A.M. Best has upgraded the financial strength rating of Sompo International Holdings Ltd. subsidiaries, Lexon Insurance Company and Bond Safeguard Insurance Company, from B++ (Good) to A+ (Superior), and the Long-Term Issuer Credit Ratings from “bbb” to “aa-”, with a stable outlook.
The two firms were previously subsidiaries of Lexon Surety Group LLC, before being acquired by Sompo on June 1st, 2018. At the time of the acquisition, A.M. Best had placed the companies on ‘positive outlook’, but both have now been removed from under review and upgraded.
Christopher Sparro, Chief Executive Officer (CEO) of U.S. Insurance, commented: “We are extremely pleased that A.M. Best has recognized the inherent value that Sompo’s financial strength brings to Lexon’s broad distribution network and product offerings.
“The ratings upgrade of Lexon Insurance Company and Bond Safeguard reflects our enhanced ability to profitably grow our surety portfolio.”