(Image source: Pixabay.)
Willis Towers Watson (London), a global advisory, broking and solutions company, has entered into a strategic partnership with Sompo Global Risk Solutions (GRS, a subsidiary of Sompo International Holdings Ltd., Bermuda-based specialty provider of property and casualty insurance and reinsurance) to create what the companies call an integrated insurance platform to serve the needs of the middle market commercial real estate segment.
The Willis Towers Watson Retail, Office and Industrial (ROI) platform offers a range of insurance products to meet the needs of the real estate market, including general liability, automobile liability, workers’ compensation and umbrella coverage along with a customized property product and casualty pollution product tailored to address the particular risks faced by the segment. The partnership targets retail, office and industrial clients, with the exception of regional malls. Sompo GRS will individually underwrite each account.
Willis Towers Watson focuses on clients in the real estate sector through its dedicated Real Estate practice, which functions as a boutique business housed within a global broker. The vertically-integrated Willis Towers Watson Real Estate practice is aggregated in four primary centers across the U.S.—New York, DC, Dallas and Los Angeles—which the company says enables the development of thought leadership and market-driven results.
“Real estate companies face a myriad of complex challenges,” comments Joseph C. Peiser, head of broking, North America, Willis Towers Watson. “The Willis Towers Watson Real Estate practice is known for taking a structured and integrated approach that adds value to clients and provides a breadth of knowledge and resources. Together with Paul Cicerchia from our Real Estate practice, I am delighted that we have developed this partnership with Sompo GRS which builds on this experience, enabling us to create an integrated platform that leverages the combined depth and strengths of both organizations to better serve the needs of the middle market commercial real estate customer segment.”
Holistic View of Each Client’s Risk Profile
Michael Chang, CEO of Sompo Global Risk Solutions comments, “We are very pleased to collaborate with Willis Towers Watson to offer real estate clients an innovative platform that takes a holistic view of each client’s risk profile across all lines of business. The platform brings the combined expertise and experience of Willis Towers Watson and Sompo GRS to the real estate market in a manner that reflects our knowledge of the industry and our shared commitment to developing long-term relationships with the clients we serve.”