Luxembourg for Finance has reported that Bermudian property and casualty (P&C) re-insurer Sompo International Holdings (SI) has received the necessary regulatory approvals for the establishment of its new subsidiary, SI Insurance (Europe) (SIIE), in Luxembourg, in preparation for the UK’s departure from the European Union (EU) in 2019.
Sompo International Insurance Europe (SIIE) will become operational later in 2018, and will provide the company with a stable and well-capitalised underwriting platform from which to service its clients across the European Economic Area (EEA) after Brexit, and from which to strategically expand across Continental Europe.
Sompo International has also outlined plans to extend SIIE beyond Luxembourg and into Italy, France, Spain, Germany and Belgium as the company integrates Sompo Japan Nipponkoa Insurance Company of Europe Limited and further expands its European operations.
John Charman, Chairman and Chief Executive Officer (CEO) of SI, commented “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.”
Takashi Kurumisawa, who has been appointed CEO of the newly established SIIE, 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.”
Following the establishment of the new subsidiary, SI will maintain its presence in the Lloyd’s market and its existing offices in both London and continental Europe.
Although this announcement represents the formal authorisation of the new European subsidiary, SI originally revealed its plans for SIIE in November 2017.
