Sompo

The toll of risk losses sustained by the PVT market this year is mounting.

Alessa Quane will report to Sompo P&C CEO James Shea.

What’s next for the reinsurance market as Monte Carlo approaches?

The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.

The Japanese carrier faces integration challenges to make a success of the deal.

Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.

Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.

Plus, the latest people moves and all the top news of the week.

Insight into the state of the insurance M&A market, powered by this publication's deal database.

Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.

The lawsuit has been filed as sales talks with Sompo yielded a deal.

The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.

The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.

The all-cash deal values the Bermudian’s stock at a 36% premium.

This publication first reported deal talks last week.

Plus, the latest people moves and all the top news of the week.

Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.

This publication revealed yesterday that the two were in detailed takeover talks.

This publication revealed yesterday that Sompo is currently in negotiations with Aspen.

Sources said that detailed discussions have taken place, with a clear path to a deal.

Plus, the latest people moves and all the top news of the week.

The overseas division booked a combined ratio of 94% for the quarter.

The executive was previously head of excess casualty, North America.

Emilie Hungenberg joins the carrier from Aspen.

The carrier benefited from top-line growth and lower adverse PYD.

Fierce competition for cargo talent continues in the London market.

Several insurers and MGAs have launched into the class of business over the past year.

Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.

The international segment’s CoR deteriorated slightly due to increased expenses.

James Shea will lead the new Sompo P&C arm, while Yasuhiro Oba will become Wellbeing CEO.

The deterioration was driven by increased operating expenses.

This follows Ascot hiring Charlotte Brotherton-Farrell.

The hull market is currently experiencing high levels of competition.

The company will write marine cargo and transport logistics policies across the country.

The carrier unveiled major spending on overseas growth initiatives.

Regulators are mulling reforms that could open the door to international independent brokers.

This publication reported that parties including Sompo and Generali were circling the carrier.

Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.

The carrier’s marine and energy liability team is led by recent appointee Stephen Barr.

The executive held senior roles at Allied World, Lockton, and the Corporation of Lloyd’s.

The hire comes as the UK-based InsurTech continues its expansion plans in the US.

The carrier banked a $575mn prior-year reserve charge in fiscal Q4.

He will succeed retiring Daniel Neo, who will remain at Sompo for the year.

Allen succeeds Cliff Easton, who is retiring after a 50-year career.

He succeeds Emiko Maki, who is retiring.

Sompo International booked an adjusted profit of $860mn for its fiscal Q3.

The new licence expands the carrier's P&C capabilities in Europe.

The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.

He will be replaced by current COO Mikio Okumura, who will assume the role of CEO effective 1 April 2024.

Sutcliffe steps into the role vacated by Jon Bartlett, who retired at the end of 2023.

Finance minister describes the activity as “widespread, repeated and continuous”.

The underwriter has spent the past 12 years working as a senior marine underwriter at RSA.

Barr’s resignation from his previous role as head of marine at CNA Hardy was first revealed by this publication in July of this year.

Sompo has begun writing aviation war for the first time, while Apollo has picked its pen back up after a pause.

The international unit also suffered losses in its agriculture and reinsurance segments.

Chiew joins from Axa XL where she as a senior war, terrorism and political violence underwriter.

Sutcliffe will succeed Jon Bartlett, who is set to retire.

The carrier is looking to extend its insurance offering to mid-sized UK businesses.

He will report to Mathieu Borneuf, head of professional lines in Continental Europe.

Before joining Sompo, Bob Thaker spent more than a decade at Hiscox, where he was latterly CEO of Hiscox UK.

Sompo said the appointments highlight the carrier’s commitment to the Italian insurance market.

Sompo International said it saw growing demand for expertise and capacity in the region.

The carrier has also promoted Annette Wolff to head of professional lines insurance for Germany and Austria.

The combined ratio increased to 92.4%, driven by investment and inflation.

The executive replaces Thomas Brazil, who is moving to a new role with the Sompo in Switzerland.

Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.

The appointment comes just over two years after Sompo International entered the political violence and terrorism market.

The underwriter specialises in business including commodity traders, petrochemical risks and African business.

Staff turnover remains elevated across marine classes amid a battle to secure talent.

The former reinsurance CEO will join Sompo International’s board of directors.

The executive joins from Axa XL and will report to Continental Europe president Ralph Brand.

Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.

The executive will report to CEO James Shea and is based in Florham Park, New Jersey, United States.

Net profit at a group level took a hit, however, in part due to the impact from domestic natural disasters and major accidents.

