Mitsui Sumitomo bolsters Africa network with strategic alliance

Mitsui Sumitomo Insurance Company Europe (MSIEU), a wholly owned subsidiary of MSI, has concluded strategic alliance agreements with ICEA LION General Insurance Company in Kenya, and International Commercial and Engineering Seguros (ICE) in Mozambique.

These agreements will allow MSIEU to provide MSI’s services to Japanese businesses in East and Southeast Africa, where business investments of Japanese companies as well as Asian and Chinese companies have accelerated.

Under the agreement, ICEA LION and ICE will serve as local insurance carriers in the region, with a designated team serving the company’s Japanese customers by issuing local policies, responding to accidents and offering risk management services.

According to the company, a designated office space for MSIEU will be reserved in each of the company’s offices. MSIEU will support the underwritten risks by providing its reinsurance capacity, underwriting know-how and assistance in the communication with customers.

Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails

More of today's news

Hyperion’s DUAL reshuffles leadership; brings in external talent to seek growth

Bermuda regulator revokes broker licence after ‘serious’ breaches

AmTrust receives boost as AM Best affirms its IFS ratings

Insurtech Planck Re raises $12m to simplify commercial underwriting

Bermuda’s ABIR says re/insurers absorbed £30bn of cat losses with ‘flying colours’

Ed swoops for Saudi Re hire as treaty leader in MENA, India

Marsh expands construction capabilities with acquisition