Building for the long term: Jamie Cañellas on growth, talent and the future of insurance in Iberia

Sompo is well-established in the Spanish market and experiencing growth, but to start this interview: what challenges does this kind of growth present?  

It’s an interesting and relevant question. Sompo has been in the European market for more than 50 years servicing Japanese interests, especially in Spain with our hub in Barcelona. Since 2023, Sompo has invested in creating a strong local infrastructure to develop local plans for each chosen country, offering multiple product lines and services beyond Japanese interest accounts. This has been an incredible journey.  
  
When I took over as Country Manager of Sompo’s Iberian Insurance branch three years ago, I knew we would grow. I knew we had a lot of potential and the right approach to gain a foothold in this market. At the same time, Sompo’s growth in Continental Europe has exceeded our expectations – and, given the pace at which we are growing, this naturally presents some challenges.  

With the experience of having built strong pillars based on the best talent in our market, we are aware of the impact that individual personalities have on our business. And as we all know, finding the right talent is not always easy. We are selective, because our teams are characterised by a very collaborative spirit and an entrepreneurial mindset. 

Careful recruitment, backed by attractive terms and conditions and additional benefits, as well as investment in the development of our teams, may involve a great deal of effort, but we know why we do it: we are committed to the long term.  
  
We also need to take a strategic approach when it comes to staffing. The danger of successful growth is that you focus too much on generating further revenue. What then gets overlooked is what’s happening behind the scenes. We know that we need to strike a good balance between those working at the forefront and our fantastic operations and claims teams, who keep everything running smoothly.  
  
Another aspect that becomes more important as we continue to grow is communication — internally and externally. With bigger teams, there are fewer natural touchpoints, and what was easy early on becomes something you need to manage with intention. That’s why we’re committed to building strong and meaningful relationships between teams, but also with our brokers and clients. And we invest time in that connection. The personal connection is a key part of how we work and how we stay close to changing needs.  

Are you satisfied with your progress so far?  

We are recognised as one of the market leaders globally and are well on the way to achieving this status also in Iberia. Our success is built on some factors I mentioned before, but especially on the strength of our relationships with our clients and brokers. However, we cannot rest on our laurels. After 137 years of history, it's clear that Sompo has continued to evolve. Our philosophy is based on a blend of tradition and innovation: moving with the times and keeping an eye on developments around us – this is just as important as maintaining the personal connection with our clients and partners.  

I am pleased with what lies behind us and look forward to what lies ahead.  

Do you plan to expand your team in Spain in the short term? 

That said, while growth remains a priority, this is not our single focus. It’s equally important that what we’re doing today continues to run well, ensuring we have the right capacity to keep refining our processes and maintaining consistently high quality for clients and partners. Talent is central to our strategy, so we will continue to be highly selective, seeking people who are both technically skilled and rigorously diligent to support our long-term objectives, who share our values and bring an entrepreneurial spirit needed to operate effectively in a continually changing market.  

Given how the Spanish insurance sector operates and the high level of competition, especially among specialty insurers, what role does Sompo play?  

In this sector, our brokers and corporate clients seek local expertise with an international reach. They want access to global perspectives while relying on a trusted partner who can act quickly and locally.  
We are a leading global provider in the Spanish insurance market. Local decision-making and expertise are fundamental to our model. Our European and global leaders are actively strengthening and supporting this approach as we build something enduring - a foundation designed to last, guided by a long-term vision.  
  
Ultimately, it is the caliber of our team and our local empowerment that set us apart. In many insurance organizations, decisions must climb multiple layers of the corporate ladder. With local empowerment, however, we can provide a fast, agile, solution-driven service. That's our partners tell us what they value most about our cooperation.    

Financial Lines, Liability, Transportation, Property Damage… you offer highly specialized lines. Do you plan to expand this range of insurance solutions for the Spanish market?  

We offer our clients a comprehensive set of solutions and product lines including Property, Energy and Renewables, Casualty, Financial Lines, Marine and Cargo, and Accident & Health. We are constantly exploring new opportunities and ways to address our clients’ needs.   

What other services, objectives, or business initiatives have you set for yourselves? 

Another key focus for us – one we’ve always practised and promoted – is our straightforward approach and being a reliable and flexible partner. And we’re committed to ensuring that this remains the case.    

In general, has underwriting become more stringent?  

Yes, our underwriting has become more stringent in the sense that we remain highly disciplined and selective even as the market softens. Quality underwriting has always been core to Sompo’s value proposition, and in a highly competitive environment, maintaining that rigor is essential. Our focus lies not solely in commercial considerations, we differentiate through a broader value proposition and by deploying the strongest technical talent in the market.   

Regarding current issues directly affecting the sector, could the war in Iran, other conflicts, and geopolitical events influence plans or insurance business?  

Geopolitical events can affect insurance portfolios very quickly - often before any loss occurs - by increasing uncertainty, correlation and the potential for accumulation across regions and sectors.  

In practice, this means reassessing exposures, reviewing terms and conditions, and adjusting capacity and pricing where risks are most directly impacted. For example, heightened tensions around key trade routes such as the Strait of Hormuz can prompt rerouting and supply chain disruption, creating new concentration points and aggregation risks that naturally trigger closer underwriting scrutiny and broader market reactions.  

Overall, sustained geopolitical volatility reinforces the importance of active portfolio management and scenario planning. It also raises the bar on responsiveness: clients increasingly value carriers that can provide clear, timely guidance and remain consistent in their decision-making in a fast-changing environment.  

Aside from those mentioned, what types of risks concern you the most?  

Sompo’s strategy is rooted in anticipating change rather than reacting to it, ensuring that as industries shift and new exposures emerge, we are positioned to guide clients with clarity and confidence.

