It’s official – Sompo International is heading to Luxembourg before the Brexit dust settles to set up a European commercial property and casualty subsidiary.
The Bermuda-based specialty provider of P&C insurance and reinsurance has received regulatory approvals from the Ministry of Finance of Luxembourg to bring SI Insurance (Europe), SA (SIIE) to life. The parent firm said SIIE serves as a well-capitalised underwriting platform that will cater to clients across the European Economic Area after the UK leaves the European Union.
In addition, the new subsidiary will be instrumental in Sompo International’s strategic expansion across Continental Europe. To commence operations later this year, Luxembourg-headquartered SIIE is also slated to be present in Italy, France, Spain, Germany, and Belgium. Sompo Japan Nipponkoa Insurance Company of Europe Limited is also being integrated.
“We are extremely pleased that Luxembourg has granted our insurance license,” commented Takashi Kurumisawa, who has been appointed as chief executive of SIIE. “With continued uncertainty around Brexit, Sompo International can provide immediate clarity and commitment to our clients and brokers that we have the ability to maintain the highest levels of service in the European market.”
Maintaining its presence in the Lloyd’s market, Sompo International will keep its current offices in London and continental Europe.
“Europe is a key component to Sompo International’s strategic growth plans, and SIIE now provides us with a base in continental Europe to build our presence in the region,” noted Sompo International chair and CEO John Charman. “We continue to introduce new specialty teams and deliver a broader suite of products as we enhance our capabilities to provide exceptional and efficient service to our international clients.”