Meet Edmund Wiley, VP Underwriter UK & International Retail Property
What’s your back story?
I began my career in insurance in 2005 purely by chance. My first job after my degree was in the back-office function at RSA. From there I moved into underwriting roles at a number of market-leading international insurers. I joined Sompo in January 2021.
Tell us about your market sector.
It’s been a difficult time for buyers, trying to find the most complete coverage at an affordable price. They’ve seen insurers pulling back in the property space, tightening terms and conditions and withdrawing cover for exposures such as cyber, communicable disease and contingent business interruption. At the same time, forward-thinking insurers like Sompo are looking at how conventional insurance needs to adapt to remain relevant. Technology has an important role to play here whether it be assisting the development of new products or improvement of existing ones, for example through use of artificial intelligence systems analysing global data sets and streamlining underwriting processes.
What’s your USP?
We have a very good mix of experience and knowledge within the team. For us it’s all about balance – a strong technical grounding and the commercial ability to grow a book from scratch. Our underwriters are keen to write business and accept risk, but they need to understand the exposure first. That is why we emphasise the importance of good communication with clients and brokers. Getting to know them and their business really well is vital to building long term relationships which are crucial in this market. Corporate insurance buyers can’t flip their provider every year; they need a trusted partner who they can rely on.
Last word
We are building something here for the long term. While we might be a relatively small player in the retail property market at the moment, we are ambitious – partnering with us now is it good time to grow with us as a business.
About Sompo
Sompo Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda.
For more information about Sompo, please visit www.sompo-intl.com.