Sompo
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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.
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What’s next for the reinsurance market as Monte Carlo approaches?
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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The Japanese carrier faces integration challenges to make a success of the deal.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Plus, the latest people moves and all the top news of the week.
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Insight into the state of the insurance M&A market, powered by this publication's deal database.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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Plus, the latest people moves and all the top news of the week.
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Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.
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This publication revealed yesterday that the two were in detailed takeover talks.
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This publication revealed yesterday that Sompo is currently in negotiations with Aspen.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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Plus, the latest people moves and all the top news of the week.
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The overseas division booked a combined ratio of 94% for the quarter.
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The executive was previously head of excess casualty, North America.
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Emilie Hungenberg joins the carrier from Aspen.
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The carrier benefited from top-line growth and lower adverse PYD.
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Fierce competition for cargo talent continues in the London market.
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Several insurers and MGAs have launched into the class of business over the past year.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
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The international segment’s CoR deteriorated slightly due to increased expenses.
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James Shea will lead the new Sompo P&C arm, while Yasuhiro Oba will become Wellbeing CEO.
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The deterioration was driven by increased operating expenses.
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This follows Ascot hiring Charlotte Brotherton-Farrell.
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The hull market is currently experiencing high levels of competition.
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The company will write marine cargo and transport logistics policies across the country.
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The carrier unveiled major spending on overseas growth initiatives.
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Regulators are mulling reforms that could open the door to international independent brokers.
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This publication reported that parties including Sompo and Generali were circling the carrier.
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.
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The carrier’s marine and energy liability team is led by recent appointee Stephen Barr.
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The executive held senior roles at Allied World, Lockton, and the Corporation of Lloyd’s.
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The hire comes as the UK-based InsurTech continues its expansion plans in the US.
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The carrier banked a $575mn prior-year reserve charge in fiscal Q4.
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He will succeed retiring Daniel Neo, who will remain at Sompo for the year.
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Allen succeeds Cliff Easton, who is retiring after a 50-year career.
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Sompo International booked an adjusted profit of $860mn for its fiscal Q3.
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The new licence expands the carrier's P&C capabilities in Europe.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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He will be replaced by current COO Mikio Okumura, who will assume the role of CEO effective 1 April 2024.
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Sutcliffe steps into the role vacated by Jon Bartlett, who retired at the end of 2023.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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The underwriter has spent the past 12 years working as a senior marine underwriter at RSA.
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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.
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Sompo has begun writing aviation war for the first time, while Apollo has picked its pen back up after a pause.
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The international unit also suffered losses in its agriculture and reinsurance segments.
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Chiew joins from Axa XL where she as a senior war, terrorism and political violence underwriter.
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Sutcliffe will succeed Jon Bartlett, who is set to retire.
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The carrier is looking to extend its insurance offering to mid-sized UK businesses.
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He will report to Mathieu Borneuf, head of professional lines in Continental Europe.
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Before joining Sompo, Bob Thaker spent more than a decade at Hiscox, where he was latterly CEO of Hiscox UK.
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Sompo said the appointments highlight the carrier’s commitment to the Italian insurance market.
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Sompo International said it saw growing demand for expertise and capacity in the region.
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The carrier has also promoted Annette Wolff to head of professional lines insurance for Germany and Austria.
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The combined ratio increased to 92.4%, driven by investment and inflation.
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The executive replaces Thomas Brazil, who is moving to a new role with the Sompo in Switzerland.
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Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.
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The appointment comes just over two years after Sompo International entered the political violence and terrorism market.
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The underwriter specialises in business including commodity traders, petrochemical risks and African business.
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Staff turnover remains elevated across marine classes amid a battle to secure talent.
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The former reinsurance CEO will join Sompo International’s board of directors.
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The executive joins from Axa XL and will report to Continental Europe president Ralph Brand.
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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.
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The executive will report to CEO James Shea and is based in Florham Park, New Jersey, United States.
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Net profit at a group level took a hit, however, in part due to the impact from domestic natural disasters and major accidents.
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Based in Boston, the executive will report to Sompo International CEO James Shea.
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The carrier booked a heavy domestic and overseas cat load during the quarter.
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The executive has worked for Howden and Allianz Global Corporate & Specialty.
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The carrier is expanding its A&H appetite in London as part of its international insurance growth strategy.
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Christian Crozier joins from Berkshire Hathaway, where he spent five years as a senior casualty underwriter
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Speaking at Insurance Insider’s London Market Conference, the executive said insurers spent too little time focusing on the challenges faced by customers.
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The unit booked a combined ratio of 90% as top-line expansion helped to improve underwriting performance.
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Ed Martin-Prud’homme’s departure comes just a few months after Rupert Cousins and Richard Housley both left the carrier.
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The recruit has had stints at Generali, Axa XL, AIG and Chubb.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The move follows the news that Lisa Skinner is leaving the A&H team at Sompo International to join Everest Re.
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The experienced executive has held leadership positions across Europe at AIG, Zurich and Allianz.
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Rupert Cousins’ departure comes nearly two months after Richard Housley, CEO of Endurance at Lloyd’s, resigned from the carrier.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The carrier booked a combined ratio of 91.0%, a 3.2-point improvement on the prior-year period.
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Personnel movement in marine has remained buoyant all year, as new market entrants build their headcount.
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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.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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The carrier is the first Japanese company to join the insurance, asset owner and investment manager green alliances.
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The long-serving AIG executive has been on the boards of McGill and Partners and JLT since retiring.
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The carrier also revealed it has meaningfully reduced catastrophe business since 2017.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
