PEMBROKE, Bermuda – July 15, 2020 – Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that it will offer small business clients where legally permissible a discount on U.S. commercial auto premiums for the period March 19, 2020 to May 31, 2020.
Sompo International is offering a 15% premium discount in recognition of the disparate impact the COVID-19 pandemic has had on small businesses. The discount will be applied to small business commercial auto accounts in the U.S. with $100,000 or less in total account premium in the form of a premium credit applied at renewal. The majority of accounts eligible for the discount program are serviced by Sompo International’s Global Risk Solutions division.
Michael Chang, CEO of Sompo Global Risk Solutions said, “Through the new and unprecedented challenges the pandemic has presented us with, our commitment to our clients and brokers has remained unchanged – to provide excellent service while protecting the health and well-being of our staff. We are pleased to provide some economic relief to our small business clients in the form of a premium discount as an extension of this commitment which has also included making donations to support frontline workers, providing clients with proactive risk control resources and supporting our team members with flexible work arrangements to ensure our continuity of service during these challenging times.”
Sompo GRS provides a client-centric white-glove service approach to offering comprehensive multi-line capabilities to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences, technology, professional services and Asian-interest accounts. Taking a holistic approach to risk management, the unit offers commercial property, primary and excess casualty, and environmental coverage, as well as parametric natural catastrophe products to small, middle-market and large accounts.
About Sompo International
Sompo International Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International 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 International 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 International’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda.
For more information about Sompo International, please visit www.sompo-intl.com.