Sompo International gets insurance licence in France

Sompo International has been granted a licence to write primary insurance in France as it continues to expand across continental Europe.

The licence was granted by the French Prudential Supervision and Resolution Authority (ACPR).

Ralph Brand, Sompo International’s president for continental Europe insurance, said the licence supports the company’s strategic expansion.

“Buyers in France are increasingly looking for carriers with a local presence who can offer the capital, risk appetite and risk management capabilities they need to address the challenges they face. Our expertise across a range of insurance lines, coupled with our financial strength, make us an attractive business partner,” he added.

Brand told Commercial Risk last year that Sompo International will continue its recent expansion across continental Europe over the next 12 to 24 months, and aims to be present in all the key markets.

The move in France is a big step forward in this plan.

Sompo is not new to Europe. Sompo International has had operations in continental Europe for over 50 years. But the progress since the start of this year in Europe has been “remarkable”, said Brand back in October.

“We received our licence to write primary insurance in Switzerland at the end of Q1. We appointed country managers including many product heads in Spain, Italy, Germany and Switzerland. In addition, we are in advanced stages to open an office in Paris, where we have hired a local country manager and applied for a licence to operate in France, subject to regulatory notifications,” he explained in October.

That approval has now been secured and French risk managers can look forward to fresh capacity.