Markets/Coverages: Sompo Launches Marine Insurance Proposition for UK Market

Sompo, the Bermuda-based provider of commercial and consumer property/casualty insurance and reinsurance, announced the launch of a new national marine insurance proposition for the United Kingdom.

Sompo’s Marine Cargo UK policy and its Transport & Logistics propositions are both designed to provide easy to understand coverage and are aimed at brokers and clients throughout the UK in addition to London.

Marine Cargo UK provides coverage on an all-risks basis, removing Institute Cargo Clauses, so clients know they are covered automatically under the policy, unless specific exclusions are stated. In addition, all policy coverage is now in a single document, simplifying the customer journey, Sompo explained.

Transport & Logistics UK also provides a complete package solution under a single wording, comprising freight liability, employers liability, public, products and pollution liability, and property (material damage and business interruption covers.) It is targeted at freight forwarders, road hauliers, couriers, warehouse keepers, customs brokers, contracts logistics companies and shippers.

Outside London, the lines are led by Diane Blyth, head of (Retail) Marine Cargo UK Regions and Jon Clare, head of (Retail) Transport & Logistics, UK Regions. They both report into Paul Ashworth, head of Aviation, Energy & Marine, who also manages Sompo’s marine business in London.

“We are constantly looking at ways to adapt our business model to ensure we provide the very best service and experience possible to brokers and clients right across the UK,” commented Bob Thaker, CEO, Commercial P&C Insurance, Sompo, UK.

“By increasing capacity and establishing an outstanding team of regionally based underwriters, our new proposition expands the offering we currently provide in London so we can now also cater for growing regional demand to write directly Marine Cargo and Transport & Logistics policies,” Thaker added. “Both have been developed to be as simple as possible and are underwritten by our highly experienced team of marine specialists to eliminate uncertainty and ensure peace of mind for our clients.”

“Sompo” refers to the brand under which Sompo International Holdings Ltd., the Bermuda-based holding company, together with its consolidated subsidiaries, operates its property/casualty re/insurance businesses.

Source: Sompo