Sompo Japan Nipponkoa Holdings has agreed to acquire around 7.8% (8.1% voting rights) stake in French reinsurer SCOR from Patinex, for around JPY110bn ($910m).
The company plans to further increase its stake in SCOR, in a bid to apply an equity method. It is subject to approval from relevant authorities.
The deal, which is expected to be completed by April this year, will allow Sompo to enter the life reinsurance segment.
Established in 1970, SCOR provides property and casualty (P&C) reinsurance and life insurance services.
Claimed to be the fifth largest P&C and life reinsurer in the world, the company reported a CAGR of 14.0% for GWP and an average ROE of 9.7% for the past five years, noted Sompo.
Based in Paris, the firm has consoildated net assets of around €5.7bn and consoildated net income of about €0.51bn.
Swiss Patinex, a business unit owned by Martin and Rosmarie Ebner, bacame the largest shareholder in SCOR in 2007.
Image: Sompo Japan to acquire minority stake in SCOR from Patinex. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.