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Sompo International Holdings Ltd. has launched a global financial and professional lines platform called SomPro, the Pembroke, Bermuda-based insurer and reinsurer announced Wednesday.
SomPro will deliver underwriting, risk management and claims services by sharing the company’s product expertise and distribution relationships across Sompo’s specialty teams, the company said in a statement. SomPro will offer more than 30 different financial and professional lines insurance products as well as a suite of related reinsurance products, with broad licensing coverage through its company platforms and its Lloyd’s of London syndicate.
According to a brochure posted on Sompo’s website, “SomPro delivers significant capacity ($50 million per product for most lines) across a broad range of market leading professional lines insurance products, written on both a primary and excess basis.”
Among the more than 30 coverages offered by the new facility are directors and officers liability, employment practices liability, pension trust liability and media liability.
SomPro will comprise more than 100 dedicated underwriting and claims professionals operating in key insurance markets across the globe including the United States, Bermuda, United Kingdom, Europe and Asia, Sompo said in its announcement. SomPro will be governed by a steering group comprising senior professional lines leadership and chaired by Chris Donelan, head of global casualty reinsurance and president and chief underwriting officer of North America reinsurance.
Sompo International Holdings Ltd. on Wednesday introduced a series of coverages for the real estate and hospitality sectors indexed to weather events.