Sompo Receives Authorization to Operate Locally in Belgium and the Netherlands
Sompo, a leading global provider of commercial and consumer property and casualty (P&C) reinsurance and insurance solutions, has successfully expanded its operational footprint across Continental Europe. With recent authorizations from regulatory authorities, Sompo is now enabled to offer primary insurance services directly in Belgium and the Netherlands.
This strategic expansion further enhances Sompo’s commercial P&C insurance capabilities and product offerings throughout Continental Europe. The insurer already has a well-established presence in several key markets, including Germany, France, Spain, Italy, and Switzerland.
Ralph Brand, President of Continental Europe Insurance, expressed his enthusiasm: “Sompo has significantly increased its presence across Continental Europe in recent years. The authorizations to offer primary insurance locally in Belgium and the Netherlands mark another important milestone in our growth journey. We understand that clients are increasingly seeking partners with a local presence, combined with global expertise, to support them through the myriad and often complex risks they encounter.”
He further stated, “We empower our local teams to collaborate closely with clients and brokers, offering a flexible and solution-driven approach that fosters long-term partnerships and success. I eagerly anticipate the opportunities we will develop in these dynamic markets.”
In recent financial updates, Sompo reported a surge in gross premiums written, reaching $12.47 billion in the first nine months of the 2024 fiscal year (3Q FY2024). This marked a substantial increase from the $542 million reported during the same period in 2023, primarily fueled by growth in Global Markets and Reinsurance.
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