PEMBROKE, Bermuda, July 08, 2021 (GLOBE NEWSWIRE) – Sompo International Holdings Ltd., a specialist provider of property and casualty insurance and reinsurance based in Bermuda, today announced that its P&C segment has expanded its global capabilities offering with formation of Sompo Global Risk Solutions (GRS) Asia-Pacific, a new team based in Singapore to serve selected industries in Asian markets through designated brokers.
The creation of Sompo GRS Asia-Pacific is the latest initiative in Sompo International’s Commercial P&C segment to rapidly expand its global presence and strengthen its ability to serve an increasingly multinational customer base. This move is part of the segment’s broader goal of achieving profitable growth by leveraging the reach of Sompo International’s extensive global network to expand into new products and new geographies. The expansion also supports the strong and dynamic growth of Sompo GRS, which has traditionally offered full multi-line capabilities through a network of appointed brokers to companies with operations in the United States, Mexico and Europe.
“Given Sompo’s well-established brand and global network in the region, the Asia-Pacific market represents an exciting opportunity for us to execute our business lines strategy in support of the management plan at medium term recently announced by Sompo ”, explains Chris Gallagher, CEO of Sompo International Commercial P&C. “By exporting the strength of our commercial line service capabilities and underwriting expertise across Sompo’s larger network, we will continue to increase our global relevance to our customers, including the verticals served by Sompo Global Risk Solutions. . “
Led by Trey Martino, head of Sompo GRS Asia-Pacific, who will be based in Singapore, the new team will target financial institutions, hospitality, life sciences, professional services, real estate and financial institution accounts. technological industries in the region. Encompassing dedicated teams of specialists in underwriting, underwriting services, product development, actuarial, claims and risk control, Sompo GRS Asia-Pacific will provide coverage for commercial property, primary damage and excess damage. , umbrella, automotive, workers ‘compensation / employers’ liability and environmental, as well as parametric products when available to customers based or having operations in the area. As a first step, Sompo GRS Asia-Pacific will seek to underwrite business and offer its white glove service model in China, India, Japan (for Sompo GRS customers only), Macau, Hong Kong and Singapore. . Subsequently, Sompo GRS Asia-Pacific ultimately intends to serve other countries in the region.
Mr. Michael Chang, CEO of Sompo Global Risk Solutions, said: “Our industry-integrated vertical model has provided Sompo GRS with a solid foundation for growth, a foundation driven by the momentum we have created in the United States. United, Mexico and Europe. Our expansion in Asia strengthens our position to meet the risk management needs of clients exposed to key Asian markets, while building on Sompo International’s strong brand position in the region. It also allows Sompo GRS to deepen our relationships with our designated partner brokers in Asia and bring our white glove service model and holistic approach to risk management to businesses based and operating in the region.
Mr. Daniel Neo, CEO of Sompo Holdings (Asia), said: “The Sompo International brand is widely respected and recognized throughout Asia as a trusted provider of personal and business lines of insurance. The launch of Sompo GRS in Asia builds on our established brand presence and expands our ability to serve our business customers with a full set of risk management services and multi-line capabilities.
About Sompo International
Sompo International Holdings Ltd. (Sompo International) is a global provider of property and casualty insurance and reinsurance, headquartered in Bermuda. The Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business is one of the largest property and casualty insurance groups in the Japanese domestic market. Sompo International is a company driven by its core values, a carrier that places promise, trust and commitment to protect at the center of everything it does. We maintain excellent financial strength as evidenced by the A + (Superior) ratings of AM Best (size category XV) and A + (Strong) of Standard and Poor’s on our main operating subsidiaries. For more information on Sompo International, please visit www.sompo-intl.com
Senior Vice-President, Marketing and Communication
Telephone: +1 917 421 4973
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Sompo Holdings (Asia)
Branding & CX Lead, Asia-Pacific
Telephone: +65 8318 7805
E-mail: [email protected]