Sompo integrates American unit into global platform

American unit completes integration, with European operations following soon

Sompo integrates American unit into global platform

Insurance News

By Gabriel Olano

Property and casualty re/insurer Sompo International Holdings (SIH) has completed the integration of its companies under the Sompo America banner into the Sompo International insurance platform.

Under the integration, commercial property, casualty, and specialty products for Japanese interest accounts (JIA) will join the Sompo Global Risk Solutions platform, overseen by Michael Chang, CEO of Sompo Global Risk Solutions. Lisa Davis, executive vice president, president of US JIA business, will continue to lead the JIA customer segment and report to 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 US insurance operation, led by Chris Sparro, CEO of US insurance.

According to the insurer, the move will allow Sompo America’s clients to benefit from the company’s multi-line underwriting capabilities. The combined companies will continue to provide their clients and producer partners with the same underwriting expertise at the point of sale, innovative solutions, and level of service.

“The integration and alignment of Sompo America marks a significant step toward the creation of a truly integrated global insurance platform,” said Jack Kuhn, CEO for global insurance, Sompo International. “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 US. I am extremely pleased that we are now able to offer additional products and services to our clients and trading partners.”

Meanwhile, the integration of Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE) into SIH is scheduled for the second quarter of 2018, the re/insurer said.

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