Chris Gallagher discusses how a pragmatic, insightful approach to risk selection helped Sompo International weather the COVID-19 tsunami—and is elevating its profile in a market searching for answers.
In a recent Reactions Magazine cover story, Chris Gallagher, Sompo International’s CEO P&C Insurance, reflects on how underwriting and investment choices made at Sompo International pre-pandemic have proven fortuitous in protecting the company’s interests—and given it an advantage in a market where margin for error is perhaps smaller than ever. Mr. Gallagher notes that Sompo International’s mindful investment approach helped it weather the financial storm, while many other insurers weren’t as fortunate. “We did have a conservative balance sheet position for growth, and that’s played out. That’s why we’re able to take an unchanged appetite, if not even expand that appetite going forward in response to the market environment we face,” he said.
Mr. Gallagher also touts Sompo International’s efforts in response to claims, as the company continues to operate remotely, saying, “It’s not just a repeat of what we’ve all seen before. We’re having to think a lot harder about terms and conditions, and to implement pricing in a much more meaningful way, and both our front and back office have responded well.”
He added that he believes the company is positioned “very, very well” for the future and that “flight to quality” has allowed Sompo International to differentiate itself in some very uncertain times—an advantage it intends to leverage going forward, especially as a “one-stop” provider of both primary cover and reinsurance. “I very much think that the insurance and reinsurance markets both are something that we can continue to penetrate and deliver solutions to clients that provide an alternative to what’s already there.”