Tokyo, May 28 (Jiji Press) – Itochu Corp., a major Japanese trading house, announced on Wednesday that it will venture into the U.S. retail insurance distribution business through a strategic partnership with the Neo Group.
Itochu has acquired a stake in Churchill Innovative Holdings LLC, the parent company of the Neo Group based in Florida, in a deal valued at several billion yen. This capital alliance is expected to bolster Itochu’s retail insurance business globally.
Itochu already has existing investments in the insurance sector, partially owning Hoken No Madoguchi Group Inc., a Japanese insurance distributor, and insurance companies in Southeast Asia. The company’s expansion into the U.S. market marks a significant step in its global insurance distribution strategy.
The Neo Group specializes in providing comprehensive support to partner insurance distributors, including operational streamlining and call center services. Additionally, it offers insurance companies product planning and development proposals, enhancing their product offerings.
Through this partnership, Itochu aims to leverage the Neo Group’s expertise to strengthen its position in the global insurance distribution market. The move is part of Itochu’s broader strategy to diversify its business portfolio and tap into lucrative markets.
