Sompo International Continues European Expansion with Transfer of SJNKE
PEMBROKE, Bermuda – May 7, 2018 – Sompo International Holdings Ltd. (Sompo International), a Bermuda based specialty provider of property and casualty insurance and reinsurance, announced today that the integration of Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) into Sompo International reached a significant milestone on May 1, 2018 as SJNKE became a wholly-owned subsidiary of Sompo International.
Sompo International previously announced that its new subsidiary, SI Insurance (Europe), SA (SIIE), received regulatory approval from the Ministry of Finance of Luxembourg on March 27, 2018. SIIE is expanding beyond its headquarters in Luxembourg to include operations in Belgium, France, Germany, Italy and Spain, subject to required regulatory approvals. Once SIIE becomes operational later in 2018, SJNKE’s Continental European business will transfer to SIIE. Sompo International will maintain its presence in the Lloyd’s market with Endurance at Lloyd’s and the London company market with Endurance Worldwide Insurance Limited.
SIIE has been assigned an “A+” financial strength rating from Standard & Poor’s (S&P) in line with S&P’s recent upgrade of the financial strength ratings of Sompo International’s core operating companies to “A+” from “A”. SJNKE holds an “A” financial strength rating from S&P.
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.