Sompo International’s net premiums up nearly 23%
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Bermuda-based insurer Sompo International Holdings Ltd.'s net premiums increased by 22.5% year-on-year to $7.56 billion in the third quarter ended Dec 31, 2022, driven by growth in casualty lines, improved retention rate for crop insurance clients and higher rates, Reinsurance News reported. However, underwriting income declined 6.9% year-on-year to $256 million due to the impact of Hurricane Ian. The insurer reported net incurred losses of $534 million related to overseas natural disasters, with $385 million attributed to Hurricane Ian.
