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Report: Sompo Japan, CIMB Group near bancassurance deal

Sompo JapanNipponkoa Holdings Inc. is nearing a bancassurance agreement withCIMB Group HoldingsBhd., Bloomberg News reported April 13, citing "people withknowledge of the matter."

The Japanese insurer could pay as much as US$200 million forthe right to distribute its general insurance products through the Malaysianbank's branches across Asia for a period of more than 10 years.

Sompo Japan Nipponkoa will be replacing 's , which has a 10-yearbancassurance agreement with CIMB Group. The possible deal is not yet set anddetails could still change, the sources said.

A spokesman for Sompo Japan Nipponkoa declined to comment,while representatives from CIMB Group did not immediately respond toBloomberg's calls for comment.