SOMPO HOLDINGS INC. 27th November, 2015 Sompo Japan Nipponkoa Holdings, Inc.
REORGANISATION OF REINSURANCE BUSINESS
Sompo Japan Nipponkoa Holdings, Inc. (hereinafter 'SOMPO HOLDINGS') announces that it has established a reinsurance company, Sompo Japan Canopius Reinsurance AG, in Switzerland as of 23rd November 2015 through its subsidiary Canopius Group AG. This is part of the reorganisation of reinsurance business in the Sompo Japan Nipponkoa Group.
SOMPO HOLDINGS regards overseas insurance as a key business to support its growth strategy. The acquisition of Canopius Group (hereinafter 'Canopius') through Sompo Japan Nipponkoa Insurance Inc (hereinafter Sompo Japan Nipponkoa), a wholly owned subsidiary of SOMPO HOLDINGS, on 1st May 2014 was a significant part of its plans to enhance competitiveness in the overseas insurance business. Canopius is a global specialty player with its primary base in the U.K. insurance market of Lloyd's,
In the reinsurance field, the new strategy of SOMPO HOLDINGS is to consolidate the business which until now has been written separately by Sompo Japan Nipponkoa and Canopius. Therefore, Sompo Japan Canopius Reinsurance AG has been established in Switzerland to achieve sustainable growth in the overseas reinsurance business. This company will now operate together with the existing Canopius Lloyd's platform under a common underwriting philosophy and brand, ※１.
The strength of this new reinsurance company is that it brings together the business resources of Sompo Japan Nipponkoa and of Canopius, and now offers superior underwriting and risk management capabilities to serve our clients. SOMPO HOLDINGS will be using this company as a platform to expand its overseas reinsurance business and achieve greater corporate value.
２．Overview of Sompo Japan Canopius Reinsurance AG
Company Name | Sompo Japan Canopius Reinsurance AG |
Company Headquarter | Zurich, Switzerland |
Business | Reinsurance business |
Total Equity | 328million British Pounds (Approximately 60.8billion yen※2,3) |
Share Capital | 100million Swiss Francs (Approximately 12.2billion yen※2) |
Representative | Chairman: Michael Duffy CEO: Markus Eugster (from January 2016) |
Shareholder | Canopius Group AG 100% |
Financial Credit Rating | Standard & Poor's ：A+ A.M. Best ：A |
※１ Canopius Reinsurance Limited, wholly owned subsidiary of Canopius Group AG, transferred its headquarters from Bermuda to Switzerland and changed the name of company to Sompo Japan Canopius Reinsurance AG.
※2 Exchange rates: GBP 1.00 = JPY 185.39, CHF 1.00 = JPY 122.24
※3 As at 30th September, 2015
The impact of establishing this reinsurance company on the Company's consolidated financial results for the fiscal year ending 31 March, 2016 will be negligible.
SOMPO HOLDINGS is the abbreviation of Sompo Japan Nipponkoa Holdings, Inc. and our Group.
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