Sompo Japan Insurance Inc. has completed the acquisition of additional shares of Marítima Seguros S.A through its subsidiary, Yasuda Seguros S.A.
The company explained the acquisition by noting that the insurance market in Brazil has been expanding on average 12.7 percent per year since 2001, and it said that it expects economic growth in Brazil “to continue in the foreseeable future.”
Previously, Sompo Japan and Nipponkoa Insurance established the joint holding company, NKSJ Holdings, Inc. NKSJ Group has been operating its insurance business in Brazil for more than 50 years through Yasuda Seguros (founded in 1958). The company said that it has been “working on increasing the volume of gross premium, expanding our knowledge base, and improving our business since we placed Brazil into our important region for global business development after we acquired shares of Marítima in 2009.”
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].