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The Beijing branch is set to start operations in the third quarter of this year, initially with about 30 staff. Mitsui Sumitomo will then be the first Japanese insurance company to establish a presence in China's capital.
The new branch will provide business and services directly to clients in the Beijing city area, said Mitsui Sumitomo. With its headquarters in Shanghai, Mitsui Sumitomo launched a branch in Guangdong province in October 2008.
The Japanese insurer is eyeing China and other Asian countries for business expansion, in the light of sluggish premium growth in its domestic market and the impact of the global financial crisis on Japan's economy.
With the establishment of a Beijing branch, Mitsui Sumitomo said the company has a presence in China's three major geographic centers in the northern, eastern and southern regions.
In China, Mitsui Sumitomo set up its subsidiary, Mitsui Sumitomo Insurance (China) Co. in Shanghai in July 2007. With 260 employees in China, the insurer has total capital of 7.5 billion yen (US$78.6 million).
In Asia, Mitsui Sumitomo is engaging in negotiations with Malaysia's Hong Leong Assurance Bhd [86750] to form a strategic partnership in Malaysia (BestWire, May 26, 2009).
In April, Mitsui Sumitomo reached an agreement with the Ministry of Finance in Laos to establish a joint venture nonlife insurance company in the country's capital city of Vientiane. Mitsui Sumitomo will own 51% of the new venture, with the remaining 49% held by the Laotian finance ministry. With capital of US$2 million, MSIG Insurance (Lao) Co. Ltd. will operate as a subsidiary of MSIG Holdings (Asia) Private Ltd., the regional holding company of Mitsui Sumitomo in Asia (BestWire, April 27, 2009).
In Europe, Mitsui Sumitomo recently opened a branch in Slovakia's capital, Bratislava, with a eye on market potential in the Central and Eastern Europe region. (BestWire, April 15, 2009).
Mitsui Sumitomo Insurance Co. Ltd[84422] currently has a Best's Financial Strength Rating of A+(Superior).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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