Sompo International’s Standard & Poor’s Financial Strength Ratings Raised to “A+” and Sompo Holdings Group’s ERM Assessment Raised to “Strong"
PEMBROKE, Bermuda – May 1, 2018 – Sompo International Holdings Ltd. (SIH), a Bermuda based specialty provider of property and casualty insurance and reinsurance, announced today that Standard & Poor’s Global Ratings (S&P) raised the financial strength ratings on Sompo International Holdings Ltd.'s (SIH) core operating companies to “A+” from “A”. At the same time, Sompo Holdings, Inc. received notice from S&P that it raised the assessment of the Sompo Holdings Group’s (Sompo) enterprise risk management (ERM) to “Strong” from “Adequate with strong risk controls”.
S&P commented on the rationale for raising the financial strength ratings of the Sompo International companies to “A+”, citing “SIH’s increased integration and strategic importance to Sompo Group” as the company leverages SIH’s operating platform “to enhance its product and geographic mix and expand its international presence.”
In raising Sompo’s ERM assessment, S&P commented that it views favorably the continued use of return-on-risk metrics in evaluating various risk-taking initiatives, and the use of ERM analysis in making strategic decisions, such as product pricing and due diligence for mergers and acquisitions.
To address evolving risks, Sompo is continuously enhancing its ERM practices and further expanding its business through the establishment of a “truly integrated global platform” under SIH as the company endeavors to become one of the top 10 global insurers with respect to profit and ROE.
About Sompo International
Sompo International 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, weather risk 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.