Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has agreed to acquire Service Insurance Companies, a specialist in workers’ compensation insurance, by one of its US subsidiaries in an undisclosed transaction.
This acquisition, subject to regulatory approvals and customary closing conditions, creates a compelling opportunity to expand Sompo’s underwriting capabilities and market presence across products, distribution channels, and customer segments within the the small and medium-sized enterprise (SME) market.
Service Insurance Companies brings a distinct distribution platform “best-in-class” claims capabilities, and a complementary focus on the SME segment.
Chris Sparro, Chief Executive Officer, North America, Sompo Commercial P&C Insurance, said: “Together with Service Insurance Companies’ seasoned leadership team and proven workers’ compensation platform, Sompo is establishing a top-tier flagship for our workers’ compensation business.
“This brings a tremendous opportunity to deliver even greater long-term value to our clients, distribution partners and stakeholders – further advancing our differentiated position in the U.S. commercial insurance market.”
Brad Davis, current President of Service Insurance Companies, who will continue leading the business for Sompo, added: “We are thrilled at the opportunity to align with Sompo’s North America leadership team, financial support and strong market presence.
“Together with Sompo, Service Insurance Companies is better positioned to extend the reach from a monoline workers’ compensation provider into a diversified commercial insurance organization with enhanced scale, capabilities and amplified market relevance.”
