Mitsui Sumitomo Insurance Co., Ltd. (“MSI”) (President: Toshiaki Egashira) hereby announces that the Company has decided to make a new entry into the German general insurance market from this October, in order to target local businesses. Germany is the center of general insurance market in Europe, together with the UK.
MSI has injected capital into and secured underwriting personnel for its wholly owned subsidiary in Europe, namely Mitsui Sumitomo Insurance Company (Europe), Ltd. (“MSIEu”) (UK Head Office, President: Masahiro Matsumoto), for the purpose of providing commercial insurance services to German businesses, in the lines of such as property, liability and cargo. MSI’s such attempt is the first among Japanese general insurers.
By recognizing and actively promoting these businesses as the main source of our European profit base, we make efforts so that MSIG can achieve its Overseas Business Strategy in the group’s New Mid-term Management Plan (or “New Challenge 10”).
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Outline
MSI has injected a capital of GBP 13 million into its wholly-owned subsidiary in Europe, MSIEu, and has established an office (“German Desk”) in Cologne, Germany. The new office will have a total of 20 staff, including German insurance underwriters and marketing staff, with a proven track record and experience in the local market. On top of this, in order to provide locally-based close services to major clients in Germany, marketing staff have been located in other major German cities, besides Cologne, such as Munich, Frankfurt and Hamburg. |
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Expected Results
It will become possible to provide commercial insurance services (direct underwriting), in the lines of such as property, liability, cargo and engineering (construction work), directly to German businesses, which are medium-sized or larger. Furthermore, through the network of MSIG offices located across 62 major cities worldwide, it will become possible to arrange a global-scale insurance program for German businesses, which are expanding into Asia, including Japan, as well as the rest of the regions around the world. |
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Premium Income Target
MSIEu aims to generate a premium income of EUR 100 million (approx. JPY 16 billion) by fiscal 2010, and acquire a 1.5% share in the German market. |
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