Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group, is in the process of discussing an intragroup merger between MS Amlin Insurance SE (AISE) in Belgium and MSIG Insurance Europe AG (MSIGEU) in Germany.
MSI, which carries out international business through an overseas network of 41 countries and regions, said combining the two European subsidiaries is expected to be finalised by next summer, pending regulatory approval and local consultations.
Sharing its history, MSI noted: “In 2007, MSI established its German desk in Cologne through its European subsidiary based in the UK, and started its operations in Continental Europe, providing non-life insurance services to local corporates.
“With the expansion of our business in Continental Europe, we established MSIGEU in 2012. Today, MSIGEU provides insurance services mainly to local corporate and Japanese clients.
“AISE became our overseas subsidiary through the acquisition of Amlin in 2016, expanding our traditional business base and providing insurance services mainly to the local small- and medium-sized business market.”
MSIGEU and AISE have since carried out MSI’s business in Continental Europe. Merging the two firms, according to MSI, is aimed at sustainably growing its European business.
“The new company will become one of the larger insurance companies following the top five in Continental Europe in the commercial and industrial market,” MSI highlighted.
“We aim to further improve our presence, expand our business, and strengthen profitability by pursuing synergies through integration, and strive to further improve customer service.”
Led by chief executive Nikolaus-Martin Przybyla, MSIGEU is manned by around 450 people, while AISE employs approximately 650 colleagues under the leadership of CEO Ludovic Sénécaut. Details of the merged operations’ future leadership structure were not outlined.
MSI is part of the wider MS&AD Insurance Group, which came to life through the merger of Aioi Insurance, Nissay Dowa General Insurance, and Mitsui Sumitomo Insurance Group.
What do you think about this story? Share your thoughts in the comments below.
