Reinsurance News

Sompo to consolidate London presence, cease writing business from Lloyd’s

15th April 2020 - Author: Luke Gallin

Bermuda-based P&C insurer and reinsurer, Sompo International Holdings Ltd., has announced that as part of its ongoing transformation, it plans to consolidate its London presence into a single company platform.

Sompo InternationalEffective January 2021, Sompo International will cease writing business from Endurance at Lloyd’s or Syndicate 5151, with all renewals and new business to be written by London-headquartered Endurance Worldwide Insurance Limited.

The company states that the consolidation of its London presence into a one company market platform, will enable it to provide clients with efficient access to the best solutions and services.

John Charman, Executive Chairman of the Board of Directors, Sompo International and Chief Executive Officer (CEO) of Overseas Insurance and Reinsurance business, Sompo Holdings, commented: “Our decision to focus our activities in London on a single company platform reflects the unique strength of Sompo’s global reach, brand, ratings and financial stability.

“Having one single platform will allow us to continue to profitably grow our business and deliver superior value and solutions to our clients and distribution partners. With Sompo International’s rating equivalent to Lloyd’s, we can utilize that rating and our existing operation to be an even more streamlined and efficient provider of risk solutions whilst maintaining a meaningful and diversified trading relationship with Lloyd’s in the years to come.”

Julian James, CEO International Insurance, added: “Our ambition is to grow our London Market and European business significantly in the near term. Sompo International is now recognized by our brokers and clients as a global leader with significant capability and excellent talent.

“With one platform, we will be able to provide them with efficient access to the very best products and services, underpinned by highly rated security.”

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