Sompo Group has announced that its Bermuda-based subsidiary, Sompo Life Re Ltd., has officially secured a reinsurance license from the Bermuda Monetary Authority (BMA) and commenced operations, following the fulfilment of all necessary regulatory requirements.
Headquartered in Bermuda with $250,000 in capital, Sompo Life Re Ltd. is led by CEO & Executive Director Tetsuya Morito and will focus its business operations on underwriting reinsurance sourced from within the group to boost total corporate value.
Morito is a senior-level leader with 30 years of experience in areas of corporate development, strategic planning, operational leadership, M&A activities, client service, and risk finance.
The executive commented on his new role, “I am pleased to share that Sompo Life Re Ltd. received its Bermuda reinsurance license and commenced operations.
“I am grateful for the opportunity to serve as CEO, and sincerely appreciate the support of everyone who helped us reach this important milestone.
“We look forward to building the company carefully and contributing to more effective capital management across the SOMPO Group initially.”
In its inaugural transaction, Sompo Life Re Ltd. has underwritten a portion of the in-force medical insurance block held by Sompo Himawari Life Insurance Inc., through a coinsurance arrangement.
Under this coinsurance structure, Sompo Life Re Ltd. reportedly assumes the economic risk of the contracts on the same terms as the direct insurer, with the group reassuring that the arrangement will bring no changes to the relationship between Sompo Himawari Life and its policyholders.
The move forms part of a broader capital strategy by Sompo to optimise capital allocation across its domestic life insurance business and enhance overall capital efficiency.
