Sompo International, a Bermuda-based specialty provider of property and casualty re/insurance, announced its London market insurance platform has agreed to acquire Novae Syndicates Ltd.’s financial institutions’ (FI) renewal rights.
The purchase, which excludes emerging markets business, encompasses a portfolio that had annual gross written premiums in excess of $25 million, said a statement issued by Sompo International (formerly Endurance).
Under the terms of the agreement, Novae (trading through Lloyd’s Syndicate 2007) and Sompo International will collaborate in the transition of any business to ensure Novae’s clients and brokers have every opportunity to achieve continuity, the company continued.
John Richards will join Sompo International in the role of senior vice president, head of London market financial institutions, reporting to Richard Allen, executive vice president, head of London market professional lines insurance.
Richards has over 15 years of experience in the financial institutions market, joining Novae in 2012. Prior to that, he held underwriting roles at Zurich and AIG.
In addition, Anthony Hoare, previously at Novae, will also join Sompo International’s underwriting team in London. Hoare has in excess of 30 years of experience in the marketplace.
This renewal rights transaction will “accelerate the growth of our London market financial institutions portfolio…,” commented Allen.
“As Sompo International, we are committed to continuing the transformation of our business that we have achieved over the last few years,” said Jack Kuhn, CEO of Global Insurance at Sompo International.
The company seeks opportunities to expand its business through “organic growth and transactions such as this renewal rights transfer with Novae,” added Kuhn. “We were very pleased that we were able to work with Novae to structure this arrangement aligned with the goals of both companies.”
About Sompo International
Sompo International was established in March 2017 with the acquisition by Sompo Holdings Inc. (Sompo) of Endurance Specialty Holdings Ltd. and its wholly owned operating subsidiaries. Sompo’s core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. Seeking opportunities to grow their business globally, Sompo acquired Endurance, a provider of property and casualty re/insurance, to become the company’s international operation.
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