Sompo merges US units into global insurance platform SIH
Sompo International Holdings (SIH) has completed the transfer of the Sompo America companies’ business operations and staff into its own Bermuda-based platform.
The company announced in Oct. 2017 its intention to bring all Sompo worldwide subsidiaries under the ownership and control of its global insurance platform SIH, including the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE). The transfer of SJNKE is planned for the second quarter of 2018.
The company said the move will mean Sompo America’s clients will benefit from the company’s multi-line underwriting capabilities.
Meanwhile, the commercial property, casualty and specialty products for Japanese Interest Accounts (JIA) will be managed by the Sompo Global Risk Solutions platform, under the oversight of 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 reporting 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.
“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 of global insurance.
"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.”
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