| Type | Public KK (TYO: 8755) |
|---|---|
| Industry | Insurance |
| Founded | 1887 as Tokyo Fire Insurance |
| Headquarters | Shinjuku, Tokyo, Japan |
| Area served | Worldwide |
| Key people | Masatoshi Sato (President & CEO) |
| Revenue | JP¥ 1,894,121 million (FY 2007) |
| Net income | JP¥ 59,636 million (FY 2007) |
| Employees | 16,095 (2008) |
| Website | Sompo-Japan.com |
Sompo Japan Insurance Inc. (株式会社損害保険ジャパン Kabushiki-Kaisha Songai Hoken Japan, TYO: 8755), or Sompo Japan (損保ジャパン), is a Japanese insurance company. It is the second-largest property insurance company in Japan only behind Tokio Marine, with market share of 19.3% in 2007.[1]
The “Sompo” in the company's name means “property insurance” in Japanese, though Sompo Japan offers a range of financial services including life insurance, securities, asset management and venture capital businesses.
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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 fire of 1890, however, nearly toppled the fledgling company.[2]
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).[2]
Yasuda Fire made a successful bid for Van Gogh'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.
Sompo Japan has offices and subsidiaries in 28 countries, providing insurance services and risk management expertise.
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 by purchasing a 30% stake of Berjaya General Insurance Bhd, now Berjaya Sompo Insurance.
In 2008, Sompo Japan established a joint venture with local financial institutions in India, Universal Sompo General Insurance (main office in Mumbai).
Sompo Japan has been serving clients in Europe for about 50 years with offices in the United Kingdom, Belgium, France, Germany, Italy, the Netherlands and Spain. Sompo Japan Insurance Company of Europe, a corporate member of Lloyd's of London since 1993, conducts underwriting and provides claim settlement, risk management and insurance information mainly to Japanese companies.
Through its subsidiary Sompo Japan Insurance Company of America, headquarterd 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, Yasuda Seguros S.A., established in 1958. The majority of Yasuda Seguros clients are local businesses and individuals.
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