Bermuda-based property and casualty re/insurer Sompo International (SI) has set out a series of financial and structural targets that will see the company’s weight within Sompo Holdings increase significantly over the medium term.
The SI brand was created following the integration of Bermudian re/insurer Endurance Re, which was acquired for $6.3 billion by Sompo Holdings in 2017.
Subsequently, the profit derived from Sompo Holdings’ overseas operations has grown to $303 million as of 2018, a $120 million increase from 2015.
Meanwhile, within the same time frame, premium written expanded dramatically by $2.1 billion to $4.8 billion.
Looking forward, SI plans to accelerate growth by harnessing the global SOMPO platform, expanding its business base through bolt-on M&As, etc. and maintaining disciplined underwriting focusing on risk-return.
SI plans in 2020 to grow its weight within Sompo Holdings to 31%, increasing to around 40% in the early 2020s.
This shift would ultimately grow SI’s profit to around $594 million, while increasing premium written by $1.1 billion to $5.9 billion.
SI is aiming at around a 10% compound annual growth rate (CAGR) of net premiums over mid-term.