Mitsui Sumitomo Insurance, a general insurer in Japan, will start a Y2bn ($24m) corporate venturing fund to invest in small and midsize firms and start-up companies in China, Taiwan and other Asian economies.
It is the first time a Japanese non-life insurer has entered the venture capital business in other parts of Asia, according to news provider Japan Today.
Mitsui Sumitomo Insurance will contribute 95.5% of the fund, with the remainder from its Japan-focused corporate venturing subsidiary, Mitsui Sumitomo Insurance Venture Capital.