inreon, the reinsurance online insurance platform, founded by Swiss Re and Munich Re, announced an expansion of its international operations in Japan, with the addition of two of the country’s largest P/C insurers – Sompo Japan and Fuji Fire & Marine, who recently signed membership agreements in order to begin trading via the platform.
Sompo was formed last July when Yasuda Fire & Marine and Nissan Fire & Marine completed their merger. The company has annual net written premiums of around $10 billion. Fuji writes all lines of P/C coverage for both personal and commercial risks and recorded net written premiums of around $2.5 billion for its last fiscal year. Both companies plan to use the inreon platform to help reduce costs both in ceding and assuming reinsurance, and to “help provide new reinsurance partners and better rates for both catastrophe protections and facultative needs.”
“The Japanese market is hugely influential within the international insurance industry and, as a truly global online trading service, it is vital for inreon to be serving companies there,” commented Kaj Ahlmann, Chairman and CEO. “The platform has already proven successful in several other key Asian markets, including Korea, Hong Kong and Taiwan. Japan represents the next logical step in inreon’s growth and Sompo Japan and Fuji Fire & Marine will prove important additions to the company’s membership.”
“There are now three Japanese members of inreon and a total of 19 companies across Asia that have joined the platform to date, “said the announcement. “These include eight of the largest insurers in Taiwan and five of the biggest companies in Korea. Worldwide 123 insurers, brokers and reinsurers have signed the platform’s membership agreement.
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