Lloyd’s Japan and SJNK launch new warranty and idemnity facility for Japanese corporates

Associations, Insurance and Reinsurance — By on May 22, 2015 at 11:17 PM

22 May 2015 – Lloyd’s Japan and Sompo Japan Nippon Koa Insurance Inc. launch a new facility to support M&A activity in Japan. (source: Lloyd’s of London)

Lloyd’s Japan Inc. (LJI) and  Sompo Japan Nippon Koa Insurance Inc. (SJNK) are pleased to announce the launch of a new collaborative warranty and indemnity facility to support the ongoing merger and acquisition activity of Japanese corporates.

Under this facility, SJNK will market warranty and indemnity insurance to Japanese corporate customers and issue local policies with reinsurance support from LJI. The number of M&A deals involving Japanese companies increased for the fourth consecutive year in fiscal 2014 to 555, with combined deal value hitting JPY8.1 trillion, up 16.3% on the previous record set in fiscal 2008.

On the Lloyd’s side, the facility is supported by Pembroke Managing Agency, who have enhanced their local warranty and indemnity offering by posting a specialist underwriter, Steven Harwood, to Japan. Mr Harwood is a fluent Japanese speaker and has many years of experience both in the insurance industry and, until recently, as a Tokyo-based lawyer working on cross-border M&A transactions.

LJI expects that the combination of Pembroke’s specialist underwriting know-how with SJNK’s well-established client network will contribute significantly to the development of this class of business in Japan.

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