Bermuda domiciled property and casualty reinsurer, Sompo International, has revealed that its U.S. platform has reached an agreement to acquire the operating subsidiaries of Lexon Surety Group LLC.
The staff of Lexon and its office locations will be retained under the acquisition, and David Campbell will remain as President of Lexon, and will be appointed Vice Chairman of the Lexon Board. While Sompo International’s Brian Beggs will be appointed Chief Executive Officer (CEO) of Lexon.
Christopher Sparro, CEO of U.S. Insurance at Sompo International, who will be appointed Chairman of the Lexon Board, commented; “Lexon has a strong reputation in the surety market, and this acquisition will position us to substantially accelerate the growth of our U.S. primary surety portfolio and our presence in this specialized market.
“Lexon’s team brings to the table strong distribution relationships with a nationwide network of agents and brokers as well as specialty expertise across their surety and bond offerings, which are highly complementary to Sompo International’s existing product capabilities.”
CEO of Global Insurance at Sompo International, Jack Kuhn, added; “This acquisition is another step in the ongoing expansion of our U.S. Insurance capabilities into markets that complement our current operations. Lexon’s culture and business mix will be an excellent addition to our existing surety insurance group, allowing us to provide additional product capabilities to our valued customers, and creating value for our combined operations and our business partners. We look forward to welcoming the Lexon team to Sompo International.”
President of Lexon, Campbell, said; “The Lexon Surety Group employees are very pleased to join the Sompo International organization. Lexon’s organic growth to a top ten surety insurer was made possible by Lexon’s highly experienced staff and my cofounders, Brook Smith and PVM Ventures. Combining Lexon’s proven customer-oriented service and Sompo International’s financial strength will provide Lexon and Sompo International with a formidable platform in the surety insurance industry.”
Following regulatory approval the deal is expected to close in March 2018.
