UIB SELLS MINORITY STAKE TO MITSUI SUMITOMO

London-based re/insurance broking group UIB has sold a minority stake in the business to Japanese insurance giant Mitsui Sumitomo Insurance, according to a report in Insurance Day. The sale, for an undisclosed sum, will give Mitsui an 11% shareholding in UIB Group. Mitsui joins Japanese firm Sompo Japan Nipponkoa on UIB’s share roster. Sompo has been a minority shareholder since 2011. The existing management of UIB still holds a controlling stake in the group. The broking group said Mitsui’s investment was “an extension of a long-term partnership” and would complement Sompo’s stake. The firm, through its international network of offices, has a strong presence in the Asia, in addition to Latin America and its traditional territories of the Middle East and Africa.