The acquisition strengthens Sompo’s workers’ compensation franchise with expanded capabilities, distribution reach and scale in the U.S. market
Sompo International Holdings Ltd. today announced a definitive agreement to acquire Service Insurance Companies, one of the nation’s leading specialists exclusively focused on workers’ compensation insurance, by one of its U.S. subsidiaries. The transaction is subject to certain regulatory and other customary closing conditions.
Read More on Fintech : Global Fintech Interview with Rob Young, Managing Director – UK at InDebted
Service Insurance Companies brings together a differentiated distribution platform, “best-in-class” claims capabilities, and a complementary focus on the small and medium-sized enterprise (“SME”) segment. This acquisition creates a compelling opportunity to broaden Sompo’s underwriting capabilities and presence across products, customer segments and distribution channels within the attractive SME market and General Agents marketplace.
“Together with Service Insurance Companies’ seasoned leadership team and proven workers’ compensation platform, Sompo is establishing a top-tier flagship for our workers’ compensation business,” said Chris Sparro, Chief Executive Officer, North America, Sompo Commercial P&C Insurance. “This brings a tremendous opportunity to deliver even greater long-term value to our clients, distribution partners and stakeholders – further advancing our differentiated position in the U.S. commercial insurance market.”
“We are thrilled at the opportunity to align with Sompo’s North America leadership team, financial support and strong market presence. Together with Sompo, Service Insurance Companies is better positioned to extend the reach from a monoline workers’ compensation provider into a diversified commercial insurance organization with enhanced scale, capabilities and amplified market relevance,” stated Brad Davis, current President of Service Insurance Companies, who will continue leading the business for Sompo.
Catch more Fintech Insights : The AI Shift in Fraud: Why Banks Need a New Playbook
[To share your insights with us, please write to psen@itechseries.com ]
