Sompo reveals global restructure and subsidiary integration
Sompo International Holdings (SIH), a Bermuda-based specialty provider of property and casualty re/insurance, has announced a new organisational structure and the launch of a global insurance platform.
The company intends to bring all Sompo worldwide subsidiaries under the ownership and control of SIH.
Following the complete transfer of all former Endurance companies to SIH, which was finalised on September 27, the company is planning to execute the 100 percent transfer of the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) to SIH in the near future.
SIH has also introduced a global clearance system (GCS) to set a new global standard of conducting business, providing customers with a wide array of products across insurance markets to help manage their various risks.
The SI Group, whose board of directors consists of John Charman, Nigel Frudd, and Shigeru Ehara, is led by John Charman who is the chairman and CEO.
The SI Group will include all commercial property, casualty and specialty products for both the current Sompo Japanese Interest Accounts, as well as all locally sourced and written non-Japanese accounts. The SI Group will have worldwide oversight for these accounts including technical products and underwriting support.
In combination with the worldwide suite of products that the SI Group is underwriting globally, this is the first step toward migrating the majority of the SI Group’s business onto a common, integrated, and effective technology platform.
The full integration of the SI Group’s business into a common technology platform is expected to be completed in 2020.
Kengo Sakurada, president and CEO of Sompo Holdings, commented: "Starting with the solid oversight for all commercial lines of products, this reorganization and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfill our vision to build the first truly global integrated insurance and reinsurance business."
Charman added: "I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International. Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront.
"The launch of our new global clearance system is just the first step as we continue to modernize and transform our technology platform across all lines of business and geographies. In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry."
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