Sompo International Enhances Employment Practices Liability Insurance with Pay Equity Audit Services
PEMBROKE, Bermuda – January 28, 2019 – Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that the company’s U.S. Insurance business now offers its primary and excess Employment Practices Liability policyholders access to pay equity audit services through Charles River Associates (CRA), a worldwide leader in economic, financial, and management consulting services.
Through this exclusive partnership, Sompo International clients across the U.S. have access to CRA’s pay equity auditing services, which includes a comprehensive wage gap analysis by race/ethnicity and gender accounting for company specific compensation related factors. The confidential pay equity audit is offered to Sompo International clients at a discounted rate.
Mr. Fred Cooper, Executive Vice President, Commercial Management Liability at Sompo International commented, “We are pleased to partner with Charles River Associates to offer an innovative service that enables public and private companies to proactively identify exposures resulting from wage gaps in their workforce. This value-added service complements our broad employment practice coverage and risk management services, and further enhances our ability to help our clients address these potential loss exposures.”
Mr. Joseph Kelly, Vice President and leader of Sompo International’s U.S. Employment Practices Liability team added: “Central to implementing effective policies and procedures to address pay equity is identifying potential pay gaps and proactively taking steps to eliminate them. By offering these services from Charles River Associates to our policyholders, we’re providing employers a framework for measuring, building, and maintaining a corporate culture around pay equality and opportunity.”
Mr. Matthew Thompson, Practice Leader of Labor and Employment at Charles River Associates added, “For more than two decades, CRA consultants have provided companies with in-depth analysis and guidance on their labor and employment practices. We are pleased to partner with Sompo International to assist human resource professionals, risk managers and their law firms to better understand the risks they face.”
About Sompo International
Sompo International 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 and energy, and 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.
About Charles River Associates (CRA)
Charles River Associates® is a global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com.