Sompo International has received regulatory approvals from the Ministry of Finance of Luxembourg to establish a new subsidiary.

SI Insurance Europe (SIIE), which will become operational later in the year, provides the company with a well-capitalized underwriting platform to service its clients across the European Economic Area (EEA) after Brexit and a foundation for strategic expansion across Continental Europe.

Takashi Kurumisawa has been appointed as CEO of this SIIE.

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

Sompo International will maintain its presence in the Lloyd’s market and its current offices in London and Continental Europe.

Chairman and CEO of Sompo International, John Charman said: “Europe is a key component to Sompo International’s strategic growth plans and SIIE now provides us with a base in Continental Europe to build our presence in the region. We continue to introduce new specialty teams and deliver a broader suite of products as we enhance our capabilities to provide exceptional and efficient service to our international clients.”

Kurumisawa added: “We are extremely pleased that Luxembourg has granted our insurance license. With continued uncertainty around Brexit, Sompo International can provide immediate clarity and commitment to our clients and brokers that we have the ability to maintain the highest levels of service in the European market.”