Sompo Holdings enters agreement with Sanlam Kenya, expanding East African foothold
24-07-2019 06:15:42 | by: Bob Koigi | hits: 3889 | Tags:

Financial services group Sanlam Kenya has sealed an agreement with Sompo Holdings, one of the largest insurance groups in Japan.

This strategic agreement will allow Sompo to continue to expand its Japanese influence and investment in Africa and specifically in East Africa where Kenya is attracting substantial Japanese investment interest.

Sanlam Kenya Group CEO Patrick Tumbo says the partnership provides Sanlam with access to the East African region and affirms Sanlam Kenya’s business strategy to continuously seek growth opportunities and improve our products and services.

“We look forward to leveraging Sompo’s distribution channels and technical expertise,” he said.

Head of Sompo Japan Nipponkoa Insurance Johannesburg Representative office Daisuke Taoka said the alliance will allow the Japanese company to position itself as a strong insurance and reinsurance player through its presence in Kenya.

“It will also provide a much better service to our Japanese customers entering the country.”

He added that Sanlam Kenya’s expertise complements Sompo’s strengths and that Sompo was proud to be associated with a company that is built on a rich heritage.

In October 2017, Sompo Holdings entered into its first partnership agreement with the Sanlam Group through Sompo Japan Nipponkoa Insurance to provide long-term as well as general insurance support to its corporate clients across Africa.

Sompo Holdings has an extensive global footprint in 31 countries and regions, including Japan. Its core business encompasses one of the largest properties and casualty insurance groups in the Japanese domestic market. Sompo’s financial strength, broad licensing capabilities, diverse product and distribution networks, and market-leading technology make Sompo a preferred partner for clients around the globe.