Sompo International Holdings Ltd., a Bermuda-based specialty provider of property/casualty insurance and reinsurance, announced that as part of the ongoing transformation of Sompo International, the insurer will be consolidating its London presence into one company market platform and exiting Lloyd’s.
This will mean that, from January 2021, it will no longer write business from Endurance at Lloyd’s (EAL) or Syndicate 5151. All renewals and new business will be written from Endurance Worldwide Insurance Ltd.
“Our decision to focus our activities in London on a single company platform reflects the unique strength of Sompo’s global reach, brand, ratings and financial stability,” said John Charman, executive chairman of Sompo International Holdings Ltd. and CEO Overseas Insurance and Reinsurance Business, Sompo Holdings.
“Having one single platform will allow us to continue to profitably grow our business and deliver superior value and solutions to our clients and distribution partners. With Sompo International’s rating equivalent to Lloyd’s, we can utilize that rating and our existing operation to be an even more streamlined and efficient provider of risk solutions whilst maintaining a meaningful and diversified trading relationship with Lloyd’s in the years to come,” he said.
Julian James, CEO International Insurance, said: “Our ambition is to grow our London market and European business significantly in the near term. Sompo International is now recognized by our brokers and clients as a global leader with significant capability and excellent talent. With one platform, we will be able to provide them with efficient access to the very best products and services, underpinned by highly rated security.”
Source: Sompo International Holdings Ltd.
*This story ran previously in our sister publication Insurance Journal.