Sompo Japan Insurance Inc. said Tuesday it has agreed to expand its tieup with two South Korean nonlife insurers to cover other Asian countries.
The agreement calls on Sompo Japan to underwrite policies for South Korean corporations on behalf of Dongbu Insurance Co. and LG Insurance Co. in China, Hong Kong, Singapore, Malaysia, Indonesia, the Philippines, Thailand and Vietnam, according to Japan’s No. 2 nonlife insurance company.
The two Korean insurers do not have insurance licenses in these Asian countries.
Sompo Japan had previously agreed to provide insurance services to South Korean firms doing business in Japan on behalf of the two South Korean insurers, and the two South Korean insurers had agreed to provide such services to Japanese businesses in South Korea on behalf of Sompo Japan.
Sompo Japan and Dongbu Insurance will accept each other’s staff as trainees and share business knowhow.