Japanese leading property insurer, Sompo Japan has announced the possible acquisition of Lloyd's of London based insurance and reinsurance group, Canopius. Deal can be priced at $970 million (100 billion yen) and is expected to be announced with-in a week's time.
Canopius group is Lloyd's of London based privately owned insurance and re-insurance group. The company underwrites a diversified portfolio of business. It has gone through series of acquisition following a strategy of organic growth in past nine years. Canopius operates through Europe, United States, Singapore and Australia. Company has financial resources more than £500 million. Canopius has 84% ownership of Bregal Capital LLP.
Sompo Japan Insurance Inc. is Japanese insurance company and is second largest property insurance company in Japan. Even Sompo has meaning "property insurance". Sompo has offices and subsidiaries in 28 countries offering insurance and risk management services. Sompo Japan is a unit of NKSJ Holdings.
As of now deal is not finalized. But as per industry associates, deal can be announced finally with-in a span of week. Same can be priced at about $970 million.
In recent years Japanese insurance groups have been trying hard with both organic and green ways to strengthen their base outside Japan. This is because Japan insurance market is almost stabilized and saturated with ageing population posing challenges towards increasing revenues.
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