Sompo Japan Insurance has bought a 15% stake in United Insurance Brokers’ holding company for £3.5m.

This would value UIB Holdings at around £23m.

The capital could be used to fund growth in emerging markets.

The price paid represents 6.36% of UIB Holding’s earnings before interest and tax, 8.95% of its net income and 2.45% of its net assets.

The sale went through in February this year.

Tokyo-based Sompo is a general and life insurer, and is owned by NKSJ Holdings.

UIB would not comment.

United Insurance Brokers Limited’s profit slipped 65.6% to £512,555 in 2010 from £1.5m in 2009.

The Lloyd’s broker said in a Companies House filing that its 2010 performance had been influenced by the highly competitive nature of the insurance market, further investment in people, training and technology and the prevailing euro and dollar exchange rates.