Sompo International, the international specialty insurance and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., has hired two executives from AXIS Capital to launch a new U.S. middle market property insurance push.
Sompo International’s has launched a new U.S. middle market property insurance product, through which it intends to offer ground up single carrier coverage to U.S. mid-size companies across a broad range of industries, with policies distributed through its retail broker network.
The product is being launched on the back of the creation of a new team featuring two key hires from AXIS Capital. Patrick Mulhall and James Berringer have been hired as Senior Vice Presidents, reporting to Sompo International Executive Vice President of U.S. Commercial Property, Mark Maritzen. They are based in Sompo International’s New York and Chicago offices respectively.
Mulhall has been with Axis Capital for the last 15 years, most recently as Executive Vice President in the Risk Management Property Unit. Before that he held a range of underwriting and management roles at insurers including Liberty Mutual, CNA and St. Paul Fire and Marine.
Berringer was at Axis Capital in a Senior Vice President role since 2003 and had a hand in launching their U.S. Property unit. Before Axis, Berringer sat in a variety of underwriting and management roles within CNA’s Risk Management Property unit.
Mark Maritzen commented on the hires and the launch of the new product team; “The addition of a middle market property product is a natural complement to our U.S. Commercial Property book which focuses on large multi-national accounts across industries, including but not limited to manufacturing, warehousing and distribution, healthcare, education and transportation. With over 30 years each in the property market, Pat and Jim bring extensive underwriting experience and have developed longstanding relationships with key retail brokers. They are a welcome addition as we build out this new team with presence in key markets across the U.S.”
Christopher Sparro, CEO of U.S. Insurance at Sompo International, also said; “We are excited to integrate the new team into our U.S. Insurance platform as we continue to broaden our offerings and provide value added services to our clients. This new middle market product further complements Sompo International’s extensive property capabilities across geographies, risk size and exposures, and distribution channels, offering not only responsive underwriting and claims service, but also in-house loss control engineering services.”