Sompo becomes third Japanese insurer to set up EU base in Luxembourg
Japanese insurer, Sompo International, has today become the latest leading Japanese financial institution to announce plans to establish its new European insurance headquarters in Luxembourg following the UK's decision to leave the European Union.
Sompo International is one of three largest Non-Life insurance companies in Japan, also called the top three general insurance companies (San-Mega-Sompo), with a history stretching back to 1888. The company joins AIG, FM Global, CNA Hardy, Hiscox, RSA, Liberty Mutual as well as fellow Japanese Aioi Nissay Dowa Insurance (ADI) and Tokio Marine in choosing Luxembourg as their new EU-base. It also becomes the latest Japanese financial group to set up in Luxembourg, where six Japanese banks have been operating for years.
In a press statement, Sompo International said its European business is a key strategic component to the company’s growth. SI Insurance (Europe) will provide a solution for the company’s clients in the European Union, as well as create a base for continued business expansion in Europe. John Charman, Chairman and CEO of SI commented: “Establishing SI Insurance (Europe) in Luxembourg will be the first step in our ambitious plan to create a strong position in the European commercial P&C marketplace.”
Nicolas Mackel, CEO of Luxembourg for Finance, said: "We welcome the decision by Sompo International. It will further enrich Luxembourg's financial services ecosystem already composed of six leading Japanese banks and now the three Japanese Mega-Insurers. We are delighted that an increasing number of Asian financial institutions are recognising the long-term value of establishing an EU hub in Luxembourg."