If we focus on what we might broadly call the sector, based on your previous international experience and now as country manager here, what are your main concerns regarding commercial insurance?  

Based on my international experience and what I’m seeing now in the Spanish market, my main concerns around commercial insurance are the increasing volatility of risk and the speed at which exposures are changing. Climate-driven catastrophe losses, supply-chain disruption, cyber accumulation and regulatory complexity are all putting pressure on underwriting conditions and on overall portfolio resilience.  

At the same time, I’m focused on keeping strong underwriting discipline in a very competitive environment, especially with more capacity entering the market and terms continuing to soften. Additionally, client expectations are rising: they want clearer value beyond the policy, such as stronger risk engineering, better data and a fast, transparent claims handling.  
  
This links directly to what we are here to do: protect the risk and balance sheet of our clients. To do that well, we need to stay ahead of the curve with the right solutions and keep adapting as needs change. We do that through close collaboration across underwriting, claims and risk control, creating a continuous feedback loop on emerging risks and market shifts - so clients keep a clear, holistic view of their risk landscape and can make decisions with confidence.  

On the other hand, is market competition as fierce as ever? Aren’t there too many specialist players for the same market?  

Importantly, competition is not a negative in itself. Healthy competition keeps the market “alive”: it pushes insurers to sharpen their underwriting, improve service and claims capabilities, invest in expertise, and keep innovating in products and risk solutions. Ultimately, it supports the ongoing development of the market and helps raise standards - benefiting clients, brokers, and carriers alike.  

Is the Spanish insurance market attractive enough to keep drawing so many specialist companies? 

Spain is a mature insurance market, which brings both opportunities and challenges. Growth rates can be more competitive than in less developed markets, and competition is strong, so it’s not always the easiest environment to expand in.  

At the same time, that maturity is exactly what makes the market attractive to specialist carriers. The client base is sophisticated, brokers are highly professional, and many risks require increasingly technical underwriting and tailored solutions. There is also consistent demand for specialist capacity across complex and evolving exposures.  

Moving on to other topics, how do you assess Sompo’s relationships with insurance brokers? How would you rate them?  

Their proximity to clients means they pick up early signals, how risk is changing, where cover needs to adapt, and what “good” looks like from a client’s point of view. We bring the technical underwriting and risk expertise to translate that into clear, disciplined solutions. When we work in tandem - sharing market feedback, challenging each other, and co-developing approaches - we can build covers that are relevant, robust, and avoid unintended gaps.  

What kind of brokers do you work with? Do you have agreements or relationships with broker associations?  

We are always looking at alternative distribution channels and remain open to opportunities that align with our goals. We work with a broad network of distribution partners across the market, focusing on long-term relationships and on opportunities that are the right strategic fit. That includes the top global brokers operating in Spain, large and medium-sized regional brokers, as well as Managing General Agents (MGAs) and underwriting agencies. What ties it all together is a shared set of values and a commitment to enduring partnerships.    

In your opinion, how do insurance brokers operating in Spain stand out compared to those in other countries?  

What stands out to me is the market culture. In Spain, and similarly in Portugal, personal connection is genuinely valued and networks are tightly woven - engagement is everything. In some other markets you can close a deal and move on. Here, the brokers have to stay consistently present, in front of the market, and dependable in how they deliver over time.  

That’s also where I see Spanish brokers really differentiating themselves. They are very relationship-led and hands-on, staying close to clients and insurers throughout the process rather than treating placements as one-off transactions. 

I very much welcome this approach, as it ensures transparency, supports us in our decision-making and ultimately leads to more sustainable outcomes for the clients.  

Let’s move on to a more personal level, if you don’t mind. If we look ahead to the future, say 10–15 years from now, where would you like to see Sompo?  

From my perspective, I’d like Sompo to build on our position in Spain and Portugal as preferred market leader, known for providing meaningful solutions and long-term value to our clients.  

In 10–15 years, I want us to be recognised at the very top of our market here in Spain: a carrier that brokers and clients actively choose because we are consistent, technically strong, and dependable when it matters. For me, that comes from continuing to do what we already do well - staying disciplined in underwriting, investing in talent, and working with an entrepreneurial spirit, while remaining true to our values and maintaining a cohesive, high-quality approach as we grow.  

Do you enjoy working in the insurance industry?  

Yes, I genuinely enjoy it. I feel very lucky to be part of an industry that is so diverse and, in many ways, quite unique. What I particularly like is that insurance is ultimately a people business: interpersonal relationships and trust really matter, and you see that every day in how we work with clients, brokers, and colleagues.  

It’s also an industry that is constantly evolving. That mix of challenges, strategic thinking, and collaboration is what keeps it interesting for me. And well, it’s also very rewarding when you can find the right solution for clients and support them when it matters most.  

Tell us about yourself. What do you like to do, what do you enjoy when you’re not working?  

Coming back to where we started this interview: the topic of challenges. I love challenges. That’s one reason I’ve spent a lot of time climbing mountains. I find it both therapeutic and relaxing, and it’s an important counterbalance to my day-to-day work. Another routine that helps me stay balanced, quite literally, is yoga, which I practice every morning. But above all, I love spending time with my family. That’s Latin culture at its best.  

And do you have any personal dreams you’d like to achieve?   

I’ve always had a personal dream of setting up a foundation to support people who are most vulnerable, whether in Spain or elsewhere. For me, it’s really about giving something back in a meaningful way, using the experience, perspective and connections I’ve built over the years to help where it can make a genuine difference. Realistically, it’s probably a project for the stage after my full-time career, mainly because it takes time to do it properly. But it’s something I’ve carried with me for a long time, and I like the idea that, when the timing is right, it will be a challenge of a different kind.  

First published in Aseguranza