Mitsui Sumitomo Insurance (MSI) has revealed plans to consolidate the talent and strength of its European subsidiaries, MS Amlin Insurance S.E. (MSAISE) and MSIG Insurance Europe AG (MSIGEU), in a merger of equals.
According to MSI, which wholly owns both companies, a combined service offering across Europe will empower policyholders to navigate the greater complexity and quantity of risk coverage needs.
MSAISE, one of the three pillars composing MS AMLIN, is headquartered in Brussels, Belgium and operates in Belgium, France, The Netherlands and the UK.
Meanwhile, with its headquarters in Cologne, Germany, MSIGEU is focused on the markets in Germany, Belgium, France, Italy, the Netherlands, Slovakia, and Spain.
“With such a merger, the two subsidiaries would be able to leverage their existing capabilities. By learning from each other while respecting the different origins of the companies, they would be able to strengthen their cross-selling potential, IT systems and diverse portfolio to serve clients even better with bespoke products and in favour of stronger growth,” MSI said.
The firm continued, “In view of the upcoming market shifts, this merger project would be instrumental in continuing to fulfil the expectation of current business partners and offering innovative solutions to a new customer base.
“Given the similar standards within the same group and, also, considering the geographical proximity and thus, comparable cultures, a merger of these two subsidiaries would be the right thing to do for the future of the firm’s European operations. Restrictions for third parties are not expected.”
According to MSI, it is the appropriate time to prepare the future for both subsidiaries by maximising their forces to become an “even stronger multi-specialist insurer” as a platform provider offering attractive, innovative risk solutions across Europe.
With this focus of the new company, which will be also a global MSIG member, MSI aims to build another strong brand equity that will be comparable to brands in the US and Asia.
MSI concluded, “Such a merger would enable a wide range of benefits, from greater customer and employee satisfaction to stronger opportunities for sustainable profitable growth, which ultimately would benefit all stakeholders again.
“This intragroup merger project is still subject to consultations and decisions at the local level, including the approval by the regulatory authorities which is aimed for mid of next year. The company will provide information on this in due course.”
