Sompo Japan Insurance Inc. said Friday it has teamed up with Royal & Sun Alliance Insurance Group PLC of Britain for operations in the United States.
Under the alliance, the Japanese nonlife insurer pays commissions to Royal & Sun Alliance for using its U.S. research network on casualty and property damages, Sompo Japan officials said.
The two companies have launched a joint venture, SJA Insurance Agency LLC, in North Carolina that will act as a business agent for Sompo Japan Insurance Co. of America, Sompo Japan said.
Sompo Japan is Japan’s second-largest nonlife insurer, after Millea Holdings Inc., a nonlife insurer with a life insurance division.
Royal & Sun Alliance handles both life and nonlife operations. It is the seventh largest in the world in terms of revenue from its nonlife divisions.
Sompo Japan was created in July following a merger between Yasuda Fire & Marine Insurance Co. and Nissan Fire & Marine Insurance Co.
It merged with Taisei Fire & Marine Insurance Co. in December. Taisei failed in 2001 following the huge payouts in the wake of the terrorist attacks in the United States.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.