Bermuda based Sompo International Holdings (SIH) has completed the transfer of the Sompo America companies and the integration of business operations and staff into the Sompo International Insurance platform.
Commercial property, casualty and specialty products for Japanese Interest Accounts (JIA) will be managed by the Sompo Global Risk Solutions platform, under the oversight of Michael Chang, Chief Executive Officer (CEO) of Sompo Global Risk Solutions.
Jack Kuhn, CEO of Global Insurance, said; “the integration and alignment of Sompo America marks a significant step toward the creation of a truly integrated global insurance platform.
“The combined organization has the backing of Sompo’s strong balance sheet, while providing additional flexibility with respect to broad licensing, greater on-the-ground resources and a larger regional footprint in the U.S. I am extremely pleased that we are now able to offer additional products and services to our clients and trading partners.”
Locally sourced and written non-Japanese accounts and certain specialty lines of business currently written by Sompo America will be integrated into the company’s U.S. Insurance operation – set to be led by Chris Sparro, CEO of U.S. Insurance.
Lisa Davis, Executive Vice President, President of U.S. JIA Business will continue to lead the JIA customer segment, reporting to Chang.
The transfer of Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE) and their integration with SIH is planned for the second quarter of 2018.