Sompo International set to expand in Switzerland after receiving primary licence

Sompo International is expanding its operations in Switzerland after being granted regulatory approval to start writing primary insurance in the country.

The move comes as the Japanese firm continues its rapid expansion across Europe.

The insurer received the licence from the Swiss Financial Market Supervisory Authority (Finma) and can start writing primary cover immediately.

Ralph Brand, president for continental Europe Insurance at Sompo International, said the move marks an important milestone as the company builds its European operation.

“With reinsurance operations established since 2008, and a team of more than 50 industry-leading reinsurance professionals based in Zurich, Sompo International is already a recognised player in the Swiss market. The granting of a licence to write primary business elevates our presence further and allows us to better serve local clients and international businesses,” he added.

Sompo International’s CEO of global markets, Julian James, said the firm will invest in talent as part of its long-term commitment to primary business in Switzerland.

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