Sompo Global Risk Solutions (GRS), a division of Bermuda domiciled P&C re/insurer Sompo International Holdings Ltd., has entered into a strategic partnership with Willis Towers Watson to develop an integrated insurance platform which targets the middle market commercial real estate sector.
The Willis Towers Watson Retail, Office and Industrial (ROI) platform provides a range of insurance solutions designed to meet the needs of the real estate market, including general liability, automobile liability, workers’ compensation and umbrella coverage, as well as a customised property solution and a casualty pollution product.
According to an announcement on the deal, the partnership will target retail, office and industrial clients, excluding regional mulls. The pair state that Sompo GRS will individually underwrite each account.
Chief Executive Officer (CEO) of Sompo GRS, Michael Chang, said: “We are very pleased to collaborate with Willis Towers Watson to offer real estate clients an innovative platform that takes a holistic view of each client’s risk profile.
“The Willis Towers Watson ROI platform brings the combined expertise of Willis and Sompo GRS to the real estate market in a manner that reflects our knowledge of the industry and our shared commitment to developing long-term relationships with the clients we serve.”
Joseph Peiser, Head of Broking, North America at insurance and reinsurance broker Willis Towers Watson, added: “Real estate companies face a myriad of complex challenges. The Willis Towers Watson Real Estate practice is known for taking a structured and integrated approach that adds value to clients and provides a breadth of knowledge and resources.
“Together with Paul Cicerchia from our Real Estate practice, I am delighted that we have developed this partnership with Sompo GRS which builds on this experience, enabling us to create an integrated platform that leverages the combined depth and strengths of both organizations to better serve the needs of the middle market commercial real estate customer segment.”