Sompo Japan Nipponkoa Insurance
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, formerly NKSJ Holdings and , is a Japanese
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
company. It is the second-largest
property insurance Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or ...
company in Japan only behind Tokio Marine, with market share of 19.3% in 2007. The “Sompo” in the company's name means in Japanese, though Sompo Japan offers a range of financial services including life insurance,
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
, asset management and
venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to start-up company, startups, early-stage, and emerging companies that have been deemed to have high growth poten ...
businesses.


History

Tokyo Fire Insurance Company, Ltd. was established in 1887 as Japan's first fire insurance company. The company worked to cultivate an awareness of fire insurance, and five branch offices were added within a year. The major
Yokosuka is a city in Kanagawa Prefecture, Japan. , the city has a population of 409,478, and a population density of . The total area is . Yokosuka is the 11th most populous city in the Greater Tokyo Area, and the 12th in the Kantō region. The city ...
fire of 1890, however, nearly toppled the fledgling company. In 1893, Japanese entrepreneur Zenjiro Yasuda absorbed the Tokyo Fire Insurance Company into the Yasuda zaibatsu. Later, in 1944, Tokyo Fire Insurance, Imperial Marine Insurance, and First Engine & Boiler Insurance merged to become the Yasuda Fire & Marine Insurance Company (安田火災海上保険). Yasuda Fire made a successful bid for
Van Gogh Vincent Willem van Gogh (; 30 March 185329 July 1890) was a Dutch Post-Impressionist painter who posthumously became one of the most famous and influential figures in Western art history. In a decade, he created about 2,100 artworks, inc ...
's " Sunflower" paintings for about 5.3 billion yen in 1987. On July 1, 2002, Yasuda Fire and Nissan Fire & Marine Insurance (日産火災海上保険) merged into a new company, Sompo Japan Insurance Inc. In December 2002, Sompo Japan acquired Taisei Fire & Marine Insurance. In September 2014, Sompo Japan acquired Nipponkoa Insurance. In December 2022, the heirs to the Jewish banker and art collector Paul von Mendelsohn-Bartholdly filed suit in Chicago to reclaim the Van Gogh, alleging that the insurance company ignored the Holocaust-linked history of the painting during its acquisition in 1987.


International operations

Sompo Japan Nipponkoa has offices and subsidiaries in 28 countries, providing insurance services and risk management expertise.


Asia Pacific

In 1991, PGA Yasuda Insurance Company, Inc., was established in Partnership with Prudential Guarantee and Assurance Inc. In September 2014, upon acquisition of Nippon Koa, it is now named PGA Sompo Insurance Corporation. In June 2005, Sompo Japan established Sompo Japan Insurance (China) Co., Ltd. in Dalian, China. Sompo Japan's Australian branch has more than 35 years of operating history. In 2007, Sompo Japan developed its business in
Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
by purchasing a 30% stake of Berjaya General Insurance Bhd, now Berjaya Sompo Insurance. In 2008, Sompo Japan established a
joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...
with Karnataka Bank, Indian Overseas Bank and Allahabad Bank and Dabur Investment Corp. in India, Universal Sompo General Insurance (main office in
Mumbai Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
).


Europe

Sompo Japan has been serving clients in Europe for about 50 years with offices in the United Kingdom, Belgium, France, Germany, Italy, the Netherlands, Spain and Turkey. Sompo Japan Insurance Company of Europe, a corporate member of
Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gove ...
since 1993, conducts underwriting and provides claim settlement, risk management and insurance information mainly to Japanese companies. In April 2014, Sompo concluded the purchase of specialist
Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gove ...
market company Canopius Group for £594m.


Americas

Through its subsidiary Sompo Japan Insurance Company of America, headquartered in New York, Sompo Japan conducts property and casualty insurance operations in the United States and Canada. Sompo Japan Insurance De Mexico S.A. de C.V. started local operation in Mexico in 1998. In South America, Sompo Japan's main base of operations is its subsidiary in
Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
, Yasuda Seguros S.A., established in 1958. The majority of Yasuda Seguros clients are local businesses and individuals. Update - October 2016 Sompo Japan Nipponkoa has completed its acquisition of Bermuda-based insurer Endurance and will integrate it into its newly launched, fully integrated re/insurance platform in Bermuda, named Sompo International. The new organization will have a board of its own, led by John Charman as chairman and CEO. He will report to Sompo CEO Kengo Sakurada. Charman was chairman and CEO of Endurance prior to its acquisition. In October 2016, Sompo announced the initiation of processes to buy 100% of Endurance for the sum of US$6.3 billion. Endurance was delisted from the New York Stock Exchange upon completion of the transaction.


List of Group Companies


Domestic P&C Insurance


Sompo Japan Nipponkoa Insurance Inc.

SAISON AUTOMOBILE AND FIRE INSURANCE COMPANY, LIMITED

Sompo Japan Nipponkoa DC Securities Inc.

Sompo Risk Management Inc.

Mysurance Inc.


Overseas Insurance


AYA SOMPO Insurance

SOMPO INTERNATIONAL

SOMPO SiGORTA

Sompo Holdings (Asia) Pte. Ltd.

Berjaya Sompo Insurance Berhad

PT. SOMPO INSURANCE INDONESIA

Sompo Insurance Singapore Pte. Ltd.

SOMPO HONG KONG

SOMPO CHINA

SOMPO SEGUROS
# SOMPO SAÜDE
Universal Sompo General Insurance Company Limited

PGA Sompo Insurance Corporation

Sompo Insurance (Thailand) Public Company Limited

United Insurance Company of Vietnam
# Sompo Consulting Korea Inc.
SOMPO Taiwan Brokers Co., Ltd.
# Eterna Insurance Company Limited


Domestic Life Insurance


Sompo Japan Nipponkoa Himawari Life Insurance, Inc.


Nursing Care & Healthcare Business


Sompo Care Inc.


Strategic Businesses


SOMPO JAPAN NIPPONKOA ASSET MANAGEMENT CO., LTD.

Prime Assistance Inc.

FRESHHOUSE Co., Ltd.

Sompo Warranty Inc.

Sompo Health Support Inc.

Wellness Communications Corporation


References

*
Sompo Japan Annual Report 2008
'


External links


Sompo Japan NipponkoaSompo Japan Insurance de MexicoSompo Japan Nipponkoa Museum of art
{{Authority control Insurance companies based in Tokyo Japanese brands Financial services companies established in 1887 Japanese companies established in 1887 Fuyo Group Furukawa Group Midori-kai