Sompo International was established in March 2017 with the acquisition by Sompo Holdings, Inc. (Sompo) of Endurance Specialty Holdings Ltd. (Endurance) and its wholly owned operating subsidiaries.
Endurance was founded in Bermuda in 2001, initially focused on property catastrophe reinsurance and excess coverage for large commercial insurance accounts and completed a successful IPO on the New York Stock Exchange in 2003.
By 2008, Endurance had expanded its geographic reach beyond Bermuda with operations in the U.S., UK, Switzerland and Singapore, enabling it to build a worldwide client base. Over the next decade, the company diversified into additional commercial property, casualty and specialty areas and distribution channels, including the acquisition in 2007 of ARMtech, a leading U.S. crop insurer.
In May 2013, John Charman was elected Chairman and Chief Executive Officer of Endurance. Over the next three years, he successfully achieved a strategic transformation of the company, hiring additional specialty underwriting teams, acquiring Montpelier Re in 2015, and further expanding into new commercial product lines. The company emerged as a leading global provider of P&C insurance and reinsurance characterized by a more disciplined underwriting culture, enhanced scale and an improved balance sheet.
With a much stronger brand reputation, this transformation culminated in Endurance being acquired by Sompo in March 2017 for approximately $6.3 billion.
Sompo’s core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. Seeking opportunities to grow their business globally, Sompo acquired Endurance, a global provider of property and casualty insurance and reinsurance, to effectively become their international operation.
In April 2018, Sompo International launched a new global Retail Insurance platform to facilitate the integration of all the operations of Sompo outside Japan. The Retail platform complements Sompo International’s robust Commercial P&C platform, delivering a wide range of high quality personal lines, small-to-medium enterprise and corporate insurance solutions tailored to local markets.
In January 2019, John Charman assumed the role of Executive Chairman of the Board of Directors of Sompo International and Nigel Frudd was appointed Director and Chief Executive Officer of Sompo International.