Sompo International Launches Commercial P&C Subsidiary, SI Insurance
Targeted News Service (Press Releases)
PEMBROKE, Bermuda, Sept. 3 -- Sompo International Holdings, a property and casualty insurance and reinsurance company, issued the following news release:
Sompo International Holdings Ltd., a Bermuda based specialty provider of property and casualty insurance and reinsurance, announced today the launch of its new subsidiary, SI Insurance (Europe), SA. SI Insurance (Europe) is headquartered in Luxembourg with branches in Belgium, France, Germany, Italy, Spain and the United Kingdom. Sompo International will maintain its presence in the Lloyd's market, its London-based underwriting platform and its Zurich reinsurance operation.
SI Insurance (Europe) will issue insurance policies and reinsurance treaties for new and renewal business in Continental Europe. European Economic Area policy issuance for multi-national insurance clients will continue to be serviced from London via the UK branch of SI Insurance (Europe).
SI Insurance (Europe) will also provide Sompo International with a foundation for additional strategic growth initiatives across Europe. Earlier this year, the company introduced a European Specialty business to partner with brokers across Continental Europe, initially offering a suite of professional liability and transaction risk insurance products. Sompo International is committed to the European market and will continue to expand its offerings to European clients through SI Insurance (Europe).
Mr. John Charman, Chairman and CEO of Sompo International, commented, "We continue to focus on delivering exceptional service to our international clients in areas where we can differentiate Sompo based on our specialty capabilities. It is critical that we have an established local presence in key Continental European markets as we introduce additional underwriting teams and innovative products to this region."
Mr. Graham Evans, CEO of London Market & Europe Insurancefor Sompo International, commented, "I am delighted to announce this exciting milestone which provides clear and timely definition of our post-Brexit capabilities for clients around the world. Our broker network can rest assured that they will have continued access to our full suite of Sompo International products and capabilities through their chosen channel of distribution."
Mr. Takashi Kurumisawa, CEO of SI Insurance (Europe), added, "Our clients and brokers across Continental Europe are reacting very positively to Sompo International's commitment to the European market. With SI Insurance (Europe) beginning to operate well ahead of Brexit, we have a long-term solution in place to deliver consistently high quality service and uninterrupted capacity for clients across the European Economic Area."