Mondial Assistance Group and Millea Holdings have signed an agreement for a joint venture in Japan, focusing on automobile assistance.

Millea Holdings is the parent of the number one Japanese insurer and Mondial – part of Germany’s Allianz group – specializes in travel and assistance insurance. The companies involved hope that the alliance will be the market leader in the assistance sector in Japan and plan to develop further activities together.

Yasuo Yaoita, senior managing director of Millea Holdings, said: In line with our strategy to promote other businesses that have significant synergies with insurance operations, we chose a partner that shares our philosophy placing customer trust at the base of all our activities.

Frank O’Neill, director of the Asia-Pacific region for Mondial Assistance Group, said: With over 7% of our group turnover in Asia-Pacific, this alliance underlines the group commitment to this region.