Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that together with Marsh & McLennan Agency LLC (MMA), Sompo Global Risk Solutions (GRS) has launched a new customizable insurance solution that helps commercial real estate owners- of virtually all asset sizes and classes- control costs, streamline policy administration and address potential gaps in coverage.
As the Coronavirus pandemic continues to challenge commercial real estate firms, owners and managers are looking for opportunities to stabilize costs and simplify their insurance programs. To meet these needs, MMA and Sompo GRS have collaborated to develop a unique offering in the marketplace featuring international capabilities and customized coverage with negotiated policy enhancements to address critical risks for the commercial real estate industry.
The MMA Select Commercial Insurance Program delivers industry-specific underwriting, claims, and risk control expertise for Commercial Real Estate firms including office, retail and industrial customers in addition to warehouses, data centers and self-storage facilities. The flexible policy structure can include incidental hotel and habitational properties for the primary lines of coverage in diversified portfolios. Available coverage includes property, general liability, umbrella, workers compensation, environmental, commercial auto and parametric weather risk protection.
Michael Chang, CEO of Sompo Global Risk Solutions commented, “We are pleased to collaborate with Marsh & McLennan Agency to offer this multiline solution tailored specifically for commercial real estate owners. This program leverages Sompo International’s technical and multiline capabilities, financial strength and deep expertise within the real estate industry vertical.”
“In these times of uncertainty, owners and managers are seeking stable risk partners who understand the unique challenges inherent to each segment of the Real Estate industry,” said Denise Perlman, Executive Vice President of Business Insurance & National Partnerships at MMA. “In partnership with Sompo GRS, the Select Commercial Insurance Program offers real estate owners a comprehensive set of resources for navigating the volatility of today’s market with a broad range of coverages, competitive pricing, and a simplified approach to insurance and risk management.”
Sompo GRS provides a client-centric white-glove service approach to offering comprehensive multiline capabilities to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences, technology and professional services. 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 across target industry verticals in the U.S and Mexico. Sompo GRS also offers the same level of sophisticated services and coverages to Asian-interest accounts in the U.S. and Mexico.
About Sompo International
Sompo Global Risk Solutions is part of Sompo International Holdings Ltd. (Sompo International), a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. 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. For more information about Sompo International, please visit www.sompo-intl.com.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC is a subsidiary of Marsh established in 2008 to serve as a platform for the middle market. MMA offers commercial property, casualty, personal lines, and employee benefits to midsize businesses and individuals across North America.