025
- Business
- Bloomberg
Japan's Big Non-Life Insurers Plan to Sell Cross Shareholdings
Japan's three major casualty insurers plan to sell a total of about ¥1.37 trillion ($9.5 billion) of cross-held shares in the fiscal year started April in a push to reduce strategic holdings in line with government policy. Tokio Marine Holdings Inc. plans to sell plans to sell ¥600 billion of shares, MS&AD Insurance Group Holdings Inc. aims to offload ¥573 billion and Sompo Holdings Inc. targets ¥200 billion, according company announcements on Tuesday.
Japan Times
16-05-2025
- Business
- Japan Times
Nippon Life to stop sending staff to sales departments at banks
Nippon Life Insurance will discontinue the practice of temporarily sending employees to work in the sales departments of other firms such as banks, judging that the arrangements may distort fair competition. What are known as secondment agreements with major banks and regional lenders have allowed Japanese insurers to dispatch staff to financial firms, where they can sell the companies' insurance products. But critics have said the practice has led to misconduct, in addition to reducing competition. Nippon Life now has 51 employees working at other firms including banks, and it plans to negotiate with those companies about removing the workers from those arrangements or reassigning them to departments other than sales, a company spokesperson said. An example of the troubles that can result from these deals can be seen in the case of used-car dealership Bigmotor. The company admitted in 2023 to deliberately damaging vehicles and padding insurance claims. Japan's Financial Services Agency issued a business improvement order to Sompo Holdings and its Japanese insurance unit for their involvement in fraudulent claims by Bigmotor. Japan's policymakers have been pushing companies to make their operations more transparent and to try to increase shareholder returns. The corporate sector has also faced pressure to sell off cross-held stocks, often of allied firms, that were ubiquitous in the past in Japan's market, limiting the amount of shares available for investors. Other measures are being considered to crack down on inappropriate secondment agreements, with the General Insurance Association of Japan, a property and casualty insurance industry group, releasing guidelines in September 2024 prohibiting such staff moves for sales. The FSA has also indicated its intention to strengthen supervision in this area for the entire insurance sector.
Yahoo
27-03-2025
- Business
- Yahoo
Sompo expands operations in Continental Europe with authorisation to write primary insurance locally in Belgium and the Netherlands
Ralph Brand, President, Continental Europe Insurance, Sompo LUXEMBOURG, March 27, 2025 (GLOBE NEWSWIRE) -- Sompo, a leading global provider of commercial and consumer property and casualty (re)insurance, today announced that it has been granted licences by the regulatory authorities to write primary insurance locally in Belgium and the Netherlands. The development extends further Sompo's commercial P&C insurance capabilities and product offerings in Continental Europe, where the insurer also operates in Germany, France, Spain, Italy and Switzerland. Ralph Brand, President, Continental Europe Insurance said: 'Sompo has grown its presence significantly across Continental Europe in recent years and the authorisations to write primary insurance locally in Belgium and the Netherlands provide yet another milestone for our business. We know clients are increasingly looking for partners with local presence aligned with global expertise who can support them through all aspects of the many and often complex risks they face. We empower our local teams to work with our clients and brokers to offer a flexible, solutions-driven approach that creates the framework for long-term partnerships and success. I very much look forward to watching us develop opportunities in both these exciting markets.' For broker and business inquiries relating to Sompo in Belgium and/or the Netherlands, please contact: Herndon Stokes, Head of Distribution & Client Relationship Management, Insurance, Continental Europe, hstokes@ About Sompo We are Sompo, a global provider of commercial and consumer property, casualty, and specialty insurance and reinsurance. Building on the 130 years of innovation of our parent company, Sompo Holdings, Inc., Sompo employs approximately 9,500 people around the world who use their in-depth knowledge and expertise to help simplify and resolve your complex challenges. Because when you choose Sompo, you choose . 'Sompo' refers to the brand under which Sompo International Holdings Ltd., a Bermuda-based holding company, together with its consolidated subsidiaries, operates its global property and casualty (re)insurance businesses. Sompo International Holdings Ltd. is an indirect wholly-owned subsidiary of Sompo Holdings, Inc., one of the leading property and casualty groups in the world with excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor's. Shares of Sompo Holdings, Inc. are listed on the Tokyo Stock Exchange. To learn more please follow us on LinkedIn or visit *Sompo UK's insurance and reinsurance business is underwritten by Endurance Worldwide Insurance Limited and any risks located in the European Economic Area are underwritten by SI Insurance (Europe), SA. Both companies are wholly owned subsidiaries of Sompo International Holdings Ltd. Please visit to view the full status disclosure. Sompo Contact Mike Jones Global Head of Media RelationsM: +44 7765 901899 E: mijones@ Alexandra BrändliVP, Marketing & Communications, Insurance, Continental EuropeM: +41 79 606 04 49E: abraendli@ A photo accompanying this announcement is available at
