Singapore:Sompo International forms Sompo Global Risk Solutions Asia-Pacific

Sompo International Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that its Commercial Property & Casualty (P&C) segment has expanded its global product capabilities with the formation of Sompo Global Risk Solutions (GRS) Asia-Pacific, a new team based in Singapore to serve select industries in the Asian markets through appointed brokers.

This is the latest move by Sompo International’s Commercial P&C segment to rapidly expand its global footprint and strengthen its ability to serve an increasingly multinational client base. The move is part of the segment’s broader focus on achieving profitable growth by leveraging the reach of Sompo International’s extensive global network to expand into new products and new geographies.

Encompassing dedicated teams of underwriting, underwriting services, product development, actuarial, claims and risk control specialists, Sompo GRS Asia-Pacific will offer commercial property, primary and excess casualty, umbrella, motor, workers compensation/employers’ liability and environmental coverage, as well as parametric products where available to clients based or with operations in the region.

Initially, Sompo GRS Asia-Pacific will seek to write business and offer its white-glove service model in China, India, Japan (for Sompo GRS clients only), Macau, Hong Kong and Singapore. Thereafter, Sompo GRS Asia-Pacific ultimately intends to serve other countries in the region. The expansion supports the strong and dynamic growth of Sompo GRS, which has traditionally offered comprehensive multi-line capabilities through a network of appointed brokers to companies with operations in the US, Mexico and Europe.

“Given Sompo’s well-established brand and global network in the region, the Asian-Pacific market represents an exciting opportunity for us to execute our commercial lines strategy in support of Sompo’s recently announced Mid-Term Management Plan,” said Mr Chris Gallagher, CEO of Sompo International Commercial P&C.

Led by Mr Trey Martino, head of Sompo GRS Asia-Pacific, who will be based in Singapore, the new team will target accounts in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region.

Source: Asia Insurance Review