Sompo, a global provider of commercial and consumer property, casualty and specialty re/insurance, has agreed to acquire Service Insurance Companies, which specializes in workers’ compensation insurance, through one of its U.S. subsidiaries in an undisclosed transaction.
The acquisition, which is subject to regulatory approvals and customary closing conditions, will create a compelling opportunity to expand Sompo’s underwriting capabilities and market presence in its products, distribution channels and customer base within the small and medium-sized enterprise (SME) market.
Services Insurers brings a unique distribution platform, “best-in-class” claims capabilities, and a complementary focus on the SME segment.
“With Service Insurance Companies’ experienced leadership team and proven workers’ compensation platform, Sompo is building a top-tier flagship for our workers’ compensation business,” said Chris Sparro, CEO of Sompo Commercial P&C Insurance North America.
“This presents significant opportunities to deliver greater long-term value to our customers, distribution partners and stakeholders, further enhancing our differentiated position in the U.S. commercial insurance market.”
Brad Davis, current president of Service Insurance Company, who will continue to lead Sompo’s business, added: “We are excited about the opportunity to partner with Sompo’s North American leadership team to provide financial support and strong market presence.
“Working with Sompo, Service Insurance Companies is better able to expand its footprint from a single workers’ compensation provider to a diversified commercial insurance organization and enhance scale, capabilities and market relevance.”
