Sompo merges international retail operations under new platform
Bermuda-based property and casualty re/insurer Sompo International Holdings is launching a new retail platform that will integrate all the operations of Sompo Holdings outside Japan.
Sompo said it plans to bring all international businesses outside Japan under the ownership of Sompo International (SI) by 2020. The company has 45 licensed entities spanning 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa.
According to the company, the move reflects the different business and operational needs of its current commercial property and casualty business and the Sompo Holdings overseas retail businesses.
Sompo International has recently completed the integration of the business operations and staff of Sompo America and is expected to complete the integration of Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE) in the coming months.
Through the new retail platform, Sompo Holdings plans to launch a new Eco System function for all of the company’s retail businesses around the globe to share expertise across countries and collaborate on the development of future products and underwriting models.
Kengo Sakurada, president and CEO of Sompo Holdings, commented: “Our vision is to build the first truly global integrated insurance and reinsurance business. In the last year, SI, under John Charman’s leadership, has assumed oversight for all international commercial property and casualty products.
"SI has also launched several key strategic initiatives to expand certain specialty lines of business as well as its increasing presence in Europe. The integration of our international retail business is the next vital step in fulfilling our shared strategic vision.”
Charman added: “We remain steadfastly focused on our core commercial business, and the opportunities to build on our success with Sompo Holdings’ financial support, geographic reach and licensing capabilities. At the same time, we are extremely excited to assume operational oversight and provide strategy for the international retail business of Sompo Holdings as we move forward rapidly to create and grow a highly profitable, integrated global platform that will be unique in the history of our industry.”
Sompo International has also established a new retail executive team to develop a global retail business to complement its existing P&C business. The company's board of directors will have operational oversight and provide strategy for both the divisions.
Sompo International's CEO John Charman, chief strategy officer Nigel Frudd, Sompo Japan Sigorta CEO Recai Dalas, Sompo Seguros CEO Francisco Caiuby Vidigal Filho, Sompo Holdings Asia president/MD Yuji Kawauchi, and Sompo Holdings executive officer Katsuyuki Tajiri will be the members of the new retail executive team. The P&C executive team will remain unchanged.
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