Sompo chief wants to stay ‘stingy’ in hunt for US M&A

TOKYO: Sompo Japan Nipponkoa Holdings Inc’s Kengo Sakurada, who largely sat out an multibillion-dollar acquisition spree by the country’s largest insurers in the past two years, is getting ready to join the fray.

Sompo is interested in acquiring US specialty companies that sell insurance policies to companies instead of individuals, Sakurada, president and CEO, said in an interview. Sompo is under pressure to join rivals Tokio Marine Holdings Inc and MS&AD Insurance Group Holdings Inc, whose overseas deals have allowed them to counter the impact of Japan’s stagnant market. Even so, Sakurada, 60, said the company won’t overpay for overseas acquisitions.