Sompo International Holdings, the provider of property and casualty insurance and reinsurance, has revealed that Sompo Global Risk Solutions (GRS) has formed a new team, Sompo GRS Europe, based in London to serve the European market through retail brokers.
The firm said the introduction of Sompo GRS in Europe builds on Sompo International’s existing London Market and SIIE European platform business and “drives the further development” of its one company platform in the region.
The move also supports the “strong and dynamic growth” of Sompo GRS, which has traditionally offered comprehensive multi-line capabilities through a network of retail brokers to companies with operations in the U.S. and Mexico.
It added that Sompo GRS Europe will offer commercial property, primary and excess casualty, and environmental coverage, as well as parametric natural catastrophe products.
It will be Led by Adam Bergen, VP, Sompo GRS head of Europe, who will be based in Sompo International’s London office, the new team will target accounts in select industries and the unit will encompass dedicated teams of underwriting, actuarial, claims and risk control specialists – focused on serving Sompo GRS clients in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region.
Michael Chang, CEO of Sompo Global Risk Solutions, said: “Our integrated industry vertical model has provided Sompo GRS a solid foundation for profitable growth. We are excited to build on the momentum we’ve created in markets like the U.S. and Mexico as we position ourselves to meet the risk management needs of clients with exposures in the European market.
“This expansion enables Sompo GRS to work directly through Sompo International’s extensive European network of retail brokers in order to offer our white-glove service model and holistic approach to risk management to U.S. based multinationals and other companies operating in the region.”