Sompo and Marsh & McLennan partner on multiline insurance solution

Bermuda-based specialty P&C re/insurer Sompo International has partnered with Marsh & McLennan Agency (MMA) to launch a new insurance solution for the commercial real estate market.

Marsh and Sompo Global Risk Solutions (GRS) have collaborated to develop a new offering for commercial real estate firms, owners and managers that are looking for opportunities to stabilize costs and simplify their insurance programmes in an increasingly challenging pandemic environment.

The new solution is designed to help commercial real estate owners of virtually all asset sizes and classes control costs, streamline policy administration and address potential gaps in coverage.

It will feature international capabilities and customised coverage with policy enhancements to address critical risks for the commercial real estate industry. The coverage will include property, general liability, umbrella, workers compensation, environmental, commercial auto and parametric weather risk protection.

Michael Chang, CEO of Sompo Global Risk Solutions, said: “We are pleased to collaborate with Marsh & McLennan Agency to offer this multiline solution tailored specifically for commercial real estate owners. This program leverages Sompo International’s technical and multiline capabilities, financial strength and deep expertise within the real estate industry vertical.”

“In these times of uncertainty, owners and managers are seeking stable risk partners who understand the unique challenges inherent to each segment of the Real Estate industry,” said Denise Perlman, executive vice president of business insurance & national partnerships at MMA. “In partnership with Sompo GRS, the Select Commercial Insurance Program offers real estate owners a comprehensive set of resources for navigating the volatility of today’s market with a broad range of coverages, competitive pricing, and a simplified approach to insurance and risk management.”