MITSUI SUMITOMO PARTNERS LAOS GOVERNMENT FOR NEW INSURER

Japanese insurer Mitsui Sumitomo Insurance Co has agreed to establish a non-life insurance company in Lao People’s Democratic Republic (Laos) in a joint venture with the country’s Ministry of Finance. MSIG Insurance (Lao) Company Ltd will launch with capitalization of $2m and will provide both personal lines and commercial insurance in Lao PDR. Mitsui Sumitomo will own 51% in the new venture and the country’s Ministry of Finance will own the remaining 49%. The company is expected to begin operations shortly from its base in the Laos capital, Vientiane. Atsushi Yagi, CEO of MSIG Asia, said: “MSIG has a long-term commitment to developing markets in Indochina and contributing actively to its economic growth. Our strong network in the region, including operations in Thailand, Vietnam and Cambodia, will be bolstered with the addition of MSIG Lao.”