Sompo’s profits drop by $228 million due to COVID-19

Posted On: Feb. 15, 2021 9:17 AM CST

Bermuda-based insurer Sompo International Holdings Ltd.’s profits dropped by $228 million in the fiscal third quarter ended Dec. 31, 2020, due to an underwriting loss of $178 million from the COVID-19 pandemic and natural disasters, Reinsurance News reported. The insurer’s net premiums increased by $673 million to $3.29 billion.