Sompo advances European expansion with Luxembourg unit
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.
The move enables the company's expansion plans in Europe, and follows regulatory approvals from the Ministry of Finance of Luxembourg to establish its new subsidiary - SI Insurance (Europe), (SIIE), according to a statement.
Sompo said SIIE will expand beyond its headquarters in Luxembourg to include operations in Belgium, France, Germany, Italy and Spain, subject to required regulatory approvals. Once SIIE becomes operational later in 2018, SJNKE’s continental European business will transfer to SIIE.
Sompo International will maintain its presence in the Lloyd’s market with Endurance at Lloyd’s and the London company market with Endurance Worldwide Insurance.
Sompo International has recently completed the integration of the business operations and staff of Sompo America, and launched a new retail platform integrating all the operations of Sompo Holdings outside Japan.
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