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October 9, 2018

Sompo forms new business unit to expand environmental insurance capabilities

Sompo International has set up its business division to extend environmental liability insurance capabilities to more industries in the US.

The new unit will have dedicated underwriters, risk control and claim professionals.

The Bermudian insurer will also provide customised mono-line environmental liability coverage programmes on a primary or excess basis.

New environmental products

Many insurance plans are offered by the new unit. These include a complete Site Environmental Impairment Liability, a Contractors Pollution Liability insurance, and an Environmental Excess product.

The expansion will be headed by its senior vice president and environmental product leader Josh Pillion.

“With specialised expertise in the environmental exposures of the industries served by our US Insurance teams, we will be able to better understand our client’s risk profile across multiple lines and create customisable insurance solutions which better suit the needs of our insureds,” Pillion said.

In order to distribute the insurance plans, Sompo has tapped a network of specialty environmental brokers within its US retail network. In addition, it began appointing wholesale brokers.

Sompo International CEO of US insurance Christopher Sparro said: “Adding a suite of environmental liability coverages complements the breadth of products we currently offer to our clients in the US market.

“As we continue to add new talent with specialty product knowledge and industry expertise working hand-in-hand with our property and casualty professionals, we are uniquely positioned to strengthen existing relationships with clients and producers and enhance our relevance to these markets.”

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