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Japanese investments in EU M&A

Sompo Japan Nipponkoa Holdings Inc to acquire 15% of French reinsurer Scor SE

Sompo continues globalization

Sompo to acquire 15% of Scor SE for approx. US$ 915 million

On March 6, 2015, Sompo Japan Nipponkoa Holdings Inc (損保ジャパン日本興亜ホールディングス株式会社) announced the investment in the French reinsurer Scor SE, as follows:

  • 7.8% (8.1% of voting rights) from largest shareholder, Patinex AG. Patient is a Swiss holding company, owned by Martin and Rosmarie Ebner.
  • Sompo plans to increase holding to 15% and send Board Director

Acquisition of 15% share holding corresponds to approx. € 0.83 billion (= US$ 0.9 billion) based on the current market capitalization of SCOR SE.

Sompo Japan Nipponkoa Holdings Inc (損保ジャパン日本興亜ホールディングス株式会社)

Sompo Japan Nipponkoa Holdings Inc (損保ジャパン日本興亜ホールディングス株式会社) was founded in 2010 by the merger of Sompo Japan and Nipponkoa Insurance.

Sompo Japan Nipponkoa Holdings Inc is traded on the Tokyo Stock Exchange (Stock Code 8639), and current market capitalization is approx. YEN 1650 billion (= approx. US$ 14 billion)

In 2013, Sompo acquired UK reinsurer Canopius Group Ltd for UKL 594 million (US$ 972 million).

Scor SE

Scor SE (SE= Societas Europaea) was established in 1970 has a market capitalization of about € 5.55 billion (as of March 5, 2015).

SCOR is listed on Euronext Paris and on SIX Swiss Exchange.

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Categories
Corporate Governance EU-Japan business Leadership

Sir Stephen Gomersall on UK-Japan relations & globalization

Sir Stephen Gomersall on corporate governance: Board Meetings should be like sparkling water – not like tea

Globalization and the art of tea

Hitachi – Japan’s most iconic corporation – under the leadership of Chairman & CEO, Hiroaki Nakanishi embarked on the “Smart Transformation Project” to globalize, to face a world where value creation has moved from manufacturing to innovation and solving customer’s problems, and to overcome long years of stagnation and low profits or losses, despite strong technology capabilities.

One of the most important brains behind Hitachi’s reinvention and globalization is Sir Stephen Gomersall. After a long and successful career as diplomat in the British Foreign Service, culminating in the years as British Ambassador to Japan 1999-2004, Sir Stephen joined Hitachi in 2004 as the first foreigner responsible for proposing and implementing Hitachi’s overseas regional strategy. Later Sir Stephen became responsible for all of Hitachi’s business in Europe as Chairman and Chief Executive of Hitachi Europe, and in addition Sir Stephen also served as Director on the Board of all Hitachi 2011-2014 overseeing all of Hitachi Group’s business as Board Director. With Sir Stephen’s leadership Hitachi achieved major business breakthroughs in Europe.

On March 5, 2015, Sir Stephen gave the “Princess Chichibu Memorial Lecture to the Japan British Society at Ueno Gakuen University in Tokyo with deep insights on Japan-British relations, on comparison of Britain’s and Japan’s position in the world, and on the challenges of globalization facing Japan and Japanese corporations – in particular Hitachi.

Sir Stephen is very clear that there is no alternative to globalization: “Globalisation poses tough challenges for Japanese companies, but is the only way forward”.

Read Sir Stephen’s lecture here:

Sir Stephen Gomersall: “Globalisation and the art of tea” (click the link above to read the full text of Sir Stephen’s Princess Chichibu Memorial Lecture)

Sir Stephen Gomersall

Stephen Gomersall was British Ambassador to Japan from 1999-2004, and Hitachi’s Chief Executive for Europe and subsequently Board Director from 2004-2014. He is now Adviser to the CEO, Hitachi Ltd.

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