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Back in April we were talking about granted regulatory approvals… now Sompo International’s European commercial property and casualty subsidiary in Luxembourg has been born.
Launching its post-Brexit unit, the Bermuda-based specialty provider of P&C insurance and reinsurance said it will maintain not only its presence in the Lloyd’s market but also its London-based underwriting platform and Zurich reinsurance operation. Meanwhile the new subsidiary SI Insurance (Europe), SA also has branches in Belgium, France, Germany, Italy, Spain, and the UK.
Sompo International chair and CEO John Charman believes it is critical to have an established local presence in the key continental European markets as additional underwriting teams and innovative products are introduced to the region.
The latest entity will issue insurance policies and reinsurance treaties for new and renewal business in Continental Europe, while European Economic Area policy issuance for multi-national insurance clients will continue to be serviced from London through the UK branch of SI Insurance (Europe).
“Our clients and brokers across Continental Europe are reacting very positively to Sompo International’s commitment to the European market,” commented Takashi Kurumisawa, the subsidiary’s chief executive. “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.”
Meanwhile Graham Evans, CEO of London Market & Europe Insurance, described the launch as an exciting milestone which provides a clear and timely definition of Sompo International’s post-Brexit capabilities for clients worldwide.
“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,” he said.
