Willis Towers Watson partners with Sompo to launch insurance platform for middle market real estate companies

Broker Willis Towers Watson (WTW) has entered into a strategic partnership with Sompo Global Risk Solutions (GRS), a part of Bermuda-based re/insurer Sompo International Holdings, to create an integrated insurance platform for the middle market commercial real estate segment.

The partnership targets retail, office and industrial clients, with the exception of regional malls. Sompo GRS will individually underwrite each account.

Sompo GRS offers comprehensive multi-line capabilities targeted to accounts in select industry verticals
including hospitality, real estate, life sciences, financial institutions and professional services, in addition to Asian companies with operations in the US and Mexico.

WTW Retail, Office and Industrial (ROI) platform offers a range of insurance products to meet the needs of the real estate market, including general liability, automobile liability, workers compensation and umbrella coverage along with a customised property product and casualty pollution product tailored to address the unique risks faced by the segment. WTW's real estate practice is aggregated in four primary centers across the US — New York, DC, Dallas and Los Angeles.

Joseph Peiser, head of broking, North America, WTW, said: “Real estate companies face a myriad of complex challenges. The Willis Towers Watson Real Estate practice is known for taking a structured and integrated approach that adds value to clients and provides a breadth of knowledge and resources.

"Together with Paul Cicerchia from our Real Estate practice, I am delighted that we have developed this partnership with Sompo GRS which builds on this experience, enabling us to create an integrated platform that leverages the combined depth and strengths of both organisations to better serve the needs of the middle market commercial real estate customer segment.”

Michael Chang, CEO of Sompo Global Risk Solutions, commented: “We are very pleased to collaborate with Willis Towers Watson to offer real estate clients an innovative platform that takes a holistic view of each client’s risk profile across all lines of business. The platform brings the combined expertise and experience of Willis Towers Watson and Sompo GRS to the real estate market in a manner that reflects our knowledge of the industry and our shared commitment to developing long-term relationships with the clients we serve.”

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