Sompo Introduces Professional Lines Capabilities
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that the company’s U.S. platform has introduced a Management Assurance Policy [MAP], which expanded its primary professional lines insurance offering for private companies.
Through MAP, Sompo International offers new primary commercial crime and cyber liability insurance in addition to the company’s existing private company directors & officers liability, employment practices liability, fiduciary liability and professional liability coverages.
MAP’s modular format provides private companies with the ability to customize their coverage selections in a single policy tailored to their risk profile. Admitted in most U.S. states, the product targets private companies in all industries, not-for-profit entities, healthcare organizations and professional service firms.
Mr. Fred Cooper, Executive Vice President of Commercial Management Liability at Sompo International, commented, “For many years, we’ve provided a full range of primary and excess management and professional liability products to public and private companies alike. With the inclusion of our new primary commercial crime coverage, our MAP form complements these capabilities, making it easier for private companies to customize their primary management, professional and cyber liability coverage options.”
Mr. Dan Wadley, Executive Vice President of Sompo Pro, added, “We are excited to offer primary cyber liability through our new multiline MAP product. In addition to tailoring a solution to meet private companies’ specific needs, our modular policy approach helps reduce potential coverage gaps, further strengthening our position as a preferred market for brokers and clients.”
