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23 April 2018Insurance

Sompo secures Luxembourg approval; targets European growth

Bermuda re/insurer Sompo International has secured regulatory approvals from the Ministry of Finance of Luxembourg to establish a new subsidiary in the country – a move it made to deal with the UK leaving the European Union.

SI Insurance Europe, which will become operational later in 2018, provides the company with an underwriting platform to service its clients across the European Economic Area (EEA) after Brexit and a foundation for strategic expansion across Continental Europe.

Takashi Kurumisawa, previously the chief operations officer for the London Market Insurance platform of Sompo International, has been appointed as chief executive of the new company.

Sompo International said it plans to extend SI Insurance Europe this year beyond its headquarters in Luxembourg to include operations in Italy, France, Spain, Germany and Belgium as the company integrates Sompo Japan Nipponkoa Insurance Company of Europe and further expands its European operations. SI will maintain its presence in the Lloyd’s market and its current offices in London and continental Europe.

John Charman, chairman and CEO of Sompo International, said: “Europe is a key component to Sompo International’s strategic growth plans and SIIE now provides us with a base in Continental Europe to build our presence in the region. We continue to introduce new specialty teams and deliver a broader suite of products as we enhance our capabilities to provide exceptional and efficient service to our international clients.”

Kurumisawa, CEO of SIIE, added: “We are extremely pleased that Luxembourg has granted our insurance license. With continued uncertainty around Brexit, Sompo International can provide immediate clarity and commitment to our clients and brokers that we have the ability to maintain the highest levels of service in the European market.”

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More on this story

1 May 2018   Standard & Poor’s Global Ratings has raised the assessment of  Sompo Holdings Group’s enterprise risk management (ERM) to “Strong” from “Adequate with strong risk controls”.
8 May 2018   Bermuda-based property and casualty re/insurer Sompo International Holdings (SIH) has completed the integration of Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE) on May 1 with SJNKE becoming a wholly-owned subsidiary of SIH.
4 September 2018   Bermuda specialty re/insurer Sompo International Holdings has unveiled a new subsidiary in Luxembourg, which will cover business written in Continental Europe and have branches in Belgium, France, Germany, Italy, Spain and the UK.