Sompo International, a provider of commercial and consumer property and casualty (re)insurance, has opened a new office in Birmingham, England.
The new office will initially focus primarily on writing property & casualty business and will gradually add more lines.
Commenting on the move, Richard Brown, Head of Property Retail, Global Markets said: “This is a significant step forwards in creating a local presence outside of London and the latest stage in the growth of our UK regional portfolio.
The office is situated at The Colmore Building in the Colmore Business District, which is considered as the city’s main business area.
The company has selected Matt Cullen, VP retail property, and Kevin Green, VP retail casualty, to lead the newly launched office, the company’s first in the UK outside of London.
Brown added: “Having greater proximity to our clients and brokers in the UK regions will enhance our ability to understand their needs and deliver them the right solutions. They will have access to autonomous, empowered local underwriters with direct knowledge and experience of the markets they operate in.
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“Working predominantly through international broking offices based in Birmingham, Manchester, Leeds, Glasgow and Bristol – as well as the largest independent brokers – we will target UK domiciled mono-national and multinational clients with turnover in excess of £100m in sectors including manufacturing, leisure & hospitality, retail, infrastructure and transport.”
Bermuda-based Sompo International is an indirect wholly-owned subsidiary of Japanese insurance giant Sompo Holdings.
In February last year, Sompo struck an alliance with Israeli start-up GeoX for developing an automated underwriting platform powered by artificial intelligence (AI) technology.