Sompo International Holdings (SIH) has launched a global insurance platform and a global clearance system (GCS) to provide a range of products to customers to manage their risks.
As part of the creation of the global platform, the SI Group completed the transfer of all former Endurance companies to SIH on September 27, 2017.
The transfer was part of the group’s plan to migrate its business onto a common, integrated, and highly effective technology platform.
The group now plans to transfer the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) to SIH subject to regulatory approvals and a newly formed governance structure.
The SI Group will include commercial property, casualty and specialty products for the Sompo Japanese interest accounts, and non-Japanese accounts sourced and written locally.
Global oversight for these accounts will enable the group to provide best possible services, including technical products and underwriting support, to the customers.
The web-enabled SI Group platform enables all Sompo Group operations to access and clear submissions irrespective of their location, operating platform or legacy system.
The group expects to complete the integration of its business into the common technology platform by 2020.
Sompo Holdings president and CEO Kengo Sakurada said: “Starting with the solid oversight for all commercial lines of products, this reorganization and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfill our vision to build the first truly global integrated insurance and reinsurance business.”
The specialty lines of insurance of the Bermuda-based company include agriculture, professional lines, property, marine and energy, and casualty. The company also writes catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance.