Sompo to Acquire Service Insurance Companies, a Leading Monoline Workers’ Compensation Insurance Company
The acquisition strengthens Sompo’s workers’ compensation franchise with expanded capabilities, distribution reach and scale in the U.S. market
HAMILTON, Bermuda, July 07, 2026 (GLOBE NEWSWIRE) -- Sompo International Holdings Ltd. today announced a definitive agreement to acquire Service Insurance Companies, one of the nation’s leading specialists exclusively focused on workers’ compensation insurance, by one of its U.S. subsidiaries. The transaction is subject to certain regulatory and other customary closing conditions.
Service Insurance Companies brings together a differentiated distribution platform, “best-in-class” claims capabilities, and a complementary focus on the small and medium-sized enterprise (“SME”) segment. This acquisition creates a compelling opportunity to broaden Sompo’s underwriting capabilities and presence across products, customer segments and distribution channels within the attractive SME market and General Agents marketplace.
“Together with Service Insurance Companies’ seasoned leadership team and proven workers’ compensation platform, Sompo is establishing a top-tier flagship for our workers’ compensation business,” said Chris Sparro, Chief Executive Officer, North America, Sompo Commercial P&C Insurance. “This brings a tremendous opportunity to deliver even greater long-term value to our clients, distribution partners and stakeholders – further advancing our differentiated position in the U.S. commercial insurance market.”
“We are thrilled at the opportunity to align with Sompo’s North America leadership team, financial support and strong market presence. Together with Sompo, Service Insurance Companies is better positioned to extend the reach from a monoline workers’ compensation provider into a diversified commercial insurance organization with enhanced scale, capabilities and amplified market relevance,” stated Brad Davis, current President of Service Insurance Companies, who will continue leading the business for Sompo.
Terms of the transaction are not being publicly disclosed.
Advisors
Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, is serving as exclusive financial advisor to Sompo. Mayer Brown LLP is serving as legal advisor to Sompo.
Howden Capital Markets & Advisory is serving as exclusive financial advisor to Service Insurance Companies. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Service Insurance Companies.
About Sompo
We are Sompo, a global provider of commercial and consumer property, casualty, and specialty insurance and reinsurance. Building on the 137 years of innovation of our parent company, Sompo Holdings, Inc., Sompo employs approximately 10,000 people around the world who use their in-depth knowledge and expertise to help simplify and resolve your complex challenges. Because when you choose Sompo, you choose The Ease of Expertise™.
“Sompo” refers to the brand under which Sompo International Holdings Ltd., a Bermuda-based holding company, together with its consolidated subsidiaries, operates its global property and casualty (re)insurance businesses. Sompo International Holdings Ltd. is an indirect wholly-owned subsidiary of Sompo Holdings, Inc., one of the leading property and casualty groups in the world with excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor’s. Shares of Sompo Holdings, Inc. are listed on the Tokyo Stock Exchange.
To learn more please follow us on LinkedIn or visit sompo-intl.com.
About Service Insurance Companies
Founded in 1982, Service Insurance Companies specializes in workers’ compensation coverage. Offering a range of services including underwriting, claims management, and loss control, Service Insurance Companies helps support clients and their employees.
Contact
Mike Jones
Global Head of Media Relations
M: +44 7765 901899
E: mijones@sompo-intl.com
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