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Sompo International launches retail platform to facilitate global integration

10th April 2018 - Author: Matt Sheehan

Sompo International Holdings Ltd. (SI) has announced plans to establish a new retail platform that will facilitate its integration of all international operations outside of Japan that belong to Sompo Holdings.

Sompo International logo

The integration expands the Sompo universe now under the direction of industry veteran John Charman.

Sompo International has already completed the integration of Sompo America and will shortly complete the integration of Japan Nipponkoa Insurance Company of Europe Limited (SJNKE), after which it will move onto the other international operations owned by Sompo Holdings, which it plans to integrate by 2020.

Sompo Holdings has 45 licensed entities which span 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East, and Africa.

SI has decided to a establish the new retail platform to better reflect the various business and operational needs of its existing commercial property and casualty business (P&C) and the Sompo Holdings overseas retail businesses.

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Sompo Holdings will launch a new Eco System function for its retail businesses through SI’s new retail platform that will share expertise across countries and allow them to collaboratively develop future products and underwriting models.

Additionally, Sompo International has established a new Retail Executive Team to develop its global Retail business, which will report to the SI Board of Directors, who will retain operational oversight for both the new Retail and existing P&C Executive Teams.

Kengo Sakurada, President and Chief Executive Officer (CEO) of Sompo Holdings, said: “Our vision is to build the first truly global integrated insurance and reinsurance business. In the last year, SI, under John Charman’s leadership, has assumed oversight for all international commercial property and casualty products.

“SI has also launched several key strategic initiatives to expand certain specialty lines of business as well as its increasing presence in Europe. The integration of our international retail business is the next vital step in fulfilling our shared strategic vision.”

John Charman, Chairman and CEO of SI, added: “We remain steadfastly focused on our core commercial business, and the opportunities to build on our success with Sompo Holdings’ financial support, geographic reach and licensing capabilities.

“At the same time, we are extremely excited to assume operational oversight and provide strategy for the international retail business of Sompo Holdings as we move forward rapidly to create and grow a highly profitable, integrated global platform that will be unique in the history of our industry.”

SI’s new Retail Executive Team will consist of Charman, Nigel Frudd, Chief Strategy Officer at SI, Recai Dalas, CEO & Director at Sompo Japan Sigorta, Francisco Caiuby Vidigal Filho, CEO & Director at Sompo Seguros S.A., Yuji Kawauchi, President & Managing Director at Sompo Holdings (Asia), and Katsuyuki Tajiri, Executive Officer at Sompo Holdings.

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