Property and casualty insurance provider Sompo International has integrated its American units with its global platform.
Bankbazaar Singapore – February 5, 2018
SINGAPORE: In a major strategic restructuring move, Bermuda-based Sompo International Holdings (SIH) announced that it has integrated its American subsidiaries into the global insurance platform. The move is aimed at allowing Sompo America to take advantage of SIH’s multi-line underwriting capabilities and expand its product offerings.
In its announcement, the company said that Sompo America’s operations as well as staff have been successfully integrated into SIH.
As part of the restructuring, Michael Chang, who is the CEO of Sompo Global Risk Solutions, has been given an additional charge of commercial property, casualty, and specialty products for Japanese Interest Accounts (JIA). Lisa Davis, Executive VP and President of the US JIA Business, will continue to report to Chang while leading the JIA customer segment.
In addition, Chris Sparro, the CEO of the US Insurance, has been given the charge of locally sourced and written non-Japanese accounts and certain other specialty business lines written by Sompo America.
Commenting on the development, Sompo Global Insurance’s CEO Jack Kuhn said that this move is in line with the company’s plan to become an integrated global insurance platform. Jack added that the combined entity will be better placed to take advantage of Sompo’s strong balance sheet, which will help expand its footprint in the US market.
SIH also added that it will be followed by integration of Sompo Japan Nipponkoa Insurance Company of Europe in the second quarter of this year.