Sompo International Holdings Ltd. established a new unit focused on the technology industry.
The Bermuda-based property/casualty specialty insurer and reinsurer said the unit will work through a network of retail brokers to offer primary casualty products (general liability, commercial auto, workers compensation), as well as integrated property and primary casualty and a lead umbrella product to technology companies.
Plans call for placing the new unit within the Sompo Global Risk Solutions arm. The insurer will build on some of its global insurance business that currently offers products to the technology sector through its Property, Casualty, Financial Lines and Specialty business units.
The unit will target large, middle market, and small technology organizations, including electronic manufacturers, IT service providers and integrators, software providers, technology hardware and storage companies, on-demand mobility electronics firms and government IT contractors.
Christopher Sparro, CEO, U.S. Insurance for Sompo International said the idea behind the new unit reflects a “holistic approach” for managing technology market risks.
“Sompo International has built a meaningful presence in the technology industry over the last 19 years and we are excited to further expand our current offerings to our clients and brokers,” Sparro said.
Michael Carroll will lead the team. He recently joined Sompo GRS as a Senior Vice President and who will also continue the development of the Sompo GRS Life Sciences Business.
Source: Sompo International