The move marks the culmination of the firm’s strategy to divest itself from Lloyd’s and focus on the London market
Bermuda-based Sompo International has today (30 August 2022) signed an agreement to sell its wholly owned subsidiary business Endurance at Lloyd’s (EAL) to RiverStone International and withdraw from the Lloyd’s market.
The global provider of commercial and personal lines property and casualty (re)insurance said that the sale would complete its goal of consolidating its UK presence into a London market platform.
Sompo International was established in March 2017 as a result of the acquisition of EAL by Japanese insurer Sompo Holdings and has run the subsidiary since.
EAL manages Syndicate 5151, which underwrites property, marine, engineering and specialty classes of business from within Lloyd’s of London.
However, Sompo International has not been writing business from EAL or Syndicate 5151 since January 2021 as part of its decision to consolidate its presence in London in the London market.
RiverStone International is a multinational firm comprising insurance, reinsurance and service companies specialising in the management of legacy and run-off insurance businesses and portfolios.
Julian James, Sompo International’s chief executive for commercial property and casualty in global markets, 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.
“We look forward to having a constructive collaboration with Lloyd’s for the benefit of the London market and beyond.”