IBR Staff Writer Published 09 March 2015
Sompo Japan Nipponkoa Holdings has agreed to acquire around 7.8% (8.1% voting rights) stake in French reinsurer SCOR from Patinex, for around JPY110bn ($910m).
The company plans to further increase its stake in SCOR, in a bid to apply an equity method. It is subject to approval from relevant authorities.
The deal, which is expected to be completed by April this year, will allow Sompo to enter the life reinsurance segment.
Established in 1970, SCOR provides property and casualty (P&C) reinsurance and life insurance services.
Claimed to be the fifth largest P&C and life reinsurer in the world, the company reported a CAGR of 14.0% for GWP and an average ROE of 9.7% for the past five years, noted Sompo.
