New Sompo GRS product targets real estate market

Sompo International has announced that Sompo Global Risk Solutions (GRS) is to offer umbrella insurance tailored to US based accounts in the commercial real estate and hospitality industries via a new casualty insurance risk purchasing group developed by HUB International.

Sompo GRS will underwrite an array of umbrella coverages, including follow form employers’ liability and auto liability, for members of this new risk purchasing group, which is exclusive to HUB clients. The product targets commercial real estate businesses such as offices, warehouses, light industrial and retail properties as well as limited use hotels and mixed use space.

Sompo GRS offers comprehensive multi-line capabilities targeted to middle market and large accounts in select industry verticals which currently include real estate, hospitality, financial institutions and professional services, as well as Japanese interest accounts business.

“We are extremely pleased to offer the strategic HUB international excess liability defender, or SHIELD product, to clients in the commercial real estate and hospitality industries,” said Michael Chang, chief executive officer of Sompo Global Risk Solutions. “This strategic solution leverages Sompo’s underwriting capabilities and depth of experience within these industries. It offers businesses not only financial protection from catastrophic losses that can severely impact their profitability but the resources to further improve their risk management practices to prevent or reduce loss before it happens.”