Reinsurance News

Sompo International Holdings reorganises global business, reveals new online platform

3rd October 2017 - Author: Staff Writer

As part of Sompo International Holdings’ (SIH) reorganisation of the firm’s post-merger businesses, the firm is updating and standardising procedures with a new worldwide SI Group platform that includes a global clearance system (GCS) to integrate business procedures and customer reach.

Sompo International logoThe first step in the platform’s creation was the transfer of all former Endurance companies to SIH, following which Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) will be transferred to the new group.

The launch of the GCS is a key element to building the SI Group platform – where the majority of the SI Group’s business will be migrated into a common, integrated technology platform.

This web enabled platform provides all Sompo Group operations with access to view and clear submissions regardless of their location, operating platform or legacy system.

John Charman, Chairman and CEO of Sompo International, commented; “I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International.

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“Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront. The launch of our new global clearance system is just the first step as we continue to modernize and transform our technology platform across all lines of business and geographies.

“In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry.”

The SIH aims to bring all other Sompo worldwide subsidiaries under its ownership and control and the new platform will include all commercial, property, casualty and specialty products for both the current Sompo Japanese Interest Accounts, as well as all locally sourced and written non-Japanese accounts.

Kengo Sakurada, President & CEO of Sompo Holdings, commented; “Starting with the solid oversight for all commercial lines of products, this reorganization and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfill our vision to build the first truly global integrated insurance and reinsurance business.”

The SI Group’s board of directors includes John Charman, Nigel Frudd, and Shigeru Ehara, and will be led by John Charman who is the Chairman and CEO.

The full integration of the SI Group’s business into a common technology platform is expected to be completed in 2020.

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