12 August 2019Bermuda analysis

Sompo expands business to smaller commercial clients

Sompo Global Risk Solutions (GRS) has formed a new team offering insurance solutions to smaller businesses in the US and Mexico, including its industry vertical and Asian interest accounts.

The Bermuda-based specialty provider of property and casualty insurance and reinsurance, part of Sompo International Holdings, created the Sompo GRS small business team to embrace smaller companies, broadly defined as companies with less than $100,000 in total account premium. It targets companies in the real estate, hospitality, financial institutions, professional services and life sciences industries.

The team offers a full suite of coverages, including package, property, auto, general liability, workers’ compensation, umbrella and environmental. It works through a network of retail brokers to offer comprehensive multi-line capabilities through cross-disciplinary teams of underwriting, claims and risk control specialists focused on select industry verticals. It also serves Asian clients with operations in the US and Mexico.

Matt Burns, senior vice president and middle market leader for Sompo GRS, takes on the additional responsibility of managing the team. Marnie Shore, vice president, leads the development of the Sompo GRS small business platform, co-leading the team’s distribution efforts alongside Roberto Robles, vice president of business development.

Burns said: “The formation of the Sompo GRS small business team is a logical extension of our focus on serving large and middle market companies across the industry verticals and customer segments we target.”

Michael Chang, CEO of Sompo GRS, said smaller companies face a unique set of risks that can change as their business evolves. “With the launch of our small business platform we are uniquely positioned to serve smaller companies in an efficient manner while still providing a tailored set of customisable risk management solutions as their risk profile evolves with the growth of their business over time,” he said.