Case study
Industrial machinery company turns to Sompo for global ocean marine program
Sompo helps global machinery company implement local ocean marine policies in multiple countries despite client’s long-term relations with incumbent insurer.
- Industry: Industrial Machinery
- Line of business: Ocean Marine
- Premium: > $207K (GWP)
- Countries: US, Canada, China, India, Mexico, Denmark, France, Germany, Hungary, Italy, Netherlands, Spain, Sweden, UK
The Challenge
After reassessing its coverage needs, a global machinery company needed to implement local policies in multiple countries for the first time – a process that led them to look beyond their long-time insurance provider for a viable solution.
The Solution
The machinery company’s broker compiled a short list of potential new insurance providers with Multinational Ocean Marine experience for the client’s consideration, including Sompo. Sompo’s underwriting and Multinational teams collaborated to propose a comprehensive global insurance solution tailored to the client’s exposures worldwide. After a competitive bid and review process, Sompo was chosen because of our Multinational capabilities, understanding of the client’s business and responsive service.
Having an in-house Multinational team is a market differentiator that separates Sompo from our competitors. The ability to execute and manage local policies is a significant advantage. It will substantially benefit our business unit and bolster Sompo’s standing in the Ocean Marine insurance market.
Robert Sinnott
Senior Underwriter, US Ocean Marine
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.