Sompo Japan Nipponkoa Insurance

Sompo Holdings, Inc. (SOMPOホールディングス, Sonpo hôrudingusu), formerly NKSJ Holdings and Sompo Japan (損害保険ジャパン, Songai Hoken Japan, lit. "General Insurance Japan"), is a Japanese insurance company. It is the second-largest property insurance company in Japan only behind Tokio Marine, with market share of 19.3% in 2007.[2]

Sompo Holdings, Inc.
SOMPOホールディングス株式会社
TypePublic company
TYO: 8630
IndustryInsurance
Founded1887 as Tokyo Fire Insurance
HeadquartersShinjuku, Tokyo, Japan
Area served
Worldwide
Key people
Kengo Sakurada (President & CEO)
RevenueIncrease JPY ¥ 4,167.4 billion (FY 2022)[1]
Increase JPY ¥ 224.8 billion (FY 2022)
Number of employees
47,776 (March, 2022)
ParentNKSJ
Website

The “Sompo” in the company's name means “general insurance" (損害保険, songai hoken) in Japanese, though Sompo Japan offers a range of financial services including life insurance, securities, asset management and venture capital businesses.

History

Tokyo Fire Insurance Company, Ltd. was established in 1887 as Japan's first fire insurance company. The company worked to cultivate an awareness of fire insurance, and five branch offices were added within a year. The major Yokosuka fire of 1890, however, nearly toppled the fledgling company.[3]

In 1893, Japanese entrepreneur Zenjiro Yasuda absorbed the Tokyo Fire Insurance Company into the Yasuda zaibatsu. Later, in 1944, Tokyo Fire Insurance, Imperial Marine Insurance, and First Engine & Boiler Insurance merged to become the Yasuda Fire & Marine Insurance Company (安田火災海上保険).[3]

Yasuda Fire made a successful bid for Van Gogh's "Sunflower" paintings for about 5.3 billion yen in 1987.

On July 1, 2002, Yasuda Fire and Nissan Fire & Marine Insurance (日産火災海上保険) merged into a new company, Sompo Japan Insurance Inc.

In December 2002, Sompo Japan acquired Taisei Fire & Marine Insurance.

In September 2014, Sompo Japan acquired Nipponkoa Insurance.

In December 2022, the heirs to the Jewish banker and art collector Paul von Mendelsohn-Bartholdly filed suit in Chicago to reclaim the Van Gogh, alleging that the insurance company ignored the Holocaust-linked history of the painting during its acquisition in 1987.[4]

International operations

Sompo Japan Nipponkoa has offices and subsidiaries in 28 countries, providing insurance services and risk management.

Asia Pacific

In 1991, PGA Yasuda Insurance Company, Inc., was established in Partnership with Prudential Guarantee and Assurance Inc. In September 2014, upon acquisition of Nippon Koa, it is now named PGA Sompo Insurance Corporation.

In June 2005, Sompo Japan established Sompo Japan Insurance (China) Co., Ltd. in Dalian, China.

Sompo Japan's Australian branch has more than 35 years of operating history.

In 2007, Sompo Japan developed its business in Malaysia by purchasing a 30% stake of Berjaya General Insurance Bhd, now Berjaya Sompo Insurance.

In 2008, Sompo Japan established a joint venture with Karnataka Bank, Indian Overseas Bank and Allahabad Bank (Which later merged with Indian Bank[5] and Dabur Investment Corp. in India, Universal Sompo General Insurance (main office in Mumbai).

Europe

Sompo Japan has been serving clients in Europe for about 50 years with offices in the United Kingdom, Belgium, France, Germany, Italy, the Netherlands, Spain and Turkey. Sompo Japan Insurance Company of Europe, a corporate member of Lloyd's of London since 1993, conducts underwriting and provides claim settlement, risk management and insurance information mainly to Japanese companies.

In April 2014, Sompo concluded the purchase of specialist Lloyd's of London market company Canopius Group for £594m.[6]

Americas

Through its subsidiary Sompo Japan Insurance Company of America, headquartered in New York, Sompo Japan conducts property and casualty insurance operations in the United States and Canada. Sompo Japan Insurance De Mexico S.A. de C.V. started local operation in Mexico in 1998.

In South America, Sompo Japan's main base of operations is its subsidiary in Brazil, Yasuda Seguros S.A., established in 1958. The majority of Yasuda Seguros clients are local businesses and individuals.

Update - October 2016

Sompo Japan Nipponkoa has completed its acquisition of Bermuda-based insurer Endurance and will integrate it into its newly launched, fully integrated re/insurance platform in Bermuda, named Sompo International.

The new organization will have a board of its own, led by John Charman as chairman and CEO. He will report to Sompo CEO Kengo Sakurada. Charman was chairman and CEO of Endurance prior to its acquisition.

In October 2016, Sompo announced the initiation of processes to buy 100% of Endurance for the sum of US$6.3 billion. Endurance was delisted from the New York Stock Exchange upon completion of the transaction.

References
  1. "SOMPO Holdings Integrated Annual Report 2022" (PDF).
  2. Sompo Japan Insurance Inc. Corporate Presentation. July 2008.
  3. "The Yasuda Fire and Marine Insurance Company, Limited". Retrieved 2008-04-20.
  4. "Heirs to Jewish banker's estate sue owner of painting sold amid Nazis' rise". www.courthousenews.com. Retrieved 2022-12-16.
  5. "Allahabad Bank-Indian Bank Merger: This 155-year-old PSB Will Cease to Exist on February 15". 11 February 2021.
  6. "Canopius bought by Sompo for £594m". 18 December 2013.
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