Sompo International Holdings Ltd has launched a new insurance platform and global clearance system, as it aims to offer clients options across insurance and reinsurance markets to help them manage their risks.

SIH, which is based in Bermuda, was established after Japanese insurance giant Sompo Holdings acquired island-based Endurance Specialty Holdings Ltd in March this year in a $6.3 billion deal.

SIH, which is led by chairman and chief executive officer John Charman, is aiming to set “a new global standard” for the industry, by offering customers a wide array of products on one web-based platform.

Mr Charman said: “I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International. Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront.

“The launch of our new global clearance system is just the first step as we continue to modernise and transform our technology platform across all lines of business and geographies.

“In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry.”

All the former Endurance companies were transferred to SIH on September 27 in the first step to create the global clearance system.

The company intends to transfer the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Ltd to SIH in the near future.

The intention is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH.

Kengo Sakurada, CEO of Sompo Holdings, said: “Starting with the solid oversight for all commercial lines of products, this reorganisation and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfil our vision to build the first truly global integrated insurance and reinsurance business.”