Reinsurance News
Sompo
Sompo creates Global Transactions Group to manage M&A, joint ventures
2nd July 2019
Bermuda-based specialty re/insurer Sompo International Holdings has created a Global Transactions Group, which will take overall responsibility for all mergers and acquisitions (M&A), intercompany transactions and joint ventures. The group, comprising of senior professionals at Sompo, will be tasked with overseeing both insurance and non-insurance transactions, such as insurtech and healthcare ... Read the full article
Marsh partners with Sompo to offer aircraft finance insurance consortium in Japan
26th June 2019
Global re/insurance broker Marsh has launched a Japanese Aircraft Finance Insurance Consortium (Japanese AFIC) in collaboration with Sompo Japan Nipponkoa Insurance Inc. and Sompo International. The new consortium will offer the same terms as Marsh’s global AFIC program to Japanese financial institutions through a Japanese insurer. Launched in 2017, Marsh's AFIC provides ... Read the full article
Sompo International eyeing significant mid-term growth
29th May 2019
Bermuda-based property and casualty re/insurer Sompo International (SI) has set out a series of financial and structural targets that will see the company's weight within Sompo Holdings increase significantly over the medium term. The SI brand was created following the integration of Bermudian re/insurer Endurance Re, which was acquired for ... Read the full article
Sompo Global Risk launches mortgage protection product for U.S lenders
6th February 2019
Sompo Global Risk Solutions (GRS), a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, now offers specialised property and liability protection to U.S banks and lending institutions for their mortgage loan portfolios. The new product offers protection from exposures created by impaired mortgages - particularly in the event ... Read the full article
Sompo International expands U.S cyber insurance capabilities
11th December 2018
Bermudian property and casualty re/insurer Sompo International Holdings has announced an expansion of its cyber insurance capabilities with the introduction of a U.S team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services. The new U.S-based underwriting team will be ... Read the full article
Sompo to consider applying BitPesa’s tech in the insurance industry
15th November 2018
Sompo Holdings Corporation has announced a new partnership with pan-African digital payment platform BTC Africa (BitPesa), a move that will extend Sompo's presence in the global remittance services market, with a view to potentially using BitPesa's technology within the insurance sector. BitPesa is an African bitcoin start-up firm that was established ... Read the full article
Sompo launches global financial and professional lines platform SomPro
6th September 2018
Bermuda-based specialty re/insurer Sompo International Holdings has announced the launch of SomPro, a global financial and professional lines platform that will deliver underwriting, risk management and claims services by sharing product expertise and distribution relationships across its specialty teams. The company says SomPro will offer more than 30 different financial and ... Read the full article
S&P upgrades Sompo International’s core operating subsidiaries to A+
1st May 2018
S&P Global Ratings has upgraded its long-term issuer credit and financial strength ratings for Sompo International Holdings’ (SIH) core operating companies, from A to A+. SIH and its operating subsidiaries are also considered to have a stable outlook, and S&P raised its long-term issuer credit and senior debt ratings on SIH ... Read the full article
Sompo International launches retail platform to facilitate global integration
10th April 2018
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. The integration expands the Sompo universe now under the direction of industry veteran John Charman. Sompo International has already completed the ... Read the full article
Sompo International expands agriculture platform with A&A acquisition
8th February 2018
Bermuda domiciled property and casualty insurer and reinsurer, Sompo International, has announced plans to acquire Italian agricultural insurer A&A, S.r.l. (A&A). The acquisition of A&A is aligned with Sompo International's recently announced AgriSompo initiative, an international platform designed to provide innovative and coordinated agricultural risk management products tailored to local market needs. The ... Read the full article
Hurricanes & quakes drive costly year for Japanese insurers
24th October 2017
Japanese insurers Tokio Marine Holdings, MS&AD Insurance Group Holdings, Inc, and Sompo Holdings are estimating a combined payout of almost $2.5 billion in claims related to hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The events make it one of the costliest year's for Japanese insurers since the Thai floods in 2011, ... Read the full article
Sompo Holdings racks up $617mn HIM & Mexico quake losses
20th October 2017
Sompo Holdings has racked up losses from the August and September hurricanes that devastated the East Coast of the U.S. and the Caribbean, and the two major Mexico earthquakes, of $617 million (JPY 70bn), pre-tax. Hurricanes Harvey and Irma accounted for the Japanese carrier's heaviest losses with $211.6 million (JPY 24bn) ... Read the full article
Sompo Canopius sold to Centerbridge Partners consortium for $952m
1st September 2017
Global specialty insurance and reinsurance firm Sompo Canopius AG has been sold to a consortium of investors led by private equity and credit specialist Centerbridge Partners, L.P. for a $952 million fee, by parent Sompo Holdings. This announcement had been expected and rumours about the potential for a Centerbridge led acquisition ... Read the full article
Sompo grows top-line, boosts profits with Endurance contribution
11th August 2017
Following its acquisition of Bermudian insurance and reinsurance player Endurance Specialty Holdings, Sompo Holdings has reported a significant increase to both its top-line and profitability thanks to the consolidation of this new business. Sompo Holdings reported that its newly named Sompo International unit, which is the Endurance re/insurance business, has ... Read the full article
Will Clark joins Sompo Canopius AG Trade Credit Insurance from AIG
7th June 2017
Will Clark, a prominent industry veteran with over thirty years' experience in banking and trade credit insurance, has joined Sompo Canopius' AG Trade Credit Insurance team from AIG as part of the firm's expansion plans for its specialty lines. In his new role, Clark will focus on building a new book ... Read the full article
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