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The Slovakia branch offers nonlife business including fire, construction, marine, compensation and benefits for local companies in the country, with the support of local underwriting and risk management employees.
With the aim to provide comprehensive services for Central and Eastern European markets in 2010, Mitsui Sumitomo said the Slovakia office will become the hub office for the region. The Slovakia branch will also provide back-up services for a Czech Republic office, which focuses on Japanese clients.
The new branch will operate as a subsidiary of Mitsui Sumitomo Europe, through which the Japanese nonlife insurer has a presence in the United Kingdom, Germany, France, Spain, Italy, Netherlands, Belgium, Czech Republic, Norway, Qatar, the United Arab Emirates and Russia.
Located in the center of what it considers prime business markets of the Czech Republic, Hungary and Poland, Mitsui Sumitomo said the Slovakia branch will help expand its presence in the region.
In Slovakia, nonlife insurance business for Mitsui Sumitomo rose 8.2% to 125 billion yen (US$1.26 billion) in 2007.
Mitsui Sumitomo said it sees continuous insurance business growth, with high-profit market opportunities in Slovakia and surrounding markets.
Since the nonlife insurer set up German Desk Mitsui Sumitomo to tap into local nonlife commercial business, it sees the potential to grow business in local central and eastern European markets. The German unit earned 5 billion yen in premium income in 2008 and expects that to grow to more than 10 billion yen by 2010.
Supported by local underwriter and risk management employees, the Germany operation provides locally-based services to major clients in the country. It underwrites direct commercial insurance services including property, liability, cargo and engineering, and construction to German businesses.
Mitsui Sumitomo Insurance Co. Ltd. currently has a Best's Financial Strength Rating of A+(Stable).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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