Sompo International Holdings (SI), a Bermuda based specialty provider of property and casualty insurance and reinsurance, has decided to establish a new retail platform in order to facilitate the integration of all the operations of Sompo Holdings outside Japan.
Sompo Holdings, which has 45 licensed entities spanning 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa, has confirmed its plan to bring all international businesses outside Japan under the ownership of SI by 2020. SI has recently completed the integration of the business operations and staff of Sompo America. Integration of Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE) will be completed shortly.
SI will establish a new retail platform which reflects the different business and operational needs of its current commercial property and casualty business (P&C) and the Sompo Holdings overseas retail businesses (Retail). Through this new retail platform within SI, Sompo Holdings will launch a new ecosystem function which will benefit all of the company’s retail businesses around the globe by sharing expertise across countries and collaborating on the development of future products and underwriting models. SI has established a new Sompo International Retail Executive Team which it says is central to successfully developing a global Retail business to complement its existing P&C business. The Sompo International Board of Directors will have operational oversight and provide strategy for both divisions operating through their respective Executive Teams.
Mr Kengo Sakurada, president & CEO of Sompo Holdings, commented, “Our vision is to build the first truly global integrated insurance and reinsurance business. In the last year, Sompo International, under John Charman’s leadership, has assumed oversight for all international commercial property and casualty products. Sompo International has also launched several key strategic initiatives to expand certain specialty lines of business as well as its increasing presence in Europe. The integration of our international retail business is the next vital step in fulfilling our shared strategic vision.”
Mr John Charman, chairman and CEO of SI, added, “We remain steadfastly focused on our core commercial business, and the opportunities to build on our success with Sompo Holdings’ financial support, geographic reach and licensing capabilities. At the same time, we are extremely excited to assume operational oversight and provide strategy for the international retail business of Sompo Holdings as we move forward rapidly to create and grow a highly profitable, integrated global platform that will be unique in the history of our industry.”
SI is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, SI 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. SI companies are wholly owned subsidiaries of Sompo Holdings, whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market.