Bermuda-based insurance and reinsurance firm Sompo International has launched a global financial and professional lines platform called SomPro.
The new proposition will offer underwriting, risk management and claims services. It will also provide over 30 financial and professional lines insurance products alongside related reinsurance products.
The unit will have over 100 underwriting and claims professionals across different insurance markets worldwide.
Sompo CEO and chairman John Charman said: “The financial and professional lines market is an area where Sompo International has achieved significant scale and worldwide relevance.
“SomPro unites our broad capabilities around the globe, including those of our Japanese parent, Sompo Holdings, Inc., as we continue to focus on delivering superior service to our clients.”
The platform will be chaired by Chris Donelan, who currently leads global casualty reinsurance. Donelan also serves as the president and chief underwriting officer of North America reinsurance.
A steering group, including senior professional lines leadership, will be responsible for management of SomPro.
Sompo CEO of global insurance and chief underwriting officer John (Jack) Kuhn said: “Chris and our senior leaders bring a long-term perspective on the financial and professional lines space based on decades of experience in this important market.”
SomPro’s launch comes close on the heels of Sompo’s opening of its Luxembourg subsidiary.
The re/insurer also launched a new transaction risk insurance line of business in June this year.