Sompo reveals partnership for African expansion

Bermuda-based specialty P&C re/insurer Sompo International Holdings said on Oct. 19 that it has launched a new strategic partnership in Africa to access new markets.

The subsidiary of Sompo Holdings is forming alliances with both Sanlam Limited and SAHAM Finances through a partnership agreement executed by Sompo Japan Nipponkoa Insurance.

This partnership will give access to new markets by allowing Sompo to leverage the experience and existing footprint of Sanlam Limited and SAHAM Group’s insurance subsidiaries.

Sanlam Limited is a South African financial group and its subsidiaries Santam Limited and Sanlam Emerging Markets Limited are financial service providers of life and non-life insurance.

SAHAM Finances is a Pan African insurance group excluding South Africa. It has operations in 26 countries where it provides insurance, reinsurance, assistance and third party administration services.

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, according to the press release.

Junichi Tanaka, managing executive officer, Sompo Holdings, said: “We are delighted to announce this partnership today with two of the largest and best known financial groups in Africa. 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, commented: “This strategic collaboration with Sanlam and Saham will allow us to bring the extensive global experience and broad product knowledge that SI [Sompo International] 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.”

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