Sompo International Holdings Ltd has launched its new Luxembourg-based subsidiary SI Insurance (Europe), activating its post-Brexit plan well ahead of Britain's departure from the European Union next year.

Sompo International, which is based at offices in Waterloo House on Pitts Bay Road, said SI Insurance (Europe) has branches in Belgium, France, Germany, Italy, Spain and the UK.

Sompo International will maintain its presence in the Lloyd's market, its London-based underwriting platform and its Zurich reinsurance operation.

SI Insurance (Europe) will issue insurance policies and reinsurance treaties for new and renewal business in continental Europe. European Economic Area policy issuance for multinational insurance clients will continue to be serviced from London via the UK branch of SI Insurance (Europe), the company stated.

Earlier this year, the company introduced a European specialty business to partner with brokers across continental Europe, initially offering a suite of professional liability and transaction risk insurance products.

Sompo International is a wholly owned subsidiary of Japanese insurance giant Sompo Holdings.

John Charman, chairman and chief executive officer of Sompo International, said: “It is critical that we have an established local presence in key continental European markets as we introduce additional underwriting teams and innovative products to this region.”

Graham Evans, CEO of London Market and Europe Insurance for Sompo International, said: “I am delighted to announce this exciting milestone which provides clear and timely definition of our post-Brexit capabilities for clients around the world.”

Takashi Kurumisawa, CEO of SI Insurance (Europe), said: “Our clients and brokers across continental Europe are reacting very positively to Sompo International's commitment to the European market. With SI Insurance (Europe) beginning to operate well ahead of Brexit, we have a long-term solution in place to deliver consistently high quality service and uninterrupted capacity for clients across the European Economic Area.”