Jack Kuhn, Sompo International CEO, Global Insurance and CUO discussed the road to a harder market, increased scrutiny by Lloyd’s and cyber coverage aggregation in a recently published Executive Profile featured in Reactions Magazine.
Despite a challenging rate environment and two particularly harsh catastrophe years, he said that he expects a “gradual turn” toward a hard market. While he acknowledged that it’s going to take time for overall pricing to get where it could be, he noted that, “Nearly all the lines we’re in are seeing positive rate movement,” and added that he’s also seeing encouraging signs in the rate environment industrywide. Consistent with this trend, he also noted that he’s seeing a positive transformation within the London market, and added that the increased scrutiny of late by Lloyd’s over its syndicates’ business plans are “a step in the right direction, and long overdue.”
He discussed Sompo International’s recent expanded professional lines and cyber capabilities and highlighted the company’s increased focus on these areas, touting the deep bench of expertise as a key differentiator in the highly competitive coverage arena.
With plans to add new products– even beyond P&C insurance, he noted that Sompo International will leverage Sompo Group’s client base and operations around the world. “The more products we continue to offer and the deeper, long-term relationships we establish globally, the more relevant we’re going to be as a trading partner,” he commented. Recognizing that the insurance industry continues to be an evolving landscape, he said that “Sompo, is on course to becoming a truly integrated global company.”