Case study
Cross-border collaboration leads to customized property solution for Canadian real estate proprietor
Sompo’s Canada-based underwriting team collaborated closely with the Toronto-based broker and our Multinational team to secure a strategic share of the substantial property risk in Canada and to meet local regulatory requirements for the two properties located in the United States.
- Industry: Real Estate
- Product: Property Insurance
- Premium: >$495K (GWP)
- Countries: Canada, US
The Challenge
A Canada-based real estate proprietor needed locally compliant Insurance for three expansive shopping centers in North America. In addition to serving as traditional retail havens, all three properties are entertainment hubs offering a broad range of attractions. These unique requirements necessitated a customized property insurance solution.
The Solution
Sompo’s Canada-based underwriting team collaborated closely with the Toronto-based broker and our Multinational team to secure a strategic share of the substantial property risk in Canada and to meet local regulatory requirements for the two properties located in the United States.
The broker sought an alternative to the incumbent; however, the scarcity of market options posed a challenge. They turned to Sompo to find a match for the unique requirements, and ultimately, our Multinational Team's expertise in issuing US admitted paper enabled us to replace the incumbent carrier.
John Hua
VP, Commercial Property, Canada
Global coverage
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Sompo International Holdings Ltd. (Sompo) is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Sompo 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. This information is descriptive only. Actual coverage is subject to the terms and conditions of the policies as issued.