Sompo International expands operations in Switzerland with licence to write primary insurance

GlobeNewswire

ZURICH, Switzerland, April 03, 2023 (GLOBE NEWSWIRE) -- Sompo International, a leading global provider of commercial and consumer property and casualty (re)insurance, today announced the expansion of its operations in Switzerland with the granting of a Swiss insurance branch licence to write primary insurance by the Swiss Financial Market Supervisory Authority (FINMA), effective immediately.

Ralph Brand, President Continental Europe Insurance for Sompo International said, “This development marks an important milestone as we build up our Continental Europe regional insurance operation. With reinsurance operations established since 2008, and a team of more than 50 industry-leading reinsurance professionals based in Zurich, Sompo International is already a recognised player in the Swiss market. The granting of a licence to write primary business elevates our presence further and allows us to better serve local clients and international businesses who will benefit from our strong global network, financial strength, broad product offering as well as excellent underwriting and claims capabilities.”

Julian James, Chief Executive Officer, Global Markets, Commercial P&C Insurance for Sompo International added, “We have a long-term commitment to building our primary insurance operations in Switzerland and will strongly invest in our talent and capabilities to create the right solutions for our clients and brokers’ business needs in this market.”

About Sompo International
“Sompo International” refers to Sompo International Holdings Ltd., a Bermuda-based holding company, together with its consolidated subsidiaries. Through its operating subsidiaries, Sompo International is a leading global provider of commercial and consumer property and casualty (re)insurance. Sompo International Holdings Ltd. is an indirect wholly owned subsidiary of Sompo Holdings, Inc. (“Sompo Holdings”). With more than 9,000 employees at Sompo International, 75,000 employees total worldwide, entities in over 46 countries and over USD 38 billion in Gross Written Premiums, Sompo Holdings is one of the leading property and casualty insurance groups in the world. Sompo Holdings maintains excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor’s on its principal operating subsidiaries. For more information about Sompo International, follow us on LinkedIn or visit www.sompo-intl.com.