Sompo Himawari Life Transfers Medical Insurance Block to New Bermuda Unit

Sompo Holdings has announced that its overseas subsidiary, Sompo Life Re, has secured a reinsurance license from the Bermuda Monetary Authority (BMA) and commenced operations.

As its initial transaction, the newly licensed Bermuda entity has underwritten a portion of Sompo Himawari Life Insurance’s in-force medical insurance portfolio via coinsurance. Under the coinsurance agreement, Sompo Life Re assumes the economic risk of the contracts under the same conditions as the primary insurer. Sompo Holdings noted that the intra-group transaction will not impact existing policyholders or alter customer relationships.

The group expects the deployment of intra-group reinsurance to optimize capital allocation and improve capital efficiency across its domestic life insurance business, ultimately driving broader group value.

Key Details

• Entity Name: Sompo Life Re Ltd.
• Domicile: Bermuda
• Capitalization: USD $250,000
• Leadership: Tetsuya Morito, CEO & Executive Director
• Core Function: Underwriting reinsurance cessions from Sompo Group entities

Sompo Expands U.S. Footprint with Acquisition of Service Insurance Companies

Sompo International Holdings has announced a definitive agreement to acquire Service Insurance Companies. The transaction, executed through a U.S. subsidiary, will absorb one of the premier monoline specialists in the American workers’ compensation market. Financial terms of the deal were not disclosed. The acquisition is strategically designed to deepen

Japan FinTech ObserverNorbert Gehrke