Sompo reveals details of restructure

03-10-2017

Sompo International Holdings (SIH) has announced that it has created a worldwide platform and brought in new a global clearance system.

The company said that it aims to set a new global standard of conducting business, providing customers with a wide array of products across insurance markets to help manage their various risks.

The SI Group, whose board of directors consists of John Charman, Nigel Frudd, and Shigeru Ehara, is led by chairman and CEO John Charman. The first step in the creation of the global platform was carried out in September, 2017 with the complete transfer of all the former Endurance companies to SIH. Following on from this, the company will execute the complete transfer of the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE) to SIH in the near future.

“I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International,” said Charman. “Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront. The launch of our new global clearance system is just the first step as we continue to modernize and transform our technology platform across all lines of business and geographies. In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry.”

According to the company, it intends is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH over an unspecified period of time, subject to various regulatory authority approvals and a newly formed governance structure.

The SI Group will include all commercial property, casualty and specialty products for both the current Sompo Japanese Interest Accounts, as well as all locally sourced and written non-Japanese accounts. The SI Group will have worldwide oversight for these accounts including technical products and underwriting support to provide the best possible services for our customers.

In combination with the worldwide suite of products that the SI Group is underwriting globally, this is the first step toward migrating the majority of the SI Group’s business onto a common, integrated, and highly effective technology platform. It is anticipated that full integration of the SI Group’s business into a common technology platform will be completed in 2020.

Sompo International Holdings, Bermuda, Global, Sompo Japan Nipponkoa Insurance, Sompo America companies, Endurance

Bermuda Re