Sompo Int’l to Form Retail Insurance Platform to Integrate International Businesses

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty re/insurance, announced it will establish a retail platform designed to integrate all the operations of Sompo Holdings Inc. outside Japan.

Sompo Holdings, which has 45 licensed entities spanning 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa, has confirmed its plan to bring all international businesses outside Japan under the ownership of Sompo International (SI) by 2020.

SI has recently completed the integration of the business operations and staff of Sompo America and the integration of Sompo Japan Nipponkoa Insurance Co. of Europe Ltd. (SJNKE) will be completed shortly.

SI’s new retail platform reflects the different business and operational needs of its current commercial property and casualty business (P/C) and the Sompo Holdings’ overseas retail businesses, said SI in a statement.

Via this retail platform, Sompo Holdings will launch “a new ecosystem function,” which will benefit the company’s global retail businesses by sharing expertise across countries and collaborating on the development of future products and underwriting models.

SI has established a new Sompo International Retail executive team which is central to successfully developing a global retail business to complement its existing P/C business, the company’s statement said, noting that the SI board of directors will have operational oversight and provide strategy for both divisions operating through their respective executive teams.

The new Sompo International Retail executive team is:

• John Charman – chairman and CEO, Sompo International
• Nigel Frudd – chief strategy officer, Sompo International
• Recai Dalas – chief executive officer & director, Sompo Japan Sigorta,
• Francisco Caiuby Vidigal Filho – chief executive officer & director, Sompo Seguros S.A.
• Yuji Kawauchi – president/managing director, Sompo Holdings (Asia)
• Katsuyuki Tajiri – executive officer, Sompo Holdings.

The P/C executive team remains unchanged, the company said.

“Our vision is to build the first truly global integrated insurance and reinsurance business. In the last year, Sompo International, under John Charman’s leadership, has assumed oversight for all international commercial property and casualty products,” commented Kengo Sakurada, president & CEO of Sompo Holdings Inc.

“Sompo International has also launched several key strategic initiatives to expand certain specialty lines of business as well as its increasing presence in Europe. The integration of our international retail business is the next vital step in fulfilling our shared strategic vision,” he added.

“We remain steadfastly focused on our core commercial business, and the opportunities to build on our success with Sompo Holdings’ financial support, geographic reach and licensing capabilities,” said John Charman, chairman and CEO of Sompo International.

“At the same time, we are extremely excited to assume operational oversight and provide strategy for the international retail business of Sompo Holdings as we move forward rapidly to create and grow a highly profitable, integrated global platform…,” he continued.

Source: Sompo International