Sompo International, a Bermuda-based specialty insurance and reinsurance firm, has established its new subsidiary in Luxembourg.
The Luxembourg unit, dubbed SI Insurance (Europe), will issue insurance policies and reinsurance treaties for continental Europe’s new and renewal business.
Sompo secured approval from the ministry of finance of Luxembourg to set up the subsidiary in April this year.
The new entity will also have branches in Belgium, France, Germany, Italy, Spain and the UK. Its UK branch will tend to multi-national insurance clients for European Economic Area policy issuance.
SI Insurance (Europe) CEO Takashi Kurumisawa said: “With SI Insurance (Europe) beginning to operate well ahead of Brexit, we have a long-term solution in place to deliver consistently high quality service and uninterrupted capacity for clients across the European Economic Area.”
At the same time, Sompo also unveiled plans to retain its presence in the Lloyd’s market, as well as retain its London-based underwriting platform and Zurich reinsurance business.
Sompo CEO of London market and Europe insurance Graham Evans said: “I am delighted to announce this exciting milestone which provides clear and timely definition of our post-Brexit capabilities for clients around the world.
“Our broker network can rest assured that they will have continued access to our full suite of Sompo International products and capabilities through their chosen channel of distribution.”