Sompo International Holdings Ltd. has agreed to acquire Service Insurance Companies, a specialist in workers’ compensation insurance focused on small and medium-sized enterprises. The deal, announced via a definitive agreement, will see one of Sompo’s U.S. subsidiaries take over the monoline carrier, subject to regulatory and customary closing conditions. Service Insurance Companies brings a differentiated distribution platform and best-in-class claims capabilities, which Sompo expects will broaden its underwriting presence in the SME and General Agents marketplace. Chris Sparro, CEO of North America for Sompo Commercial P&C Insurance, said the acquisition establishes a top-tier flagship for its workers’ compensation business. Brad Davis, current President of Service Insurance Companies, will continue to lead the business under Sompo. Financial terms were not disclosed.
Sompo Holdings,Inc.Sompo acquires Service Insurance Companies, expanding its workers' compensation business.
Service Insurance Companies is being acquired by Sompo, a positive outcome for the private company.