The Sompo Holdings Group operates its overseas insurance business in 228 cities situated in 32 countries and regions worldwide, including North America, Europe, the Middle East, Africa, Asia, Latin America and Oceania.
Sompo Japan Nipponkoa Insurance, Inc., a wholly owned subsidiary of Sompo Holdings, Inc. ("SOMPO"), has completed the acquisition of Sompo International in March. Sompo International is a specialty insurance group with an experienced management team with a strong track record as well as an underwriting team with superior insurance underwriting techniques. It operates its insurance and reinsurance business in, among other regions, the U.S. Through the Acquisition, SOMPO will acquire a strong operating base in the U.S., the world largest insurance market, and SOMPO’s overseas insurance business portfolio will become more geographically diversified. With "SOMPO INTERNATIONAL" brand, Sompo International will contribute to the group as a platform of insurance and reinsurance business in developed countries.
In February 2017, Sompo Japan Nipponkoa Insurance Inc. entered into a comprehensive business cooperation agreement with Lao-Viet Insurance Company, Laos’s second largest non-life insurer in terms of premium income. The goal is to steadily support the business of customers in Laos, where economic growth continues. This spurred us to establish a Laos Division in Sompo Insurance (Thailand) Pcl and otherwise set up a framework for providing high-quality services including corporate insurance underwriting using the fronting method. Moving ahead, we will contribute to the Laos insurance market’s development by jointly developing products with Lao-Viet and promoting greater use of insurance.
Sompo Japan Nipponkoa Insurance Inc. has received the Grand Prize in the Second Sustainable Finance Awards conducted by the Research Institute for Environmental Finance (RIEF) for the Company’s activities to provide weather index insurance to farmers in Southeast Asia. REIF is engaged in activities to promote the widespread use of environmental finance and raise related awareness. Weather index insurance is an insurance product that pays out a contractually predetermined insurance amount when a weather index – such as for temperature, wind speed, rainfall, or hours of sunshine – fulfills certain conditions. The award gave Sompo Japan Nipponkoa Insurance Inc. high marks for undertaking product development as a climate change mitigation measure, along with supporting small farmers in developing countries. Going forward, Sompo Japan Nipponkoa Insurance Inc. will continue to provide a broad range of weather index insurance to farmers facing natural disaster risk in Southeast Asia.
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