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Sompo International Holdings, a Bermuda-based subsidiary of Sompo Holdings has announced the launch of a new strategic partnership in Africa.
Sompo International said that it will form alliances with both Sanlam and SAHAM Finances through a partnership agreement executed by Sompo Japan Nipponkoa Insurance (SJNK). This partnership will give access to new markets by allowing Sompo to leverage the experience and existing footprint of Sanlam and SAHAM Group’s insurance subsidiaries.
Sanlam is the largest financial group in South Africa and its subsidiaries Santam and Sanlam Emerging Markets are leading financial service providers of life and non-life insurance. Santam is the largest non-life insurance company in South Africa by gross written premiums. Sanlam Emerging Markets, which was established in 2011, has life and non-life insurance operations in 14 African countries.
SAHAM Finances is the largest Pan African insurance group excluding South Africa. It has operations in 26 countries where it provides insurance, reinsurance, assistance and third party administration services.
Since establishing an office in Johannesburg in April 2014, SJNK has expanded its customer support and insurance market research system throughout Africa. The new partnership will enable Sompo to better support the African operations of their Japanese customers as well as to expand their distribution of new products to local businesses.
“We are delighted to announce this partnership today with two of the largest and best known financial groups in Africa,” said Junichi Tanaka, managing executive officer, Sompo Holdings and SJNK. “This alliance allows us to build Sompo’s reputation as a strong player in Africa by expanding our support to Japanese customers entering the continent. Through our new partners we will now have access to 27 African countries in total, more than double the presence of our peers across the continent, providing us with the largest scope of coverage in Africa.”
Nigel Frudd, chief strategy officer, Sompo International, said: “This strategic collaboration with Sanlam and Saham will allow us to bring the extensive global experience and broad product knowledge that SI possesses to our African clients. Many of SI’s specialty insurance products, such as crop, energy and weather risk, will be critical to aiding the future development of the continent. We look forward to strengthening the strong relationships with our partners through personnel exchanges as well as technical support across the region.”
Sompo International Holdings, Africa, Bermuda, Sanlam Limited, SAHAM Finances