6 March 2015 Insurance

Sompo stalks significant shareholding in SCOR

Sompo Japan Nipponkoa Insurance looks set to buy a substantial stake in French reinsurer SCOR in a deal worth more than $900 million.

The Japanese insurer is mulling purchasing a 15 percent stake in the company firstly by purchasing shares from Patinex, SCOR’s largest shareholder, which represent almost 8 percent, and then through other independent purchases. It would also ultimately push for a seat on the board.

SCOR posted solid results earlier this week driven by growth in the North American market following its acquisition of Generali US in 2013. It made a €512 million profit in 2014.

Sompo said the move would fit within its strategy of overseas expansion which targets the retail or commercial insurance fields in specified geographic regions including a focus on stable profit contributions from the commercial insurance field in Europe and America.

“Sompo Holdings has determined to proceed with this capital participation with the goal of further expanding its overseas insurance businesses,” the company said.

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