Bermuda re/insurer Sompo International Holdings has said a new unit in Luxembourg represents a timely definition of its post-Brexit capabilities for clients around the world.
The re/insurer said it wants additional strategic growth initiatives across Europe but this move is also clearly informed by the UK’s decision to leave the EU next year.
The specialty re/insurer has unveiled a new subsidiary in Luxembourg, which will cover business written in Continental Europe and have branches in Belgium, France, Germany, Italy, Spain and the UK.
SI Insurance (Europe) will issue insurance policies and reinsurance treaties for new and renewal business in Continental Europe. Sompo International will maintain its presence in the Lloyd’s market, its London-based underwriting platform and its Zurich reinsurance operation.
The company said that European Economic Area policy issuance for multi-national insurance clients will continue to be serviced from London via the UK branch of SI Insurance (Europe).
The company said it has launched the new unit because it believes it will provide Sompo International with a foundation for additional strategic growth initiatives across Europe. Earlier this year, the company introduced a European Specialty business to partner with brokers across Continental Europe, initially offering a suite of professional liability and transaction risk insurance products.
Graham Evans, CEO of London Market & Europe Insurance for Sompo International, added: “I am delighted to announce this exciting milestone which provides clear and timely definition of our post-Brexit capabilities for clients around the world. Our broker network can rest assured that they will have continued access to our full suite of Sompo International products and capabilities through their chosen channel of distribution.”
John Charman, chairman and CEO of Sompo International, said: “We continue to focus on delivering exceptional service to our international clients in areas where we can differentiate Sompo based on our specialty capabilities. It is critical that we have an established local presence in key Continental European markets as we introduce additional underwriting teams and innovative products to this region.”
Takashi Kurumisawa, CEO of SI Insurance (Europe), added: “Our clients and brokers across Continental Europe are reacting very positively to Sompo International’s commitment to the European market. With SI Insurance (Europe) beginning to operate well ahead of Brexit, we have a long-term solution in place to deliver consistently high quality service and uninterrupted capacity for clients across the European Economic Area.”
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