Sompo International has unveiled plans to create a unified global insurance platform, with an aim to bring all Sompo worldwide subsidiaries under the ownership and control of Sompo International Holdings (SIH).
The creation of the worldwide platform began on 27 September with the transfer of all former Endurance companies to SIH. The company added that it intends to transfer all Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE) to SIH in the “near future”.
“Over a period of time, subject to various regulatory authority approvals and a newly formed governance structure, the intention is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH,” the firm said in a statement.
The Sompo International group, which is led by chairman and CEO John Charman, will include all commercial property, casualty and specialty products for both current Sompo Japanese interest accounts and locally sourced and written non-Japanese accounts and will have worldwide oversight for these accounts including technical products and underwriting support.
Meanwhile, the company concurrently announced the initial launch of its Global Clearance System (GCS), a web-enabled technology platform that provides all Sompo Group operations with access to view and clear submissions regardless of their location, operating platform or legacy system.
Initially, legacy Endurance, Sompo America and Sompo Japan Nipponkoa Insurance Company of Europe operations have been placed on the platform, with a full integration of all Sompo International operations onto a common platform slated for 2020.
“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,” remarked Sompo Holdings president and CEO Kengo Sakurada.
Charman said he was “delighted” with the “substanstial” progress that has been made to date in integrating the various operating entities that comprise Sompo International.
“The launch of our new global clearance system is just the first step as we continue to modernize and transform our technology platform across all lines of business and geographies. In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry,” he concluded.
Sompo International is the new name for Endurance, which Sompo Holdings acquired in a $6.3bn takeover that was completed in March.