Sompo Announce Plans For European Expansion
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance and wholly owned subsidiary of Sompo Holdings, Inc., plans to establish a new European insurance headquarters based in Luxembourg.
The new entity, SI Insurance [Europe], will also write reinsurance business.
“European business is a key strategic component to SI’s growth prospects. Along with many insurers operating in the UK, SI has been formulating a strategy to address issues relating to the country’s decision to leave the European Union, in particular the potential loss of EU passporting rights. This strategy recognizes that there remains significant uncertainty over the terms of the final agreement,” the company said.
“Incorporated in and operating out of Luxembourg, SI Insurance [Europe] will provide a solution for the company’s clients in the European Union, as well as creating a base for continued business expansion in Europe. More details will be released in the near future and regulatory approval is anticipated in the second quarter of 2018. SI will maintain its presence in the Lloyd’s market and its current offices in London and continental Europe.”
John Charman, Chairman and CEO of SI commented, “We have been developing our strategy for Europe for some time and SI Insurance [Europe] will enable us to provide our broad range of products more widely and efficiently, as well as strengthening our service capabilities to our international clients.
“Establishing SI Insurance [Europe] in Luxembourg will be the first step in our ambitious plan to create a strong position in the European commercial P&C marketplace.”
