Sompo targets mid-market tech with new UK insurance offering

Japan-based global insurance group Sompo Holdings has launched a new technology insurance coverage for middle market clients in the UK, comprising property, casualty, professional indemnity (PI), and cyber.

It can offer excess PI and cyber separately. It also offers PI wording for intellectual property rights, breach of contract, worldwide PI and cyber cover, and automatic additional insured coverage under PI and public and products liability.

Sompo said the product is aimed at technology and telecoms service providers along with electronic product manufacturers and assemblers.

This move follows the company's 2023 expansion of its UK commercial property and casualty insurance business.

Bob Thaker, Sompo UK CEO, said: “The launch of our new technology product demonstrates our commitment to growing our U.K. commercial lines business through innovation and developing solutions that enable our middle market technology clients to manage today’s most complex risks. It also further establishes Sompo as a key player in the fast-paced and rapidly evolving technology sector. We recognise this is a competitive market and are looking to provide extensive coverage for our clients, with as few limitations as possible.”

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