Sompo International completes acquisition of Lexon Surety
Bermuda speciality re/insurer Sompo International Holdings has completed the acquisition of the operating subsidiaries of Lexon Surety Group, a deal first announced on January 3, 2018.
Lexon, the second largest independent surety insurer in the US, is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company, and Fortress National Group.
AM Best has placed Lexon Insurance Company and Bond Safeguard Insurance Company on ‘positive outlook’ on the basis the transaction will have a beneficial impact on their financial strength ratings.
Lexon staff and office locations will be integrated with Sompo International’s Surety business under Christopher Sparro, CEO of US Insurance. The combined operation will be led by Brian Beggs, EVP, Sompo International Surety who will relocate to Lexon’s headquarters in Mt. Juliet, Tennessee.
Lexon has been offering a broad array of commercial and contract surety bonds, court and probate bonds, and US Custom bonds through a nationwide network of agents since 2001 and Sompo US Insurance will continue to offer these same products.
Sparro said: “We are very excited to welcome Lexon into our US Insurance operation. They have an excellent reputation and their technical underwriting proficiency is closely aligned with our corporate culture. The combined organization will be one of the ten leading insurers in the US surety market, significantly contributing to our strategic expansion in the US.”
Beggs added: “Lexon has a reputation for quality products and strong distribution relationships which are highly complementary to our current surety capabilities. Their nationwide network of agents and brokers coupled with expertise in specialty niches such as energy will enable us to substantially accelerate the growth of our primary surety portfolio.”
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