Sompo International, the international specialty insurer and reinsurance brand that emerged after Sompo completed its acquisition of Bermudian firm Endurance Specialty Holdings Ltd., is acquiring a Financial Institutions portfolio of business from Lloyd’s player Novae.
Sompo International’s London Market Insurance platform has reached a definitive renewal rights agreement with Novae Syndicates Limited, trading through Lloyd’s Syndicate 2007, covering a Financial Institutions (excluding emerging markets) portfolio, according to the company.
The portfolio had annual gross written premiums in excess of $25m, Sompo International said today.
During the transition period, Novae and Sompo International will collaborate to ensure Novae’s clients and brokers experience continuity in their insurance arrangements.
John Richards will join Sompo International as Senior Vice President, Head of London Market Financial Institutions reporting in to Richard Allen, Executive Vice President, Head of London Market Professional Lines Insurance. He has more than 15 years of experience in the Financial Institutions market, having joined Novae in 2012, before which he was an underwriter at Zurich and AIG.
Anthony Hoare, also from Novae, will join Sompo International’s underwriting team in London as well. Hoare has over 30 years of experience in the marketplace.
Allen commented; “We are excited to accelerate the growth of our London Market Financial Institutions portfolio with this renewal rights transaction with Novae. At the same time, we are gaining two seasoned and highly respected underwriters who will add to our existing strength in the Financial Institutions sector. I am confident that our enlarged team will continue to build our presence in the Lloyd’s and London Market and very much look forward to working closely with Novae to maximize the benefits of our renewal rights transaction to brokers and clients alike.”
Jack Kuhn, CEO of Global Insurance at Sompo International, said; “As Sompo International, we are committed to continuing the transformation of our business that we have achieved over the last few years. With the exceptional reputation and strategic backing of our new parent, we seek opportunities to expand our business through both organic growth and transactions such as this renewal rights transfer with Novae. We were very pleased that we were able to work with Novae to structure this arrangement aligned with the goals of both companies.”
Novae’s Chief Underwriting Officer, Robert Forster, explained; “We are delighted that our customers and brokers have the option of continuity and of partnering with Sompo International. Novae will do all it can to assist an orderly transfer of any business.”