Sompo International Announces Plans for European Expansion
PEMBROKE, Bermuda – November 20, 2017 – Sompo International Holdings Ltd. (SI), a Bermuda-based specialty provider of property and casualty insurance and reinsurance and wholly owned subsidiary of Sompo Holdings, Inc., announced today that the company plans to establish a new European insurance headquarters based in Luxembourg. The new entity, SI Insurance (Europe), will also write reinsurance business.
European business is a key strategic component to SI’s growth prospects. Along with many insurers operating in the UK, SI has been formulating a strategy to address issues relating to the country’s decision to leave the European Union, in particular the potential loss of EU passporting rights. This strategy recognizes that there remains significant uncertainty over the terms of the final agreement.
Incorporated in and operating out of Luxembourg, SI Insurance (Europe) will provide a solution for the company’s clients in the European Union, as well as creating a base for continued business expansion in Europe. More details will be released in the near future and regulatory approval is anticipated in the second quarter of 2018. SI will maintain its presence in the Lloyd’s market and its current offices in London and continental Europe.
John Charman, Chairman and CEO of SI commented, “We have been developing our strategy for Europe for some time and SI Insurance (Europe) will enable us to provide our broad range of products more widely and efficiently, as well as strengthening our service capabilities to our international clients. Establishing SI Insurance (Europe) in Luxembourg will be the first step in our ambitious plan to create a strong position in the European commercial P&C marketplace.”
About Sompo International
Sompo International Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International writes agriculture, professional lines, property, marine and energy, and casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines and specialty lines of reinsurance. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category), A (Strong) from Standard and Poor’s and A1 from Moody’s on our principal operating subsidiaries. Sompo International’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Sompo International, please visit www.sompo-intl.com.
Phone: +1 441 278 0988