Itochu Corp has formed a business alliance with Antares Managing Agency Limited (AMAL), which runs a syndicate at Lloyds of London, the world’s largest insurance market, to launch an underwriting business at Lloyd’s by underwriting reinsurance from the syndicate.
Through the alliance with AMAL, Itochu will acquire insurance underwriting techniques as well as know-how and expertise in sales, facilitating the full launch and expansion of its insurance underwriting business.
Starting in spring, Itochu will dispatch staff to AMAL and gradually step up collaboration to jointly execute an overseas insurance business.
In the Lloyd’s market, diversification of capital and human resources and growth in the ratio of underwritten risks from Asia and emerging countries are already underway. Itochu’s entry into Lloyd’s coincides with this.
This is the first launch of an insurance underwriting business at Lloyd’s in London by a non-financial sector company in Japan.
Traditionally, Itochu’s insurance business centered on overseas insurance brokerage operations in Asia and UK insurance market through Hong Kong based Cosmos Group.
In recent years, however, it has developed expertise in insurance underwriting operations, making active use of its ties with group captive insurance companies and joining fund-type insurance business entities.