Sompo International Holdings has reached a milestone in its Brexit preparation plans with the integration of Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE), which is now a wholly-owned subsidiary of Sompo International.
In March 2018, Sompo International received regulatory approval to establish its new subsidiary, SI Insurance (Europe), SA (SIIE), in Luxembourg in preparation for the UK’s departure from the European Union (EU) in 2019.
Once SIIE becomes operational later in 2018, Sompo International plans to transfer SJNKE’s Continental European business to the new European subsidiary.
Sompo International has also outlined plans to extend SIIE beyond its headquarters in Luxembourg to include operations in Italy, France, Spain, Germany, and Belgium.
Following the establishment of SIIE, Sompo International plans to maintain its presence in the Lloyd’s market with Endurance at Lloyd’s and in the London company market through Endurance Worldwide Insurance Limited.
SIIE has been assigned an ‘A+’ financial strength rating from Standard & Poor’s (S&P) in line with S&P’s recent upgrade of the financial strength ratings of Sompo International’s core operating companies to ‘A+’ from ‘A’.
Headquartered in Bermuda, Sompo International is a global specialty provider of property and casualty (P&C) insurance and reinsurance, and is a wholly owned-subsidiary of Sompo Holdings, one of the largest P&C re/insurers in the Japanese domestic market.