Bermuda-based specialty re/insurer Sompo International Holdings has announced the launch of SI Insurance (Europe), a property and casualty (P&C) subsidiary expected to bolster post-Brexit strategic growth throughout continental Europe.
Headquartered in Luxembourg – with offices in Belgium, France, Germany, Italy, Spain and the UK – SI Insurance (Europe) will issue insurance policies and reinsurance treaties for new and renewal business in continental Europe.
European Area policy issuance for multi-national insurance clients will continue to be serviced from London via the subsidiary’s UK branch.
“We continue to focus on delivering exceptional service to our international clients in areas where we can differentiate Sompo based on our specialty capabilities,” commented John Charman, Chairman and Chief Executive Officer of Sompo International.
The new subsidiary is to provide Sompo International with a foundation for further strategic growth across Europe and follows the introduction of a specialty business to partner with brokers across the continent earlier this year.
“It is critical that we have an established local presence in continental Europe markets as we introduce additional underwriting teams and innovative products to this region,” added Charman.
Sompo International will maintain its presence in the Lloyd’s market, its London-based underwriting platform and its Zurich reinsurance operation.
Graham Evans, CEO of London Market & Europe Insurance for Sompo International, said, “I am delighted to announce this exciting milestone which provides clear and timely definition of our post-Brexit capabilities for clients around the world.”
“Our broker network can rest assured that they will have continued access to our full suite of Sompo International products and capabilities through their chosen channel of distribution.”
CEO of SI Insurance (Europe), Takashi Kurumisawa, added, “Our clients and brokers across Continental Europe are reacting very positively to Sompo International’s commitment to the European market.”
“With SI Insurance (Europe) beginning to operate well ahead of Brexit, we have a long-term solution in place to deliver consistently high quality service and uninterrupted capacity for clients across the European Economic Area.”