Sompo announced the launch of a new technology insurance product for middle market clients in the United Kingdom.
The package includes coverages comprising property, casualty, professional indemnity (PI) and cyber. Excess PI and cyber can be provided separately. All covers are optional and customized to each client’s unique needs.
The product is aimed at technology and telecoms service providers, plus electronic product manufacturers and assemblers. It provides clear and concise cover with limited restrictions and exclusions. The policy also offers:
- PI wording inclusive of intellectual property rights
- Breach of contract wording
- Worldwide cover on PI and cyber
- Automatic additional insured coverage under PI and public and products liability
Sompo’s UK technology package is backed by a highly experienced multiline technology underwriting team with a proven track record in the sector, specialist risk engineers and a dedicated claims team, all underpinned by the insurer’s multinational capabilities, the company said.
The UK Technology practice is led by Toby Harris, who has more than 20 years of experience underwriting technology risks. It will offer clients a flexible underwriting approach, together with a broad appetite.
“The launch of our new technology product demonstrates our commitment to growing our UK commercial lines business through innovation and developing solutions that enable our middle market technology clients to manage today’s most complex risks,” according to Bob Thaker, UK CEO, Sompo.
“It also further establishes Sompo as a key player in the fast-paced and rapidly evolving technology sector. We recognise this is a competitive market and are looking to provide extensive coverage for our clients, with as few limitations as possible,” Thaker said.
Sompo International (also known as Sompo International Holdings Ltd.) is a Bermuda-based holding company with more than 9000 employees. Through its operating subsidiaries, Sompo International is an indirect wholly owned subsidiary of property/casualty group Sompo Holdings Inc.
Sompo’s UK re/insurance business is underwritten by Endurance Worldwide Insurance Ltd., and risks falling within the European Economic Area are underwritten by SI Insurance (Europe) SA. Both companies are wholly owned subsidiaries of Sompo International Holdings Ltd.
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