Sompo Global Risk Solutions (GRS) is to offer umbrella insurance on U.S accounts in the commercial real estate and hospitality industries to a new casualty insurance risk purchasing group developed by HUB International Limited (HUB).
Sompo GRS, which is a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, will underwrite an array of umbrella coverages, including follow form employers’ liability and auto liability, for members of this new risk purchasing group.
The product will target commercial real estate businesses like offices, warehouses, light industrial and retail properties, as well as limited use hotels and mixed use space.
The risk purchasing group is exclusive to clients of HUB, which is a North American insurance brokerage that provides property, casualty, risk management, life and health, employee benefits, investment, and wealth management products and services.
Michael Chang, Chief Executive Officer (CEO) of Sompo GRS, said: “We are extremely pleased to offer the Strategic HUB International Excess Liability Defender, or S.H.I.E.L.D. product, to clients in the commercial real estate and hospitality industries.
“This strategic solution leverages Sompo’s underwriting capabilities and depth of experience within these industries. It offers businesses not only financial protection from catastrophic losses that can severely impact their profitability but the resources to further improve their risk management practices to prevent or reduce loss before it happens.”
