Bermuda-based specialty re/insurer Sompo International Holdings has established a new business unit, extending its environmental liability insurance capabilities to a wider range of industries in the U.S.
The company states it will offer tailored mono-line environmental liability coverage programs, on a primary or excess basis, for insureds interested in expanding their insurance relationship with Sompo.
Products will include a Site Environmental Impairment Liability insurance policy, which will include eight different coverage features that can be purchased individually or in its entirety.
In addition to a Contractors Pollution Liability insurance policy that can be structured on a practice or project basis under an Owner / Contractor Controlled Insurance Program
And an Environmental Excess follow-form product that will provide additional capacity for mono-line pollution policies.
Senior Vice President, Environmental Product Leader for Sompo International, Josh Pillion, will lead the expansion.
Products will be distributed through a network of specialty environmental brokers within Sompo’s U.S retail network as well as through select appointed wholesale brokers.
“We are very excited to extend our environmental expertise to clients across a broader range of industries in the U.S,” said Pillion.
“With specialised expertise in the environmental exposures of the industries served by our U.S. Insurance teams, we will be able to better understand our client’s risk profile across multiple lines and create customisation insurance solutions which better suit the needs of our insureds.”
Christopher Sparro, Chief Executive Officer of U.S Insurance for Sompo International added, “Adding a suite of environmental liability coverages complements the breadth of products we currently offer to our clients in the U.S. market.”
“As we continue to add new talent with specialty product knowledge and industry expertise working hand-in-hand with our property and casualty professionals, we are uniquely positioned to strengthen existing relationships with clients and producers and enhance our relevance to these markets.”