Sompo International Holdings has entered the Asian commercial property and casualty (P&C) market by the formation of Sompo Global Risk Solutions (GRS) Asia-Pacific.
Sompo GRS Asia-Pacific is based in Singapore, and will serve select industries in the Asian markets through appointed brokers. While the Sompo brand originated in Japan, the new APAC team is under the Sompo International umbrella, which is headquartered in Bermuda.
According to the insurer, the expansion is part of its thrust to rapidly expand its global footprint and strengthen its ability to serve an increasingly multinational client base. It builds on Sompo GRS’ comprehensive multi-line capabilities through a network of appointed brokers to companies with operations in the US, Mexico and Europe.
The team is headed by Trey Martino, head of Sompo GRS Asia-Pacific. It will serve clients in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries across the region, beginning in China, India, Japan (for Sompo GRS clients only), Macau, Hong Kong and Singapore.
“Given Sompo’s well-established brand and global network in the region, the Asian-Pacific market represents an exciting opportunity for us to execute our commercial lines strategy in support of Sompo’s recently announced Mid-Term Management Plan,” said Chris Gallagher, CEO of Sompo International Commercial P&C. “By exporting the strength of our commercial lines servicing capabilities and underwriting expertise throughout the broader Sompo network, we will continue to increase our global relevance to clients, including the industry verticals served by Sompo Global Risk Solutions.”