31 May 2017Insurance

Sompo International acquires Novae's financial institutions portfolio

Bermuda-based property/casualty re/insurer Sompo International is acquiring the renewal rights to Novae’s financial institutions (FI) portfolio which had annual gross written premiums in excess of $25 million.

Sompo International, a fully integrated global commercial insurance and reinsurance platform, was created by Sompo Japan Nipponkoa Insurance following the acquisition of Bermuda-based Endurance.

Sompo's London market insurance platform has reached a definitive renewal rights agreement with Novae, which is trading through Lloyd’s Syndicate 2007, according to the statement.

As part of the agreement, Novae executive John Richards will join Sompo International in the role of senior vice president, head of London market financial institutions. He will report to Richard Allen, executive vice president, head of London market professional lines insurance.

Richards joined Novae in 2012, prior to which he held underwriting roles at Zurich and AIG.

In addition, Anthony Hoare, previously at Novae, will also join Sompo International’s underwriting team in London.

"We are excited to accelerate the growth of our London Market Financial Institutions portfolio with this renewal rights transaction with Novae," Allen commented.

"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, added: "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."

"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,” said Robert Forster, chief underwriting officer at Novae.

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