Sompo targets key Asian markets in commercial lines strategy
Bermuda-based specialty re/insurer Sompo International Holdings has launched a new Singapore-based unit to serve select industries in the Asian markets through appointed brokers, as it looks to expand its global footprint and strengthen its multinational capabilities.
Led by Trey Martino as head of Sompo Global Risk Solutions (GRS) Asia-Pacific, the new team will target accounts in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region.
Encompassing dedicated teams of underwriting, underwriting services, product development, actuarial, claims and risk control specialists, Sompo GRS Asia-Pacific will offer commercial property, primary and excess casualty, umbrella, motor, workers compensation/employers’ liability and environmental coverage, as well as parametric products where available to clients based or with operations in the region.
Initially, Sompo GRS Asia-Pacific will seek to write business and offer its white glove service model in China, India, Japan (for Sompo GRS clients only), Macao, Hong Kong and Singapore. Ultimately it intends to serve additional countries throughout the region.
The establishment of Sompo GRS Asia-Pacific is the latest move by its commercial property & casualty (P&C) segment to expand its global product capabilities. The move is part of the segment’s broader focus on achieving profitable growth by leveraging the reach of Sompo International’s global network to expand into new products and new geographies.
The expansion also supports the growth of Sompo GRS, which has traditionally offered comprehensive multi-line capabilities through a network of appointed brokers to companies with operations in the US, Mexico and Europe.
“Given Sompo’s well-established brand and global network in the region, the Asian-Pacific market represents an exciting opportunity for us to execute our commercial lines strategy in support of Sompo’s recently announced Mid-Term Management Plan,” said Chris Gallagher, CEO of Sompo International Commercial P&C. “By exporting the strength of our commercial lines servicing capabilities and underwriting expertise throughout the broader Sompo network, we will continue to increase our global relevance to clients, including the industry verticals served by Sompo Global Risk Solutions.”
Michael Chang, CEO of Sompo Global Risk Solutions, added: “Our integrated industry vertical model has provided Sompo GRS a solid foundation for growth – a foundation driven by the momentum we’ve created in the U.S., Mexico and Europe. Our expansion into Asia strengthens our position to meet the risk management needs of clients with exposures in key Asian markets, while building on Sompo International’s strong brand position in the region. It also enables Sompo GRS to deepen our relationships with our appointed broker partners in Asia and to bring our white-glove service model and holistic approach to risk management to companies based and operating in the region.”
Daniel Neo, CEO, Sompo Holdings (Asia), commented: “The Sompo International brand is widely respected and recognised across Asia as a trusted provider of personal lines and commercial insurance. The launch of Sompo GRS in Asia builds upon our established brand presence and expands our ability to serve commercial clients with a comprehensive set of risk management services and multi-line capabilities.”
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