BOISE, Idaho — Clearwater and Sompo International announced today that Sompo International has expanded its partnership with Clearwater to include consolidated book of record accounting for additional international entities in more than six countries.
Sompo International is a specialty provider of property and casualty insurance and reinsurance with an extensive global footprint, sound financial strength, broad licensing capabilities, diverse products and distribution networks, and market-leading technology.
Clearwater provides automated investment data aggregation, reconciliation, and validation to Sompo International’s teams around the world, which gives them access to timely and consistent portfolio information to drive greater transparency and insight. Clearwater’s multi-currency and multi-asset class investment accounting provides customized general ledger entries for Sompo International’s global portfolio.
Sompo International onboarded its international entities to Clearwater in the first quarter of 2020. Countries include Singapore, Indonesia, Malaysia, Thailand, Turkey, and Brazil. Additional entities will be brought on throughout 2020, including Hong Kong and other domiciles. The newly onboarded entities represents an expansion of Clearwater’s partnership with Sompo International that began in 2017 when Sompo International was established through the acquisition of Endurance Specialty Holdings Ltd. by Sompo Holdings, Inc.
“Clearwater is a valuable asset and essential tool for us as we focus on global scalability,” said Carrie Rosorea, Chief Accounting Officer for Sompo International. “Clearwater’s ability to handle multiple accounting bases and currencies and automate regulatory reporting allows us to expand our business around the world while maintaining a single solution for investment accounting and reporting.”
“Our clients’ success is our top priority, so we are pleased to see the significant strides Sompo International has made recently,” said Gayatri Raman, Head of International Business at Clearwater. “Clearwater stands ready to help firms handle the complexity of global portfolios and strengthen their ability to expand and move into new markets internationally.”