Bermuda-based specialty insurer Sompo International Holdings has completed the acquisition of the operating subsidiaries of Lexon Surety Group. The deal was first announced in January.
Lexon, the second largest independent surety insurer in the U.S., is comprised of Lexon Insurance Co., Bond Safeguard Insurance Co. and Fortress National Group.
A.M. Best has placed Lexon Insurance Co. and Bond Safeguard Insurance Co. on “positive outlook” and we expect that the transaction will have a beneficial impact on their financial strength ratings.
According to the insurer, Lexon staff and office locations will be integrated with Sompo International’s surety business under Christopher Sparro, CEO of U.S. Insurance. The combined operation will be led by Brian Beggs, executive vice president, Sompo International Surety who will relocate to Lexon’s headquarters in Mt. Juliet, Tennessee.
Lexon has been offering commercial and contract surety bonds, court and probate bonds, and U.S. Custom bonds since 2001. Sompo said it will continue to offer the same products.
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