Sompo International Holdings, the specialty provider of property and casualty re/insurance, has formed a new commercial property and casualty (P&C) segment in Asia.
Sompo Global Risk Solutions (GRS) Asia-Pacific is based in Singapore and serves select industries in the Asian markets through appointed brokers. It is part of Sompo International’s strategy to rapidly expand its global footprint and strengthen its offering for its increasingly multinational client base.
The business is led by Trey Martino, head of Sompo GRS Asia-Pacific, who is based in Singapore. The team targets accounts in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region.
The team includes underwriting, underwriting services, product development, actuarial, claims and risk control specialists, offering commercial property, primary and excess casualty, umbrella, motor, workers compensation/employers’ liability and environmental coverage. It will also offer parametric products.
Initially, Sompo GRS Asia-Pacific will seek to write business and offer its white glove service model in China, India, Japan, Macao, Hong Kong and Singapore. Over time it hopes to expand its offering to clients throughout the region.
Sompo is targeting profitable growth by leveraging its extensive global network to expand into new products and new geographies. The expansion also supports the growth of Sompo GRS, which has traditionally offered comprehensive multi-line capabilities through a network of appointed brokers to companies with operations in the US, Mexico and Europe.
Chris Gallagher, chief executive officer (CEO) of Sompo International commercial P&C, noted that Sompo has a well-established brand and global network in Asia.
“By exporting the strength of our commercial lines servicing capabilities and underwriting expertise throughout the broader Sompo network, we will continue to increase our global relevance to clients, including the industry verticals served by Sompo GRS,” he said.
Michael Chang, CEO of Sompo GRS, said: “Our expansion into Asia strengthens our position to meet the risk management needs of clients with exposures in key Asian markets, while building on Sompo International’s strong brand position in the region. It also enables Sompo GRS to deepen our relationships with our appointed broker partners in Asia and to bring our white-glove service model and holistic approach to risk management to companies based and operating in the region.”
Daniel Neo, CEO at Sompo Holdings (Asia), said: “The launch of Sompo GRS in Asia builds upon our established brand presence and expands our ability to serve commercial clients with a comprehensive set of risk management services and multi-line capabilities.”
Sompo GRS, Singapore, Trey Martino, Chris Gallagher, Michael Chang, Daniel Neo