Sompo Holdings, Inc. has announced the establishment of Sompo International Holdings Brasil Ltda, a Brazilian Insurance Holding subsidiary designed to achieve further growth in the group’s overseas insurance business.
The group’s new Brazilian insurance subsidiary was established on October 1st, 2019 and will be based in Sao Paulo, Brazil.
Sompo has announced that the new unit will be led by Chief Executive Officer (CEO) Francisco Caiuby Vidigal Filho, and has share capital of BRL 1.261 billion (approximately USD 298 million).
Discussing its reasoning for the establishment of its Brazilian subsidiary, the firm says that it has been establishing a truly integrated global platform centred about Sompo International Holdings.
Sompo states that it has completed the integration of its commercial businesses operated in developed countries and regions, and has plans to reorganise its group companies operating retail businesses in emerging countries under Sompo International Holdings.
The firm continues to explain that its launched its Brazilian unit as a subsidiary of Sompo International Holdings and to transfer Sompo Seguros S.A., one of its core subsidiaries, to be under the Brazilian branch.