Property and casualty (re)insurance firm Sompo International (Sompo) has been granted a Swiss insurance branch licence from the Swiss Financial Market Supervisory Authority (FINMA).
The licence means that Sompo International can expand its operations in Switzerland.
Sompo International is a global provider of commercial and consumer property and casualty (re)insurance. Sompo International Holdings Ltd. is an indirect wholly owned subsidiary of Sompo Holdings.
Sompo International has more than 9000 employees at Sompo International, 75,000 employees worldwide and more than $US38 billion in gross written premiums.
Ralph Brand, president of Continental Europe insurance at Sompo International, says: “This development marks an important milestone as we build up our Continental Europe regional insurance operation.
“The granting of a licence to write primary business elevates our presence further and allows us to better serve local clients and international businesses who will benefit from our strong global network, financial strength, broad product offering as well as excellent underwriting and claims capabilities.”
Julian James, CEO of global markets, commercial property and casualty insurance for Sompo, comments “We have a long-term commitment to building our primary insurance operations in Switzerland and will strongly invest in our talent and capabilities to create the right solutions for our clients and brokers’ business needs in this market.”