Based in Boston, the executive will report to Sompo International CEO James Shea.

The carrier booked a heavy domestic and overseas cat load during the quarter.

The executive has worked for Howden and Allianz Global Corporate & Specialty.

The carrier is expanding its A&H appetite in London as part of its international insurance growth strategy.

Christian Crozier joins from Berkshire Hathaway, where he spent five years as a senior casualty underwriter

Speaking at Insurance Insider’s London Market Conference, the executive said insurers spent too little time focusing on the challenges faced by customers.

The unit booked a combined ratio of 90% as top-line expansion helped to improve underwriting performance.

Ed Martin-Prud’homme’s departure comes just a few months after Rupert Cousins and Richard Housley both left the carrier.

The recruit has had stints at Generali, Axa XL, AIG and Chubb.

The storm is not expected to be a threat to the order of Jebi or Hagibis.

The move follows the news that Lisa Skinner is leaving the A&H team at Sompo International to join Everest Re.

The experienced executive has held leadership positions across Europe at AIG, Zurich and Allianz.

Rupert Cousins’ departure comes nearly two months after Richard Housley, CEO of Endurance at Lloyd’s, resigned from the carrier.

The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.

The carrier booked a combined ratio of 91.0%, a 3.2-point improvement on the prior-year period.

Personnel movement in marine has remained buoyant all year, as new market entrants build their headcount.

Richard Housley joined Sompo following the acquisition of Endurance in 2017 and has held several positions at the company, most recently serving as CEO of Endurance.

Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.

The carrier is the first Japanese company to join the insurance, asset owner and investment manager green alliances.

The long-serving AIG executive has been on the boards of McGill and Partners and JLT since retiring.

The carrier also revealed it has meaningfully reduced catastrophe business since 2017.

Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.

The carrier’s combined ratio improved by 3.9 points to 93.9%, largely due to a better loss ratio.

Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.

The former CEO is tasked with improving collaboration between Sompo International and sister companies.

The incoming executive will report to Christopher Donelan, CEO of global reinsurance.

As part of the revamp, Michael Chang has been named global head of customer and distribution.

The incoming senior vice president will be tasked with helping to build Sompo’s casualty portfolio in the London market.

The carrier benefited from substantial top line growth and an absence of Covid-19 claims.

Prior to joining Sompo International, Patrick Corbett was life and A&H CUO at Axa XL for three years.

Several other executive officers are also moving roles, all of which will come into effect on 1 April 2022.

The carrier boosted gross written premiums by 18% and benefited from rate improvement.

Sompo International has appointed Mike Reid as executive vice president and head of casualty for international insurance.

The underwriter has spent 20 years in aviation underwriting with Catlin and Beaufort.

The well-known underwriter has held similar positions at Sompo International and Partner Re.

The deal is expected to be concluded within the first quarter of 2022.

Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.

The underwriter joined Everest at the beginning of last year following Barbican’s acquisition by Arch.

Gross written premiums at the carrier grew by 40%, driven by rate improvement and the growth in crop insurance via the carrier’s acquisition of Diversified.

The InsurTech is looking to expand into new product lines and geographies.

The executive will replace current leader Forbes Geekie.

The underwriter will be based in Barcelona and focus on professional indemnity business.

The Bermuda-based carrier’s new Singapore-based team will target accounts in the financial institutions, hospitality, life sciences, professional services, real estate and technology industries.

The new Sompo Light Vortex will work with data analytics company Palantir.

The parent releases targets for the Bermuda business following the news of John Charman’s retirement as executive chairman.

After successfully founding Tarquin and Axis, Charman led Endurance to a bumper valuation when bought by Sompo.

Mikio Okumura will step aside from the CEO post at the Bermudian carrier to a vice chairman role.

At group level the pandemic has a positive effect thanks to reduced motor claims.

Maxine Goddard and Rachael Dobie will be senior vice president and assistant vice president respectively.

The pandemic and natural disasters impacted the result by $178mn.

Flock said the capacity could be used to cover anything from drone cargo deliveries to flying taxi passenger flight.

The new recruit will run SI’s UK and international property team.

The business builds its team after securing more than $600mn of backing from Oaktree Capital Management.

The carrier slashes international unit full-year profit forecasts due to the pandemic and nat cats.

Mike Connelly was previously The Hartford’s specialty commercial CFO.

The change expert worked at TIAA and Bank of America.

The executive joins from Axa XL to take up the newly created role.

The MGA, which writes on paper from Accident Fund Insurance Company of America, uses AI in its underwriting process.