Sompo International, a global provider of commercial and consumer property and casualty (re)insurance, has expanded its operations in Switzerland.
Sompo was granted a Swiss insurance branch licence to write primary insurance by the Swiss Financial Market Supervisory Authority (FINMA), effective immediately.
Sompo is a property & casualty insurance company with a leading nursing care business in Japan.
Ralph Brand, president continental europe insurance for Sompo International said, “This development marks an important milestone as we build up our Continental Europe regional insurance operation.
“With reinsurance operations established since 2008, and a team of more than 50 industry-leading reinsurance professionals based in Zurich, Sompo International is already a recognised player in the Swiss market. The granting of a licence to write primary business elevates our presence further and allows us to better serve local clients and international businesses who will benefit from our strong global network, financial strength, broad product offering as well as excellent underwriting and claims capabilities.”
Julian James, chief executive officer, global markets, commercial P&C Insurance for Sompo International added, “We have a long-term commitment to building our primary insurance operations in Switzerland and will strongly invest in our talent and capabilities to create the right solutions for our clients and brokers’ business needs in this market.”
Last year, Reinsurance Group of America (RGA), a global life and health reinsurer, partnered with Sompo Holdings to provide an eldercare health insurance offering.
The partnership will see Sompo and RGA leverage their experience in eldercare, aging-related insights, and robust data assets from legacy businesses to create products and solutions designed to improve health outcomes and financial security.
Further, RGA said the partnership will engage in data studies to build upon their expertise and tailor products to best support their customers’ needs.
RGA and Sompo said their aim is to introduce products and services to help customers and their families strengthen their health and financial wellbeing.
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