Sompo International launched a new business unit focused on expanding offerings to more industries in the U.S. market. Willis Towers Watson formed an international InsurTech partnership with Plug and Play, a global innovation platform.
Sompo International Holdings Ltd created a new business unit designed extend environmental liability insurance capabilities to a wider range of industries in the U.S. market.
The Bermuda-based provider of property/casualty insurance and reinsurance said it will offer tailored mono-line environmental liability coverage programs on a primary or excess basis for insureds interested in expanding their insurance relationship with Sompo International. Products will include a comprehensive Site Environmental Impairment Liability insurance policy, which will include eight different coverage features that can be purchased individually or in its entirety. There will also be a Contractors Pollution Liability insurance policy that can be structured on a practice or project basis under an Owner / Contractor Controlled Insurance Program, and an Environmental Excess follow-form product that will provide additional capacity for mono-line pollution policies.
Josh Pillion, Senior Vice President, Environmental Product Leader for Sompo International, will lead the expansion of the company’s environmental liability capabilities. The new unit will complement the company’s broad insurance product offerings with additional dedicated underwriters, risk control and claim professionals aligned with the company’s U.S. Insurance teams. Products will be distributed through a network of specialty environmental brokers within Sompo International’s extensive U.S. retail network as well as through select appointed wholesale brokers.
Sompo International’s corporate parent is Sompo Japan.
Willis Towers Watson formed an international InsurTech partnership with Plug and Play, a global innovation platform.
The deal builds on an existing relationship by extending Willis Towers Watson’s access to early stage InsurTech start-ups across all of Plug and Play’s InsurTech platforms, which include Beijing, Munich, New York, Silicon Valley, Singapore and Tokyo. As part of the agreement, Willis Towers Watson will assist in qualifying, mentoring and collaborating with InsurTech start-ups in Plug and Play’s global network.
Willis Towers Watson and Plug and Play also partner on innovation platforms across health and wellness, as well as Enterprise 2.0, which focuses on transforming management structures, company culture and how work gets organized.
Sources: Sompo International, Willis Towers Watson