Bermuda domiciled insurer and reinsurer, Sompo International Holdings Ltd., has announced the establishment of Sompo Global Risk Solutions (GRS) Asia-Pacific within its Commercial Property & Casualty (P&C) segment.
The expansion sees the formation of a new team in Singapore to serve select industries in the Asian markets via appointed brokerages.
The launch of Sompo GRS Asia-Pacific marks a continuation of efforts made by Sompo’s Commercial P&C segment to expand its global footprint and strengthen its ability to serve an increasingly multinational client base.
Sompo says that this move is part of the Commercial P&C unit’s broader focus on achieving profitable growth by using the reach of its parent’s global network to expand into both new products and geographies.
Chris Gallagher, Chief Executive Officer (CEO) of Sompo International Commercial P&C, said: “Given Sompo’s well-established brand and global network in the region, the Asian-Pacific market represents an exciting opportunity for us to execute our commercial lines strategy in support of Sompo’s recently announced Mid-Term Management Plan.
“By exporting the strength of our commercial lines servicing capabilities and underwriting expertise throughout the broader Sompo network, we will continue to increase our global relevance to clients, including the industry verticals served by Sompo Global Risk Solutions.”
Trey Martino has been named as Head of Sompo GRS Asia-Pacific, based in Singapore. Under his leadership, the new team will target accounts in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region.
Sompo GRS Asia-Pacific will offer commercial property, primary and excess casualty, umbrella, motor, workers compensation/employers’ liability and environmental coverage, as well as parametric products where available to clients based or with operations in the region.
To begin with, the new unit will look to write business and offer its white glove service model in China, India, Japan (for Sompo GRS clients only), Macao, Hong Kong, and Singapore. In the future, Sompo GRS Asia-Pacific intends to serve additional countries throughout the region.
Michael Chang, CEO of Sompo Global Risk Solutions, commented: “Our integrated industry vertical model has provided Sompo GRS a solid foundation for growth – a foundation driven by the momentum we’ve created in the U.S., Mexico and Europe. Our expansion into Asia strengthens our position to meet the risk management needs of clients with exposures in key Asian markets, while building on Sompo International’s strong brand position in the region.
“It also enables Sompo GRS to deepen our relationships with our appointed broker partners in Asia and to bring our white-glove service model and holistic approach to risk management to companies based and operating in the region.”
Daniel Neo, CEO, Sompo Holdings (Asia), added: “The Sompo International brand is widely respected and recognized across Asia as a trusted provider of personal lines and commercial insurance. The launch of Sompo GRS in Asia builds upon our established brand presence and expands our ability to serve commercial clients with a comprehensive set of risk management services and multi-line capabilities.”