Sompo Holdings,Inc.

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Sompo Japan to raise auto insurance premiums by an average of 5% from January next year

It was learned on the 24th that Sompo Japan will raise automobile insurance premiums by an average of about 5% from January 2027. The move responds to rising vehicle repair costs and increasing insurance claims payments due to soaring prices. The company also raised premiums by about 1.8% in July this year, but judged that a further increase is necessary to improve its earnings.

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Kumamoto Earthquake Could Push Japan Insurance Claims Past 175 Billion Yen

Bloomberg Intelligence estimates that the magnitude 7.1 earthquake in Kumamoto Prefecture on July 28 could drive claims for Japan's insurance industry above 175 billion yen, or about 1.1 billion US dollars, which is the average damage from six previous major earthquakes. Most of the damage is to commercial properties and homes covered under Japan's earthquake insurance system. The three major private insurers, Tokio Marine Holdings, Sompo Holdings, and MS&AD Insurance Group Holdings, have collectively set aside 365 billion yen to cover natural disaster claims this fiscal year, more than double the total claims of the previous year. However, Bloomberg Intelligence assesses that the impact on the earnings of the three companies will remain limited. After reinsurance and taxes, the claims burden from this event will account for less than 1 percent of the industry's adjusted profit.

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Money & Banking·28dRead more ▾

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Sompo agrees to acquire Fator Seguradora in Brazil

Sompo International's Brazilian subsidiary has signed an agreement to acquire local insurer Fator Seguradora. The value of the transaction was not disclosed, and the deal remains subject to regulatory approval. The acquisition is part of Sompo's strategy to expand its corporate insurance portfolio, particularly in property, guarantee, and financial lines where Fator Seguradora has recognized expertise. Both companies will continue to operate independently until the approval process is completed. Sompo Brazil CEO Alfredo Lalia Neto said the move aligns with the group's sustainable growth strategy and ambition to grow in higher-value technical segments.

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Sompo to Acquire Service Insurance Companies, a Leading Monoline Workers’ Compensation Insurer

Sompo International Holdings Ltd. has agreed to acquire Service Insurance Companies, a specialist in workers’ compensation insurance focused on small and medium-sized enterprises. The deal, announced via a definitive agreement, will see one of Sompo’s U.S. subsidiaries take over the monoline carrier, subject to regulatory and customary closing conditions. Service Insurance Companies brings a differentiated distribution platform and best-in-class claims capabilities, which Sompo expects will broaden its underwriting presence in the SME and General Agents marketplace. Chris Sparro, CEO of North America for Sompo Commercial P&C Insurance, said the acquisition establishes a top-tier flagship for its workers’ compensation business. Brad Davis, current President of Service Insurance Companies, will continue to lead the business under Sompo. Financial terms were not disclosed.

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Sompo names Henry MacHale Chief Underwriting Officer and Head of Strategy for International Markets

Sompo has appointed Henry MacHale as Chief Underwriting Officer and Head of Strategy for its International Markets insurance business, which spans 22 countries across the UK, Asia-Pacific, Continental Europe including Turkey, and Brazil. MacHale, previously Group Chief Strategy Officer at Aspen, will be based in London and report to Alessa Quane, CEO of International Markets. He will work with regional underwriting leaders to drive performance, set global underwriting policy, and implement pricing and risk control frameworks, while also collaborating with regional CEOs to shape strategy and pursue organic and inorganic growth opportunities.

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