Reinsurance News
Mitsui Sumitomo
Mitsui Sumitomo Insurance joins nT-Tao’s Series A funding round
1st September 2023
nT-Tao, a company dedicated to engineering compact and scalable nuclear fusion energy technology, has announced that Mitsui Sumitomo Insurance Venture Capital, the Japanese asset management arm of Mitsui Sumitomo Insurance Company, has joined its Series A funding round in a deferred investment for an undisclosed sum. Commenting on the participation, Ryosuke ... Read the full article
Japanese insurers in talks with reinsurers to resume coverage in Russian waters
29th December 2022
Japanese insurers, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance, which are all set to halt marine coverage of risks related to the war in Ukraine starting next month, are in talks with reinsurers to resume those operations. The three insurers told shipowners that they would ... Read the full article
Mitsui Sumitomo confirms Transverse acquisition
10th August 2022
Japanese insurance group Mitsui Sumitomo Insurance (MSI) has confirmed that it plans to acquire hybrid P&C program and fronting carrier specialist Transverse Insurance Group, after rumours of a potential deal surfaced last week. MSI has not yet disclosed a price for purchasing Transverse from its current owners, Virgo Investment Group, ... Read the full article
Mitsui Sumitomo reported on verge of $400m Transverse acquisition
7th August 2022
Japanese insurance group Mitsui Sumitomo has been reported to be on the verge of a $400 million acquisition of hybrid P&C program and fronting carrier specialist Transverse Insurance Group. Japanese newspaper the Nikkei reported the news and said a deal for the rumoured roughly $400 million acquisition could be announced before ... Read the full article
MS&AD targets US with $4.5bn war chest: reports
7th April 2021
Mitsui Sumitomo Insurance, part of MS&AD Insurance Group Holdings, intends to spend as much as USD 4.5 billion (500bn yen) on mergers and acquisitions (M&A) through 2023, with a focus on the North American market, reports Nikkei. It's understood by Nikkei that the Japanese insurer is eager to diversify its portfolio ... Read the full article
Insurtech Hippo confirms $350mn Mitsui Sumitomo investment
24th November 2020
California-headquartered, homeowners focused-insurtech Hippo has received a $350 million investment from Mitsui Sumitomo, a subsidiary of MS&AD Insurance Group Holdings. As part of the deal, the corporate venture capital fund of MS&AD will join Hippo’s board of directors as an “observer.” Additionally, Hippo and Mitsui Sumitomo plan on signing a reinsurance treaty, ... Read the full article
Fitch Revises MSI outlook to negative, affirms at IFS ‘A+’
11th May 2020
Fitch Ratings has revised the outlook on Mitsui Sumitomo Insurance Company's Insurer Financial Strength (IFS) Rating and Issuer Default Rating (IDR) to negative from stable. Fitch has affirmed MSI's IFS Rating at 'A+' (Strong) and its IDR at 'A'. Fitch has also affirmed the rating on MSI's US dollar subordinated debt ... Read the full article
Mitsui Sumitomo joins bid for digital bank licence in Singapore
7th January 2020
Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has joined BEYOND Consortium to bid for a digital full bank licence in Singapore. The consortium, which also consists of "), V3 Group Limited, Far East Organization, Singapore Business Federation, EZ-Link Pte Ltd and Heliconia Capital Management, announced its bid on ... Read the full article
Combined, Typhoon Faxai to cost Sompo, MS&AD at least $2 billion
19th September 2019
Typhoon Faxai, which struck Japan on September 9th, will cost Japanese insurers MS&AD Insurance Group Holdings, Inc. and Sompo Japan Nipponkoa Insurance Inc. a combined USD 2 billion, at least. Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article
MS&AD subsidiary MSI establishes Global Digital Hubs in Tokyo, Singapore
8th April 2019
MS&AD Insurance Group subsidiary, Mitsui Sumitomo Insurance (MSI), has announced the establishment of what it calls Global Digital Hubs (GDH) in Tokyo and Singapore. The company’s intentions are for the two GDHs, alongside other innovation-driven initiatives, to help promote digitalisation and solve wider societal challenges. This announcement echos MSI's move last year ... Read the full article
Reinsurance support part of Mitsui Sumitomo’s strategic alliance with Russian insurer
12th February 2019
MS&AD Insurance Group Holdings subsidiary, Mitsui Sumitomo Insurance Co. (MSI), has expanded its presence in Russia with the formation of a new strategic alliance with Russian non-life insurer, Ingosstrakh Insurance Company. Under the new partnership, MSI will have access to Ingosstrakh's network, which includes 83 branches across Russia and its offices in six countries ... Read the full article
MS&AD enhances digital capabilities with new partnerships
15th January 2019
MS&AD Insurance Group Holdings has enhanced its digital capabilities through two new strategic alliance agreements with U.S-based MGA CoverHound and German insurtech company ELEMENT. The company intends to use CoverHound’s expertise in the development and sales of digital insurance products to empower its own digital solutions, particularly in regard to the ... Read the full article
Mitsui Sumitomo increases shareholdings in Sri Lanka’s Ceylinco Group to 15%
31st August 2018
Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of MS&AD Insurance Group, has acquired an additional 9% of common stock in Ceylinco Insurance PLC, the largest insurance group in Sri Lanka, for approximately 3 billion rupees (US $42 million), increasing its total shareholdings to 15%. MSI originally invested in Ceylinco Group, ... Read the full article
MS&AD enters reinsurance agreement with carriers in Kenya and Mozambique
4th July 2018
Mitsui Sumitomo Insurance Co. (MSI), a member of MS&AD Insurance Group Holdings, has announced that its subsidiary, MSI Company (Europe) (MSIEU), has concluded its strategic alliance agreements to provide reinsurance capacity for ICEA Lion General Insurance Company in Kenya and International Commercial and Engineering Seguros (ICE) in Mozambique. As part of ... Read the full article
Mitsui Sumitomo enters Chinese life market with BoCommLife stake
23rd May 2018
MS&AD Insurance Group Holdings, Inc. subsidiary, Mitsui Sumitomo Insurance Company (MSI), Limited, has signed an agreement to acquire Colonial Mutual Life Assurance Society Limited's (CMLA) 37.5% stake in Chinese life insurer, BoCommLife Insurance Company Limited. CMLA, a subsidiary of the Commonwealth Bank of Australia, is to sell its 37.5% stake in ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
