Insurance giant Sompo International has completed the sale of its run-off business Endurance at Lloyd’s (EAL) to RiverStone Holdings.
The firm said in a statement that it had received regulatory approval from the UK Presidential Regulation Authority, following its previously communicated strategic objective to consolidate its UK presence into one company market platform. This particular deal was previously reported on by Reinsurance News in August.
Julian James, CEO, Global Markets, Commercial P&C said: “I’m pleased that the transition of our EAL portfolio to RiverStone could be completed in a thoughtful and timely manner. Throughout the process our teams worked together with RiverStone to ensure a seamless and secure transition, keeping customer service at the forefront.”
He added: “We remain committed to the London market and the collaborative work underway to modernise, remain relevant and best support the increasingly complex needs of clients here and around the world.”
Sompo completed its purchase of Endurance just over five years ago, following a vote by the latter’s shareholders in favour of acquisition.
Back then, the total price of the acquisition of 100% of Endurance’s outstanding shares was $6.3bn. As a result, Endurance’s shares stopped trading. Sompo Holdings launched Sompo International to integrate Endurance into the group, which will be located in Bermuda and offer an integrated global commercial insurance and reinsurance platform to its clients.
In October 2016, it was revealed that Sompo Japan Nipponkoa Insurance, a division of Sompo Holdings, was set to acquire Endurance for an aggregate purchase price of 639.4 JPY, so total consideration of over $6.3bn.
