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Sompo launches Bermuda life reinsurer to reinsure group policies
Sompo Life Re began operations with $250,000 in capital after receiving a reinsurance license from the Bermuda Monetary Authority.
Sompo Holdings has launched Sompo Life Re, a Bermuda-based subsidiary designed to reinsure business within the Sompo group. Coverager reports the Bermuda Monetary Authority granted the company a reinsurance license, and Sompo Life Re started operations with $250,000 in capital.
Sompo said its first transaction involves assuming part of Sompo Himawari Life’s in-force medical insurance portfolio via a coinsurance arrangement. The setup transfers the economic risk of the policies, while Sompo noted it does not change Sompo Himawari Life’s relationship with policyholders.
According to Coverager, the reinsurer is intended to help optimize capital allocation and improve capital efficiency across Sompo’s domestic life insurance business.
The partnership is scheduled to debut at Silverado Resort’s North Course in Napa, California, from July 26 to August 1, 2027, and Sompo said it ties the initiative to its “SOMPO Earth Positive Actions” materiality framework, including connections between homeowners and contractors and post-disaster support for policyholders.