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Property and casualty (re)insurer Sompo International has something new for clients in Europe.
The Bermuda-based provider, which earlier this year revealed that it was setting up a European specialty insurance underwriting operation in Barcelona, has expanded its professional lines offering with the rollout of a programme designed for parties on either side of a merger or acquisition transaction.
The transaction risk proposition provides coverage against losses arising from the likes of warranties and indemnities breaches.
“Since the launch of Sompo International’s European platform in March, we’ve focused on delivering market-leading management liability, professional indemnity, financial institutions, and cyber liability products to clients across Europe,” noted executive vice president Thomas Mannsdorfer, head of European specialty underwriting at Sompo International.
He added: “Our new M&A products expand these capabilities, further strengthening our ability to help companies manage the broad range of risks associated with their fiduciary and contractual responsibilities.”
It was previously announced that Sompo International was going to unveil a number of additional professional lines products and underwriters to the new operation over the next few months.
Commenting on the latest development, executive vice president Richard Allen, head of professional lines for London Market & Europe, said: “Backed by Sompo International’s A+ rated underwriting capacity and with the flexibility to service accounts through both our London-based and new European entities, the introduction of these additional professional lines products complement our growing portfolio.
“Thomas’s in-depth knowledge in this area along with new underwriting talent recruited to our European specialty team will enhance Sompo International’s presence in this important market.”
Elsewhere on the continent, Sompo International has received regulatory approvals from the Ministry of Finance of Luxembourg for a new European commercial P&C subsidiary.
