Sompo Expands US Environmental Insurance
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has established a new business unit to extend environmental liability insurance capabilities to a wider range of industries in the U.S. market.
“Sompo International will offer tailored mono-line environmental liability coverage programs on a primary or excess basis for insureds interested in expanding their insurance relationship with Sompo International,” the company said.
“Products will include a comprehensive Site Environmental Impairment Liability insurance policy, which will include eight different coverage features that can be purchased individually or in its entirety, a Contractors Pollution Liability insurance policy that can be structured on a practice or project basis under an Owner / Contractor Controlled Insurance Program, and an Environmental Excess follow-form product that will provide additional capacity for mono-line pollution policies.
“Mr. Josh Pillion, Senior Vice President, Environmental Product Leader for Sompo International, will lead the expansion of the company’s environmental liability capabilities.
“The new unit will complement the company’s broad insurance product offerings with additional dedicated underwriters, risk control and claim professionals aligned with the company’s U.S. Insurance teams. Products will be distributed through a network of specialty environmental brokers within Sompo International’s extensive U.S. retail network as well as through select appointed wholesale brokers.
Mr. Pillion, who launched the company’s environmental liability product suite as Environmental Product Leader for Sompo Global Risk Solutions, commented, “We are very excited to extend our environmental expertise to clients across a broader range of industries in the U.S.
“With specialized expertise in the environmental exposures of the industries served by our U.S. Insurance teams, we will be able to better understand our client’s risk profile across multiple lines and create customizable insurance solutions which better suit the needs of our insureds.”
Mr. Christopher Sparro, CEO of U.S. Insurance for Sompo International added, “Adding a suite of environmental liability coverages complements the breadth of products we currently offer to our clients in the U.S. market.
“As we continue to add new talent with specialty product knowledge and industry expertise working hand-in-hand with our property and casualty professionals, we are uniquely positioned to strengthen existing relationships with clients and producers and enhance our relevance to these markets.”
