Sompo International, the Bermuda-based arm of Japanese insurance giant Sompo Holdings, will establish a new headquarters in Luxembourg in view of Britain’s exit from the European Union.
Sompo said that the establishment of Luxembourg office will help the company address the issues that can rise after the UK leaves the European Union, in particular the potential loss of EU passporting rights.
The Luxembourg-incorporated entity will be known as SI Insurance (Europe) and will cater to the company’s EU clients. It will write insurance and reinsurance from Luxembourg.
Sompo expects to secure regulatory permission for the new company in the second quarter of 2018.
The insurer said that it will continue to maintain its presence in the Lloyd’s of London market and its existing offices in London and continental Europe.
Sompo International chairman and CEO John Charman said: “We have been developing our strategy for Europe for some time and SI Insurance (Europe) will enable us to provide our broad range of products more widely and efficiently, as well as strengthening our service capabilities to our international clients.
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“Establishing SI Insurance (Europe) in Luxembourg will be the first step in our ambitious plan to create a strong position in the European commercial P&C marketplace.”