Sompo, WTW launch real estate insurance platform
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that Sompo Global Risk Solutions (GRS) has entered into a strategic partnership with Willis Towers Watson to create an integrated insurance platform to serve the needs of the middle market commercial real estate segment.
Sompo GRS offers comprehensive multi-line capabilities targeted to accounts in select industry verticals including hospitality, real estate, life sciences, financial institutions and professional services, in addition to Asian companies with operations in the U.S. and Mexico. Sompo GRS provides a client-centric white glove service approach to each account, delivered by dedicated teams encompassing underwriting, actuarial, claims and risk control specialists.
The Willis Towers Watson Retail, Office and Industrial (ROI) platform offers a range of insurance products to meet the needs of the real estate market, including general liability, automobile liability, workers’ compensation and umbrella coverage along with a customized property product and a casualty pollution product tailored to address the unique risks faced by the segment. The partnership targets office, industrial and retail clients, with the exception of regional malls. Sompo GRS will individually underwrite each account.
Mr. Michael Chang, CEO of Sompo Global Risk Solutions commented, “We are very pleased to collaborate with Willis Towers Watson to offer real estate clients an innovative platform that takes a holistic view of each client’s risk profile. The Willis Towers Watson ROI platform brings the combined expertise of Willis and Sompo GRS to the real estate market in a manner that reflects our knowledge of the industry and our shared commitment to developing long-term relationships with the clients we serve.”
Joseph C. Peiser, head of broking, North America, Willis Towers Watson added, “Real estate companies face a myriad of complex challenges. The Willis Towers Watson Real Estate practice is known for taking a structured and integrated approach that adds value to clients and provides a breadth of knowledge and resources. Together with Paul Cicerchia from our Real Estate practice, I am delighted that we have developed this partnership with Sompo GRS which builds on this experience, enabling us to create an integrated platform that leverages the combined depth and strengths of both organizations to better serve the needs of the middle market commercial real estate customer segment.”
Willis Towers Watson focuses on clients in the real estate sector through its dedicated Real Estate Practice which functions as a boutique business housed within a global broker. The vertically-integrated Willis Towers Watson Real Estate Practice is aggregated in four primary centers across the United States – New York, DC, Dallas and Los Angeles– enabling the development of thought leadership and market-driven results.
