Sompo Life Re, the Bermuda-based subsidiary of Sompo Group, has officially secured a reinsurance licence from the Bermuda Monetary Authority (BMA) and commenced operations.
Headquartered in Bermuda with $250,000 in capital, Sompo Life Re Ltd. is led by CEO & executive director, Tetsuya Morito, and will focus its business operations on underwriting reinsurance sourced from within the group to boost total corporate value.
“I am grateful for the opportunity to serve as CEO and sincerely appreciate the support of everyone who helped us reach this important milestone,” Morito stated.
“We look forward to building the company carefully and contributing to more effective capital management across the SOMPO Group initially.”
In its inaugural transaction, Sompo Life Re Ltd. has underwritten a portion of the in-force medical insurance block held by Sompo Himawari Life Insurance Inc., through a coinsurance arrangement.
