Sompo completes first reinsurance transaction with minority-led broker Protecdiv

Sompo International has completed a reinsurance transaction with Protecdiv, the first tier-one minority-led re/insurance broker in the US.

BMS Group served as a strategic partner to the trade.

The transaction was conducted as part of the co-brokering partnership Protecdiv has with BMS Group and is the first transaction executed alongside BMS Re. Protecdiv first announced its partnership with BMS Group in July 2020.

Michael Chang, chief executive officer of Sompo global risk solutions at Sompo International, expressed pride at being the first insurer to use Protecdiv. “Diversity is very important to us at Sompo International, but it must also be accompanied by the expertise and service level we expect from all our partners. That is what Protecdiv brought to this transaction,” he said.

Kael Coleman, founder and chief executive officer at Protecdiv, said: “Our partners at Sompo International are dynamic, forward-thinking individuals who understand the competence, market relationships, value and alternative perspective challenger brokers like Protecdiv and BMS can bring.”