Sompo Global Risk Solutions (GRS), a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, now offers specialised property and liability protection to U.S banks and lending institutions for their mortgage loan portfolios.
The new product offers protection from exposures created by impaired mortgages – particularly in the event of uninsured or under-insured damage to the associated properties – and targets banks, mortgage companies, credit unions, finance companies and insurance companies.
“We are pleased to expand our capabilities to include mortgagee protection insurance designed specifically for financial institutions that serve as mortgage lenders,” said Michael Chang, Chief Executive Officer of Sompo GRS.
“This strategic solution leverages our commercial property and casualty risk management capabilities and was developed based on our extensive experience serving clients in one of our key industry verticals.”
Nelson Telemaco, Senior Vice President and Financial Institutions P&C Leader for Sompo GRS, said the launch of this new mortgagee protection product expands the breadth of P&C products the company offers to financial institutions and strengthens its position as a leading market for banking and financial institutions.
