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Sompo International Holdings Ltd. and Willis Towers Watson PLC have formed a strategic partnership to build an online insurance platform for the middle-market commercial real estate segment, the insurer and broker said in a joint statement.
The partnership targets office, industrial and retail clients, with the exception of regional malls, the statement said.
Sompo International’s Sompo Global Risk Solutions, which provides multiline capabilities to the hospitality, real estate, life sciences, financial institutions and professional services sectors as well as to Asian companies with operations in the U.S. and Mexico, will individually underwrite each account, the statement said.
Willis Towers Watson’s Retail, Office and Industrial platform serves the real estate market with lines including general liability, automobile liability, workers compensation and umbrella coverage,
“Real estate companies face a myriad of complex challenges,” Joseph C. Peiser, head of broking, North America for Willis Towers Watson, said in the statement.
Willis Towers Watson PLC said Wednesday it is introducing a resolutions team that will act on behalf of clients before they turn to litigation to resolve disputed claims.