Sompo International said its London market insurance platform will acquire Novae Syndicate Ltd.’s financial institutions renewal rights.

Neither side is disclosing a specific purchase price. Through the deal ,the Bermuda-based specialty provider of property/casualty insurance and reinsurance formerly known as Endurance Specialty Holdings Ltd. gets a portfolio – excluding emerging markets business – with more than $25 million in annual gross written premiums.

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 said.

As part of the process, John Richards will join Sompo International as a 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. Previously, he held underwriting roles at Zurich and AIG.

Also, former Nove executive Anthony Hoare, will join Sompo International’s underwriting team in London. Hoare has more than 30 years of experience in the marketplace.

Allen said in prepared remarks that this renewal rights transaction will “accelerate the growth of our London market financial institutions portfolio.”

Jack Kuhn, CEO of Global Insurance at Sompo Insurance International, said the company wants to expand its business through both organic growth, and “transactions such as this renewal rights transfer with Nova.”

Japan’s SOMPO Holdings Inc. announced in late 2016 that it would buy Endurance for $6.3 million. Endurance’s executives stayed on, and the deal closed in early 2017.

Source: SOMPO International

Topics London