Sompo bringing together operations outside Japan into retail unit by 2020
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Sompo International Holdings Ltd., the overseas unit of Japan’s Sompo Holdings Inc., plans to bring together all of its operations outside Japan into a new retail unit by 2020, Sompo International said in a statement Tuesday.
Parent Sompo Holdings has 45 licensed entities spanning 32 countries throughout Europe, North America and South America, Asia and Oceania, the Middle East and Africa, which will be consolidated under the new retail platform, the statement said. The company had indicated its intentions when it closed its $6.3 billion purchase of Endurance Specialty Holdings Ltd.
Pembroke, Bermuda-based Sompo International has recently completed the integration of the business operations and staff of Sompo America and integration of Sompo Japan Nipponkoa Insurance Co. of Europe Limited (SJNKE) will be completed shortly, the statement said.
Sompo International has also established a retail executive team including John Charman, chairman and CEO, Sompo International; Nigel Frudd, chief strategy officer, Sompo International; Recai Dalas, CEO and director, Sompo Japan Sigorta; Francisco Caiuby Vidigal Filho, CEO and director, Sompo Seguros S.A.; Yuji Kawauchi, president and managing director, Sompo Holdings (Asia); and Katsuyuki Tajiri, executive officer, Sompo Holdings.
The company added that its property/casualty executive team remains unchanged.
“Our vision is to build the first truly global integrated insurance and reinsurance business,” Kengo Sakurada, president and CEO of Sompo Holdings Inc., said in the statement. “The integration of our international retail business is the next vital step in fulfilling our shared strategic vision.”
“We are extremely excited to assume operational oversight and provide strategy for the international retail business of Sompo Holdings as we move forward rapidly to create and grow a highly profitable, integrated global platform that will be unique in the history of our industry,” Mr. Charman said.
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