Press Releases
MSI invested in Chinese Life Insurer
April 6, 2010
Mitsui Sumitomo Insurance Co., Ltd.
MSIG's approach to the Chinese markets
At Mitsui Sumitomo Insurance Group Holdings, Inc., Shanghai branch was opened in May 2001, and then a permit to establish a subsidiary was obtained in July 2007. Since its establishment, the operation has been on track, opening Guangdong and Beijing branches of the subsidiary in October 2008 and January 2010, respectively. The Group has the largest office network in China among not only Japanese but all other non-Chinese insurers, consisting of 11 offices such as MSI's China General Representative Office in Beijing and representative offices in Dalian, Tianjin, Qingdao, Chengdu, Suzhou, Hangzhou and Shenzhen.
| Year | Benchmark |
|---|---|
Oct 2000 |
Mitsui Sumitomo Insurance Company, Limited ("MSI," former Mitsui Marine & Fire Insurance Company, Limited ("Mitsui Marine")) obtained a preliminary permit to open its Shanghai branch from the China Insurance Regulatory Commission ("CIRC"). |
Apr 2001 |
MSI (former Mitsui Marine) obtained a license to operate at its Shanghai branch. |
May |
MSI (former Mitsui Marine) opened Shanghai branch. |
Feb 2003 |
Suzhou representative office opened. |
Sep |
"Risk Management Seminar for Japanese Companies in China" was held. |
Feb 2004 |
A permit to underwrite Chinese local risks was obtained from CIRC. |
May |
A business cooperation agreement with Nansha Economic and Technological Development Zone of Guangdong city. |
Jun |
"Weather Derivatives" seminar was held. |
Sep |
"Shanghai Non-life Insurance Management Meeting" was sponsored. |
| Hangzhou representative office opened. | |
Oct |
A comprehensive cooperation agreement with China Pacific Insurance (Group) Co., Ltd. ("CPIC") was signed. |
| Qingdao representative office opened. | |
Mar 2005 |
The Shanghai Expo's mission to Japan visited MSI. |
Sep 2006 |
A panelist was sent to the symposium, "Beijing Olympic Games and Risk Management" from MSI. |
| MSI participated in the signing of the self-regulatory agreement on non-life and automobile insurance in Shanghai. | |
Apr 2007 |
A donation was made to "Project Hope (Xiwang Gongcheng)" from MSI employees. |
Jul |
A permit to establish a subsidiary in China was obtained from CIRC. |
Dec |
Mitsui Sumitomo Insurance (China) Company Limited ("MSI China") officially commenced its operation as MSI's subsidiary in China |
Oct 2008 |
MSI China opened its Guangdong branch. |
Mar 2009 |
MSI China increased its capital. (500 million yuan) |
May 2009 |
A preliminary permit to open Beijing branch of MSI China was obtained from CIRC. |
Dec 2009 |
MSI invested in CPIC as a fundamental investor. (approx. 65 million U.S. dollars) |
Jan 2010 |
MSI China opened its Beijing branch. |
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