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Sompo Life Re starts Bermuda operations after securing BMA reinsurance license
The new Bermuda reinsurer begins with a coinsurance deal covering part of Sompo Himawari Life’s in-force medical insurance block.
Sompo Group has launched its Bermuda-based reinsurer, Sompo Life Re Ltd., after the company secured a reinsurance license from the Bermuda Monetary Authority and completed all required regulatory steps, according to Reinsurance News.
The unit, headquartered in Bermuda, is capitalized at $250,000 and is led by CEO and Executive Director Tetsuya Morito, who takes charge of the venture with a focus on underwriting reinsurance sourced within the group to support total corporate value.
In its first transaction, Sompo Life Re Ltd. has underwritten a portion of the in-force medical insurance block held by Sompo Himawari Life Insurance Inc. via a coinsurance arrangement.
Sompo said the structure is intended to shift the economic risk to the reinsurer on the same terms as the direct insurer, while bringing no changes to the relationship between Sompo Himawari Life and its policyholders, as part of a broader capital strategy to optimize capital allocation and improve capital efficiency across its domestic life business.