Sompo forms risk solutions unit in Singapore
A business segment of Sompo International Holdings Ltd has set up a new team in Singapore to serve select industries in the Asian markets through appointed brokers.
The Bermudian-headquartered specialty provider of property and casualty insurance and reinsurance said its commercial property and casualty segment has expanded its global product capabilities with the formation of Sompo Global Risk Solutions Asia-Pacific.
The company said the establishment of Sompo GRS Asia-Pacific is the latest move by Sompo International’s commercial P&C segment to rapidly expand its global footprint and strengthen its ability to serve an increasingly multi-national client base.
It said the move is part of the segment’s broader focus on achieving profitable growth by leveraging the reach of Sompo International’s extensive global network to expand into new products and new geographies.
It added that the expansion also supports the strong and dynamic growth of Sompo GRS, which has traditionally offered comprehensive multi-line capabilities through a network of appointed brokers to companies with operations in the United States, Mexico and Europe.
Chris Gallagher, chief executive officer of Sompo International Commercial P&C, said: “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.
“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.”
Led by Trey Martino, head of Sompo GRS Asia-Pacific, who will be based in Singapore, the company said the new team will target accounts in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region.
The company said 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 in China, India, Japan (for Sompo GRS clients only), Macao, Hong Kong and Singapore. Thereafter, it ultimately intends to serve additional countries throughout the region, the company said.