DATASORA

Sompo International’s Global Reinsurance division reported $1.55 billion of revenue in Q1 FY26, up 91.8% from $810 million a year earlier, driven by the Aspen integration.

• Aspen’s $3.5bn acquisition, announced August 2025, is now showing up in reported reinsurance revenue.
• FY25 adjusted profit was $1.7bn, up 69%, with discounted combined ratio at 82.1% (from 90.6%).
• Aspen Capital Markets brought a fee platform with more than $2bn AUM at announcement.

Analyst note — The integration is no longer a slide. Monte Carlo this week is the first 1/1 cycle where counterparties will test whether Sompo Re + Aspen prices, authorizes, and services as one franchise.

Sompo International signed a definitive agreement to buy Service Insurance Companies, a 1982-founded monoline WC specialist focused on SMEs and the general-agent channel. Terms undisclosed; close subject to regulatory approval.

• Chris Sparro: the deal creates a flagship for Sompo’s U.S. workers’ compensation franchise.
• Brad Davis stays on to run the business and extend it from monoline WC into a diversified commercial platform.
• Advisors: Guy Carpenter Capital & Advisory (Sompo) and Howden Capital Markets & Advisory (Service).

Analyst note — This is the SME / GA distribution play that sits next to Aspen’s specialty and capital-markets stack. Construction accounts and wrap-ups will feel it in 2027 renewals if the close lands.

Sompo agreed to buy Aspen for $37.50 per share in cash — about $3.5 billion — adding specialty insurance, global reinsurance, and the Aspen Capital Markets fee platform. James Shea framed it as scale at the right point in the cycle.

• Aspen brought cyber, credit & political risk, inland marine, U.K. property & construction, and U.S. management liability.
• Capital markets platform: more than $2bn AUM; 80% of 2024 fee income from non-cat, long-tail lines.
• Expected close was 1H 2026; Q1 FY26 reinsurance revenue now shows the integration.

Analyst note — This is the deal that turned Sompo from a large international P&C writer into a scaled specialty-and-reinsurance platform. Every 1/1 meeting this month is a test of that thesis.

Effective 1 April 2025, Sompo Holdings reorganized into two global segments. James Shea, CEO of Sompo International, became CEO of Sompo P&C, folding SIH together with Japan commercial and consumer P&C.

• Mikio Okumura remains Group CEO and delegated segment P&L to the two CEOs.
• The structure was the governance wrapper for the Aspen acquisition later in 2025.
• Centers of Excellence and capital-circulation management were the stated operating model.

Analyst note — Housekeeping, but load-bearing. When a broker asks ‘who is Sompo now?’, the answer is Shea’s global P&C P&L — not a Japan-only story with an international sidecar.