Sompo : Everything you need to know
Headquarters address: 26-1, Nishi-Shinjuku 1-chome, Shinjuku-ku, Tokyo 160-8338, Japan
Total assets (June 2021): US$35.8 billion
Net premiums written (June 2021): US$8 billion
Gross premiums written (June 2021): US$12.9 billion
Financial ratings: A+ (A.M. Best), A+ (Standard & Poor’s), A1 (Moody’s)
Size (employees): 80,000
Global locations: 228 cities in 30 countries
Insurance: Aviation, agriculture, cyber, energy, environmental, healthcare liability, marine, professional lines, property & casualty, surety
Reinsurance: Agriculture, aviation & space, casualty, casualty facultative, collateralized reinsurance, engineering, marine & energy, mortgage & alternative, personal accident, professional liability, property, property catastrophe, regional & multiline, surety, trade credit, workers’ compensation & employers’ liability, workers’ compensation catastrophe
Key people: Kengo Sakurada (group CEO, director, president, and representative executive officer)
Sompo Holdings is a global insurance and reinsurance company that provides coverage mainly for domestic property and casualty (P&C) coverage and health-related issues. It also provides asset management and home remodelling services. The company operates in four segments: domestic P&C, overseas insurance, domestic life, and nursing care & healthcare.
Sompo’s domestic P&C unit is responsible for the company’s non-life insurance and asset management businesses in Japan. Meanwhile, the overseas insurance unit is responsible for insurance and asset management businesses in the USA, the UK, Brazil, Turkey, Indonesia, China, Australia, Singapore, India, and other markets.
The company’s domestic life business focuses on life insurance and asset management in Japan. Meanwhile, the nursing & healthcare segment provides high-quality nursing care and healthcare services to support the wellbeing of customers.
History of Sompo
Sompo Holdings traces its roots back to the share exchange agreement between Sompo Japan Insurance Inc. and NIPPONKOA Insurance Co in October 2009. In December 2009, the companies’ shareholders approved the establishment of NKSJ Holdings – now known as Sompo Holdings.
In 2017, Sompo International, a property and casualty (re)insurance provider owned by Sompo Holdings, reached a definitive renewal rights agreement with Novae Syndicates Limited. As part of the deal, the company acquired Novae’s financial institutions portfolio, excluding emerging markets.
In the same year, Sompo International launched a global insurance platform and global clearance system (GCS) to give customers options across insurance markets and help them manage their risks further.
In 2018, the company launched SomPro, an international financial and professional lines platform comprising insurance and reinsurance capabilities. It delivers underwriting, risk management, and claims services and offers over 30 products in financial and professional lines and related reinsurance products.
In the same year, the company also launched a new retail platform to facilitate the integration of its operations outside Japan and completed the integration of Sompo America’s staff and business operations.
In 2020, Sompo revealed that it would no longer write business from Endurance at Lloyd’s of London or Syndicate 5151.
Leadership at Sompo
Kengo Sakurada – Group CEO, director, president & representative executive officer
Sakurada joined Sompo Japan as the executive officer and general manager of the Financial Institutions Department of Sompo Japan in 2005. Since then, he has served various leadership roles in the company such as director, managing director, executive officer, representative director, president, and chief executive officer.
He is currently the director of Sompo Japan Nipponkoa; chairman of Keizai Doyukai; and the group chief executive officer, director, president, representative executive officer of the company.
Culture at Sompo
Sompo has five corporate social responsibility (CSR) material issues that help the company contribute to the health, wellbeing, and security of local communities:
- Providing solutions for disaster preparedness: Sompo delivers products and services that help improve communities’ disaster resilience. It also collaborates with its stakeholders to address disaster risks.
- Contributing to health and welfare: Sompo provides high-quality nursing care and healthcare services and implements projects focusing on health and wellness.
- Promoting the manageability of global environmental issues: Sompo creates initiatives that contribute to climate change adaptation and mitigation, biodiversity conservation, and other environmental solutions.
- Empowering community and society: Sompo empowers communities through community outreach and initiatives focusing on culture and arts.
- Supporting diversity and inclusion in private and public life: Sompo promotes a diverse and inclusive workplace and supports its employees in their professional and personal development.