Sompo creates new unit targeting technology market

Bermuda-based specialty re/insurer Sompo International Holdings has created a new unit to focus on the technology industry. It will be led by Michael Carroll who recently joined Sompo GRS as a senior vice president and will continue the development of the Sompo GRS life sciences business.

The unit will target large, middle market, and small technology organisations, including electronic manufacturers, IT service providers and integrators, software providers, technology hardware and storage companies, on-demand mobility electronics firms and government IT contractors.

The new unit, part of Sompo Global Risk Solutions (GRS), will work through a network of retail brokers to offer primary casualty products (general liability, commercial auto, worker’s compensation), as well as an integrated property and primary casualty and a lead umbrella product, to technology companies.

Michael Chang, CEO of Sompo Global Risk Solutions, said: “The launch of the GRS Technology unit builds on the joint experience of our U.S. Insurance and Sompo GRS teams in serving clients in this dynamic sector. It also makes it easier for clients in this space to access our market-leading capabilities across all lines of business on either a stand-alone or integrated basis.”

Christopher Sparro, CEO, US insurance for Sompo International, added: “We are pleased to partner with our colleagues at Sompo GRS to bring our holistic approach to managing risk to the technology market. This is a great example of the power of Sompo International’s integrated platform to anticipate and address the rapidly changing needs of our clients. Sompo International has built a meaningful presence in the technology industry over the last 19 years and we are excited to further expand our current offerings to our clients and brokers.”