Bermudian-based Sompo International has expanded its operations in Switzerland with the granting of a Swiss insurance branch licence to write primary insurance by the Swiss Financial Market Supervisory Authority.

Ralph Brand, president, Continental Europe Insurance for Sompo International, said: “This development marks an important milestone as we build up our Continental Europe regional insurance operation.

“With reinsurance operations established since 2008, and a team of more than 50 industry-leading reinsurance professionals based in Zurich, Sompo International is already a recognised player in the Swiss market.

“The granting of a licence to write primary business elevates our presence further and allows us to better serve local clients and international businesses who will benefit from our strong global network, financial strength, broad product offering as well as excellent underwriting and claims capabilities.”

Julian James, chief executive officer, Global Markets, Commercial P&C Insurance for Sompo International, added: “We have a long-term commitment to building our primary insurance operations in Switzerland and will strongly invest in our talent and capabilities to create the right solutions for our clients and brokers’ business needs in this market.”