Sanlam has partnered with one of Bermuda’s top insurers, Sompo Holding Incorporates as part of the firms strategy to expand to Africa.
According to a statement that was issued by Sompo International, which is a speciality provider of property and casualty insurance and reinsurance, the company has formed an alliances with SAHAM Finances, the main reason being because of their reach in the continent.
“This partnership will give access to new markets by allowing Sompo to leverage the experience and existing footprint of Sanlam Limited and SAHAM Group’s insurance subsidiaries,” the statement read.
Sompo’s core market is located in Japan and this partnership will be executed through Sompo Japan Nipponkoa Insurance Incorporated.
The partnership will allow Sompo to support the African operations of its Japanese customer, and be able to expand their product offering to local businesses.
Sanlam recently reported a drop of 18% in the headline earnings in its interim results report for the six-months ended June 2017.
Despite these reports, the CEO Ian Kirk said the group was satisfied with the performance. “We expect the economic and operating environment to remain challenging for various reasons across our footprint for the remainder of the year.”
The group’s Financial Director Heinie Werth had previously said that the business strategy remains focused on South Africa, then Africa and its operations in other parts of the world.