S&P upgrades Sompo International to A+
Standard and Poor's has upgraded the financial strength rating for Bermudian-based Sompo International Holdings Ltd's operating subsidiaries to A+ from A.
The ratings agency also raised the assessment of the Sompo Holdings Group's enterprise risk management to “strong” from “adequate with strong risk controls”.
SIH is the international underwriting platform for Japanese giant Sompo.
S&P cited “SIH's increased integration and strategic importance to Sompo Group” as the company leverages SIH's operating platform “to enhance its product and geographic mix and expand its international presence”.
In raising Sompo's ERM assessment, S&P commented that it views favourably the continued use of return-on-risk metrics in evaluating various risk-taking initiatives, and the use of ERM analysis in making strategic decisions, such as product pricing and due diligence for mergers and acquisitions.