Rating house Standard and Poor’s has upgraded the financial strength rating of John Charman-led Sompo International Holdings (SIH).
In a statement today, the Japanese insurance giant said that S&P had upped its view of the group’s financial strength from A to A+.
The rating house cited: “SIH’s increased integration and strategic importance to Sompo Group”.
It said Charman’s part of Sompo Group, which includes his old firm Endurance, was leveraging the international operating platform “to enhance its product and geographic mix and expand its international presence”.
At the same time,Sompo revealed that S&P had increased its view of Sompo International’s enterprise risk management to strong.
It had previously listed the firm as adequate with strong risk controls.
“S&P commented that it views favorably the continued use of return‐on‐risk metrics in evaluating various risk‐taking initiatives, and the use of ERM analysis in making strategic decisions, such as product pricing and due diligence for mergers and acquisitions,” Sompo said.
The group added that its goal was to become a “theme park for the security, health and wellbeing of customers” as well as further enhancing corporate value.
“To cope with evolving risks, Sompo is continuously enhancing its ERM practices on a group‐wide basis, and further expanding its business through establishment of a “truly integrated global platform” under SIH.”
The group reiterated its plan to become a top-10 global insurer with respect to profit and return on equity.