OVERSEAS HOLDING COMPANIES FOR MITSUI

Japanese insurer Mitsui Sumitomo plans to implement a holding company structure for its international operations in order to make it easier to compete with Europe and US-based insurers, reports Nihon Keizai Shimbun . From this month the company will establish holding companies in New York, London and Singapore, the report claimed. These companies will have 17 Asian, seven US and fiver European insurers and claims inspection companies under their control. Hitherto, Mitsui Sumitomo’s foreign business has been directly overseen from Japan. Under the new system the holding companies will establish business strategies for each region. Mitsui said that by 2010 it is aiming for a group profit of more than ¥100bn, 50% up on that predicted for this financial year. Of this figure, overseas affiliates are expected to generate ¥20bn.