Sompo International reorganizes, launches global platformReprints
Sompo International Holdings Ltd. on Monday said it has created a worldwide insurance platform and introduced a global clearance system to offer policyholders a variety of products across insurance markets.
The Pembroke, Bermuda-based specialty insurer and reinsurer, led by Chairman and CEO John Charman, aims to use the web-based platform to provide Sompo operations with access to view and clear submissions regardless of their location, operating platform or legacy system, the company said Monday in a statement.
The first step in creating the global platform occurred Sept. 27 with the complete transfer of all former Endurance Specialty Holdings Ltd. companies to Sompo International Holdings, according to the statement.
Sompo Holdings Inc. announced in October 2016 that it would buy Endurance for $6.3 billion and rebrand it as Sompo International. The deal was completed in March.
The company said it would transfer the Sompo America companies and Sompo Japan Nipponkoa Insurance Co. of Europe Ltd.to Sompo International in the near future. The goal is to bring all other Sompo worldwide subsidiaries under the ownership and control of the Sompo International group, the company said in the statement.
The group will include all commercial property, casualty and specialty products for both the current Sompo Japanese interest accounts and all locally sourced and written non-Japanese accounts.
The platform’s initial launch includes legacy Endurance, Sompo America and SJNKE with all Sompo’s other overseas operations to be added over time.
Sompo said it expects to finish integrating SI Group’s business into a common technology platform in 2020.
Sompo International companies are wholly owned subsidiaries of Sompo Holdings Inc., according to the statement.