Sompo International Receives Luxembourg OK for Post-Brexit P/C Subsidiary

April 23, 2018

Bermuda-based property/casualty insurer and reinsurer Sompo International Holdings Ltd. said it has received the regulatory approvals from the Ministry of Finance of Luxembourg to establish a new subsidiary, SI Insurance -Europe (SIIE).

SIIE, which will become operational later in 2018, gives the company an underwriting platform to service its clients across the European Economic Area (EEA) after Brexit and a foundation for expansion across Continental Europe.

Sompo International (SI) announced its plan to create a post-Brexit Luxembourg subsidiary last November.

Takashi Kurumisawa has been appointed as chief executive officer of this new company.

SI said it plans to extend SIIE this year beyond its headquarters in Luxembourg to include operations in Italy, France, Spain, Germany and Belgium as the company integrates Sompo Japan Nipponkoa Insurance Co. of Europe Limited and further expands its European operations.

SI said it will maintain its presence in the Lloyd’s market and its current offices in London and continental Europe.

John Charman, chairman and CEO of Sl, said Europe is a key component to SI’s strategic growth plans and SIIE now provides it with a base in Continental Europe to build its presence in the region.

Kurumisawa, CEO of SIIE, said that “with continued uncertainty around Brexit, Sompo International can provide immediate clarity and commitment” to clients and brokers.

Luxembourg has been seeking to persuade other global insurers to make their post-Brexit home there after attracting both American International Group Inc. and SI.

Sompo Holdings, which has 45 licensed entities spanning 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa, has said it plans to bring all international businesses outside Japan under the ownership of SI by 2020 and is now in the process of establishing a retail platform to do this.

Through its operating subsidiaries, SI writes agriculture, professional lines, property, marine and energy, and casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. SI companies are wholly owned subsidiaries of Sompo Holdings, Inc.

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Topics Europe Property Casualty Oklahoma Uk

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