Sompo, a commercial and consumer property and casualty insurance and reinsurance provider, has expanded its Australian operations by recruiting a team of nine local underwriters with expertise in the property, casualty, financial, energy and construction sectors.
The team will be based in offices in Sydney and Melbourne, subject to regulatory approvals.
Paul O’Neill, president of Commercial P&C Asia Pacific (APAC), will oversee the Australian business and the new team will report to him.
This is part of Sompo’s long-term strategic growth plan to strengthen its presence and long-term commitment in regional markets.
The team’s extensive market knowledge is expected to enhance reinsurer/insurer capabilities, support strong governance and enable the business to deliver solutions to clients and brokers across the region.
Kenneth Reilly, CEO of Sompo Asia Pacific Insurance, commented: “Sompo has been operating in Australia for over 60 years and today’s expansion represents another important step towards building a diversified global P&C insurance platform with strong positions in the markets that matter most to our clients and broker partners.
“Ensuring we are regionally aligned and locally mandated will help us increase scale, significance and sustainable profitability. We look forward to delivering the service levels, underwriting excellence and long-term partnerships the Australian market has come to expect from Sompo.”
O’Neill added: “I’m delighted to welcome this fantastic team to Sompo. Their expertise combined with our collective ambition to deliver impactful solutions puts us in a strong position from day one.
“By investing in a mature and well-respected team and focusing on growth opportunities that are aligned with our core business strengths, we will support clients, brokers and other business partners while ensuring seamless operations and compliance with local regulations.”
