Sompo International has secured regulatory approvals to establish European commercial property & casualty (P&C) subsidiary.
The company secured approval from the Ministry of Finance of Luxembourg to set up a new subsidiary, SI Insurance (Europe), SA (SIIE).
SIIE, which will become operational later this year, gives the company an underwriting platform to service its clients across the European Economic Area (EEA) after Brexit and a foundation for expansion across Continental Europe.
The announcement to set up this subsidiary was made in late November last year.
Takashi Kurumisawa has been appointed as CEO of the new subsidiary.
Sompo International has plans to extend its SIIE this year beyond its headquarters in Luxembourg and it will include operations in Italy, France, Spain, Germany and Belgium as it will integrate Sompo Japan Nipponkoa Insurance Company of Europe Limited and to expand further its European operations.
Besides working in Europe, Sompo International will be present in the Lloyd’s market and its offices across London and continental Europe.
Sompo International chairman and CEO John Charman 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 stated that with continued uncertainty around Brexit, the new European company can provide immediate clarity and commitment to the company’s clients and brokers, will now have the ability to maintain higher levels of service in the European market.
In late March, Sompo International completed the acquisition of A&A, an Italian agricultural insurance specialty company.
The company has been focused in the country’s agricultural insurance market since 1996. With this acquisition, Sompo International expects to support its agricultural platform AgriSompo.
The deal will support in delivering innovative and coordinated risk management solutions tailored to local needs across the agri-business market. The deal will bring A&A’s expertise to support AgriSompo in expanding its global reach.
Image: SIIE provides Sompo with an underwriting platform to service its clients across the European Economic Area (EEA) after Brexit . Photo: courtesy of Stuart Miles at FreeDigitalPhotos.net.