Case study
Risk Control assessment leads to multiline program in three countries
Sompo’s Multinational team tailors a program with the support of our Risk Control team, demonstrating commitment to delivering consistent and compliant insurance solutions in key jurisdictions around the world.
- Industry: Medical Devices
- Line of business: Property, General Liability, Auto, Umbrella, Casualty
- Premium: US $129,000
- Countries: US, India, Germany
The Challenge
A life sciences broker needed a multinational insurance carrier for a manufacturer of medical and surgical devices with operations in Germany and India. To complicate matters, the program did not come with the opportunity to include product liability insurance, which was already placed with another insurance carrier – a stipulation that deterred many insurance companies from considering the account. The broker turned to Sompo for a solution.
The Solution
Sompo’s Multinational team started with a monoline approach that included an analysis of the client’s Property exposures conducted by our Risk Control team. Based on the risk assessment survey, Sompo tailored a program, eventually expanding it to include solutions to address their Property, General Liability, Commercial Auto, Umbrella and Casualty insurance needs in three countries.
This multinational program marks our third Life Science partnership with the broker, demonstrating our commitment to delivering consistent and compliant insurance solutions in key jurisdictions around the world. It’s also a great example of the value we can add when our Underwriting, Risk Control and Multinational teams collaborate to creatively develop solutions for our brokers and clients.
Juan Carlos Rehder
SVP, Life Sciences
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.