Sompo International Holdings has announced that it received regulatory approval from the Ministry of Finance of Luxembourg on March 27, 2018 to establish a new subsidiary, SI Insurance (Europe) (SIIE).
According to the company SIIE, which will become operational later in 2018, will provide it with a well-capitalised underwriting platform to service its clients across the European Economic Area (EEA) after Brexit and a foundation for strategic expansion across Continental Europe. Takashi Kurumisawa has been appointed as chief executive officer (CEO) of SIIE.
Sompo International said that it plans to extend SIIE this year beyond its headquarters in Luxembourg to include operations in Italy, France, Spain, Germany and Belgium as the company integrates Sompo Japan Nipponkoa Insurance Company of Europe and further expands its European operations. SI will maintain its presence in the Lloyd’s market and its current offices in London and continental Europe.
“Europe is a key component to Sompo International’s strategic growth plans and SIIE now provides us with a base in Continental Europe to build our presence in the region,” said John Charman, chairman and CEO of Sompo International. “We continue to introduce new specialty teams and deliver a broader suite of products as we enhance our capabilities to provide exceptional and efficient service to our international clients.”
“We are extremely pleased that Luxembourg has granted our insurance license,” commented Kurumisawa. “With continued uncertainty around Brexit, Sompo International can provide immediate clarity and commitment to our clients and brokers that we have the ability to maintain the highest levels of service in the European market.”
Sompo International, Europe, SIIE, Luxembourg