Willis Towers Watson has partnered with SompoGlobal Risk Solutions (GRS) to develop an integrated insurance platform for the middle market commercial real estate companies.
The platform, dubbed Willis Towers Watson Retail, Office and Industrial (ROI), will enable real estate firms to meet general liability, automobile liability, workers compensation and umbrella coverage.
Furthermore, it will offer tailored property offering and casualty pollution product to address the risks faced by the market.
The partners, through this new offering, will target industrial, office and retail clients, excluding regional malls.
Willis Tower Watson North America head of broking Joseph Peiser said: “Real estate companies face a myriad of complex challenges. The Willis Towers Watson Real Estate practice is known for taking a structured and integrated approach that adds value to clients and provides a breadth of knowledge and resources.
Sompo GRS CEO Michael Chang said: “The platform brings the combined expertise and experience of Willis Towers Watson and Sompo GRS to the real estate market in a manner that reflects our knowledge of the industry and our shared commitment to developing long-term relationships with the clients we serve.”
The new solution forms part of the firm’s Differentiated Broking Solutions (DBS) business strategy, under which the company will provide custom insurance solutions across industries.
In May this year, Willis Towers Watson (WTW) teamed up insurtech firm Tia Technology to further strengthen the services offered by its Radar Live price delivery platform.