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ABIR welcomes global re/insurer Sompo as new member

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Chief Risk Officier Emmanuel Brulé to join ABIR board of directors

Hamilton, Bermuda (March 24, 2024) — The Association of Bermuda Insurers and Reinsurers (ABIR)   welcomed Sompo [Sompo International Holdings Ltd.], a global provider of property and casualty commercial insurance, reinsurance and consumer insurance, as a new member at its recent 1Q board meeting held on the sidelines of the Bermuda Risk Summit. Emmanuel Brulé, Sompo’s Chief Risk Officer (CRO), will join the ABIR Board of Directors.

Established in March 2017 as the result of Sompo Holdings Inc.’s acquisition of Endurance Specialty Holdings Ltd., Sompo has more than 120 employees on the island and also has offices in North America, the UK, Europe, Latin America, and Asia Pacific. 

Parent company Sompo Holdings, which is based in Tokyo and listed on the Tokyo Stock Exchange, has an extensive global footprint with 80,000 employees in 46 countries.   

Sompo Holdings’ insurance and reinsurance business outside Japan is unified under Sompo’s Commercial P&C and Retail platforms. In the 12 months ended December 31, 2022, Sompo wrote $15.6 billion of the group’s total $35 billion of gross premium.   

Sompo has financial strength ratings of A+ (Superior) from A.M. Best and A+ (Strong) from Standard & Poor’s on its Commercial P&C operating subsidiaries. 

With the addition of Sompo , ABIR’s membership has risen to a record high of 32 carriers and four intermediaries.

Pina Albo, Chair of ABIR and CEO of Hamilton, said: “Sompo underscores the truly global nature of Bermuda’s re/insurance marketplace and I am pleased to welcome the company to ABIR. Emmanuel will add to the strength of the ABIR Board and bring a perspective founded on deep experience of industry leadership in multiple jurisdictions.”

Brulé was appointed as CRO of Sompo in July 2023. Prior to joining Sompo, he was the CEO of Sanlam Pan Africa General Insurance. During a three-decade re/insurance career, Brulé also held numerous Representing Bermuda’s Major International Insurers and Reinsurers for Over 30 Years leadership positions during 14 years with AIG, including CRO for EMEA and President of Commercial Lines for EMEA. 

 “Sompo has achieved sustained growth since incorporating in Bermuda many years ago,” Brulé said. “With an internationally recognised regulator and exceptional industry talent base, Bermuda has proven to be an excellent jurisdiction from which to operate our international business.”   

“As a company that places a high value on relationships, we are happy to strengthen our partnership with the Bermuda re/insurance industry by joining ABIR, an organization that brings together many of our trading partners and has made a great contribution to Bermuda’s reputation as the ‘World’s Risk Capital’.” 

John Huff, CEO of ABIR, said: “Communities and businesses in more than 150 jurisdictions benefit from the protection and peace of mind provided by ABIR member companies, who lead the world in managing large, complex risks, such as climate, mortgage, political instability and cyber. Sompo, as a global re/insurer, exemplifies the Bermuda value proposition and is a welcome addition to the ABIR membership. Their support will help ABIR build on our public policy, education and advocacy work that has never been more important.”  

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty international insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers and economies around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage, political instability & credit risk transfer products, along with other specialty insurance and reinsurance. Together, ABIR members are the largest re/insurance employer of Bermudians on island.  For more information, please visit: Follow us on Twitter @ABIR_Bermuda.

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