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Singapore, January 20, 2010 – Mitsui Sumitomo Insurance Company, Ltd. of Japan ("MSIGJ") announced today that MSIG Insurance (Singapore) Pte. Ltd. (“MSIG”) and Mitsui Sumitomo Insurance (Singapore) Pte. Ltd. ("MSIS"), both wholly-owned subsidiaries of MSIG Holdings (Asia) Pte. Ltd. ("MSIG Asia") are planning to combine their operations under MSIG to create one unified company in Singapore. Subject to regulatory and court approvals, the legal integration is targeted for completion on 1 May 2010 by way of a transfer of the general insurance business of MSIS to MSIG ("Transfer").
The integrated company will be MSIG Insurance (Singapore) Pte. Ltd. ("MSIG Insurance"). Mrs. Margaret Yang, the current Chief Executive Officer of MSIG, will assume overall responsibilities as Chief Executive Officer. Mr. Takaaki Nakamura, the current Managing Director of MSIS, will take the position of Managing Director of the proposed integrated company. MSIG Asia, the Singapore-based regional holding company of Mitsui Sumitomo Insurance Company, Ltd., will continue to oversee the operations of the proposed integrated company.
MSIG is one of the top five general insurance companies in Singapore. The company is credit-rated AA- by Standard & Poor’s and ISO-accredited. It has been voted the Best Overall Insurer by the Singapore Insurance Brokers Association in their biennial awards for the years 1997, 2000, 2002, 2006 and 2008. MSIG’s portfolio spans both commercial and personal insurance. The company has an extensive multi-channel distribution network of agents, brokers and direct clients. It has strategic partnerships and bancassurance alliances with leading banks DBS Bank (DBS) and the Standard Chartered Bank (SCB).
MSIS was formed following a merger in October 2001 of Mitsui Marine & Fire Insurance (Asia) Pte. Ltd. and Sumitomo Marine & Fire Insurance Co., Ltd. (Singapore Branch), each with its illustrious history. MSIS aspires to grow with Singapore, having been present in the country for 50 years and having been the insurer for many important local commercial projects. Drawing on its vast experience and expertise, MSIS provides a range of commercial insurance products and services and personal lines insurance. MSIS is ISO-accredited and received an A+ credit rating from Standard & Poor’s.
The integrated operations will result in MSIG Insurance taking a top leadership position in the general insurance industry in Singapore, based on the Monetary Authority of Singapore’s Insurance Statistics for 2008:
- No. 3 in Gross Written Premiums (S$279m - 9.4% market share)
- No. 1 in Underwriting Profit (S$25m)
- No. 1 in Property Class (S$53.6m - 17% market share)
- No. 1 in Marine Cargo Class (S$36.5m - 20% market share)
- Total staff strength of 465 employees on completion of the legal integration
Mr Susumu Fujimoto, Director and Senior Executive Officer of Mitsui Sumitomo Insurance Company, Ltd. said, "This planned integration presents tremendous opportunities to MSIG Insurance and our stakeholders. The enlarged company will combine a wealth of management expertise, comprehensive range of product solutions and knowledge of the market to drive our continued growth."
“Our customers, intermediaries, business partners and staff will reap the benefits of a stronger, forward-looking, customer-centric organisation that is focused on building trust and creating long term relationships.”
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For further information, please contact:
Lindyn Tan
Senior Manager, Marketing
Tel: +65 6827 7670
Email: lindyn_tan@sg.msig-asia.com
Angela Ling
Manager, Brand and Communications
Tel: +65 6827 2828
Email: angela_ling@msig-asia.com
About MSIG Insurance (Singapore) Pte. Ltd.:
MSIG Insurance (Singapore) Pte. Ltd. ("MSIG") is one of Singapore’s leading general insurers with over 100 years of expertise and experience. We are ISO 9001:2000 certified and hold a strong AA- financial rating by Standard & Poor’s.
We are a leading provider of commercial and personal general insurance solutions through an extensive sales and service network of agents, brokers, strategic partnerships and regional bancassurance alliances with DBS Bank (DBS) and Standard Chartered Bank (SCB).
MSIG is committed to delivering service of the highest quality to each partner and client and to build professional and long term relationship with them. We will continue to build on our success with the Group’s winning combination of financial strength, insurance expertise, innovative products and industry knowledge.
About Mitsui Sumitomo Insurance (Singapore) Pte. Ltd.:
Mitsui Sumitomo Insurance (Singapore) Pte Ltd ("MSIS") was formed following a merger in October 2001, combining the operations of Mitsui Marine & Fire Insurance (Asia) Pte Ltd and Sumitomo Marine & Fire Insurance Co., Ltd. (Singapore Branch), each with very illustrious individual history.
With more than 50 years of development and commitment in Singapore together with the continuous support from our clients, business partners and staff, MSIS aspires to grow with the nation and has built up a strong business portfolio in all classes of general insurance business.
Upholding customers’ satisfaction with excellent services remains our core corporate culture and guiding principle. As a leading general insurance company, we gain the trust of our customers by consistently providing Quality products and services. With Trust and Quality, we are confident of achieving further Growth for our company. Further Growth will enable us to serve all our stakeholders much better.
MSIS enjoys a strong Standard & Poor’s rating of A+/Positive in financial strength and has attained the ISO 9001:2008 certification.
About MSIG Holdings (Asia) Pte. Ltd.:
MSIG Holdings (Asia) Pte. Ltd. (“MSIG Asia”) is one of three regional holding companies of Mitsui Sumitomo Insurance Group Holdings, Inc (“MSIGH”) around the world.
The Three Regional Holding Company Framework of MSIGH was developed to enable strong corporate governance by the MSIG Head Office. In particular, MSIG Asia was established as a predominant business base for Asia, with operations in markets such as Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand, Laos and Vietnam.
MSIG Asia provides support for business units in governance-related matters, including strategic planning, compliance, risk management and audit, as well as expertise with business development, infrastructure (IT, HR, Finance) and actuarial. In addition, it is also tasked with selecting regions and fields with potential growth for concentrated strategic investment.
MSIG Asia is based in Singapore and helmed by CEOs Alan J. Wilson and Atsushi Yagi.
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