Sompo agrees to buy US workers’ compensation specialist

The target focuses solely on workplace injury cover for SMEs.

Sompo International Holdings has agreed to acquire Service Insurance Companies, a US-based workers' compensation insurer, as it looks to strengthen its position in the country's commercial insurance market. 

The deal remains subject to regulatory approvals and other customary closing conditions, with financial terms not disclosed. 

Service Insurance Companies specialises exclusively in workers' compensation insurance and serves the small and medium-sized enterprise (SME) market. 

Sompo said the acquisition will expand its underwriting capabilities, distribution network and presence across products, customer segments and distribution channels in the US SME and general agents market.