Sompo International Announces Integration of Sompo America into Global Insurance Platform
PEMBROKE, Bermuda – February 1, 2018 – Sompo International Holdings Ltd. (SIH), a Bermuda based specialty provider of property and casualty insurance and reinsurance, announced today that it has completed the 100% transfer of the Sompo America companies to SIH and has integrated Sompo America’s business operations and staff into the Sompo International Insurance platform.
Commercial property, casualty and specialty products for Japanese Interest Accounts (JIA) will be managed by the Sompo Global Risk Solutions platform, under the oversight of Mr. Michael Chang, CEO of Sompo Global Risk Solutions. Ms. Lisa Davis, Executive Vice President, President of U.S. JIA Business, will continue to lead the JIA customer segment reporting to Mr. Chang. Locally sourced and written non-Japanese accounts and certain specialty lines of business currently written by Sompo America will be integrated into the company’s U.S. Insurance operation, led by Mr. Chris Sparro, CEO of U.S. Insurance.
With the breadth of Sompo International’s product offerings, Sompo America’s clients will benefit from the company’s multi-line underwriting capabilities. The combined companies will continue to provide their clients and producer partners with deep underwriting expertise at the point of sale, innovative solutions, and superior service based on a white glove service philosophy.
Mr. Jack Kuhn, CEO of Global Insurance, commented, “The integration and alignment of Sompo America marks a significant step toward the creation of a truly integrated global insurance platform. The combined organization has the backing of Sompo’s strong balance sheet, while providing additional flexibility with respect to broad licensing, greater on-the-ground resources and a larger regional footprint in the U.S. I am extremely pleased that we are now able to offer additional products and services to our clients and trading partners.”
The transfer of Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) and their integration with SIH is planned for the second quarter of 2018.
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.