Sompo has sold its Endurance at Lloyd’s (EAL) run-off business to Riverstone International.
The firm said in a statement that this deal effectively completed its previously communicated objective to consolidate its UK presence into one company market platform.
Julian James, CEO, Global Markets, Commercial P&C at the firm, said: “Since executing on our strategic decision in 2020 to consolidate our UK presence into one company market platform we have taken a measured and controlled approach to withdrawing from Lloyd’s to ensure minimal disruption to our brokers and clients. We’re pleased to enter this agreement with RiverStone International and are committed to making this transition as seamless as possible for our brokers and clients.
He added: “We look forward to having a constructive collaboration with Lloyd’s for the benefit of the London market and beyond.”
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.
