Sompo offloads Lloyd’s unit to RiverStone run-off to unify UK presence
Bermuda-based specialty P&C re/insurer Sompo International has completed its plan to fashion a single company market platform from its UK operations, selling its run-off business at Lloyd’s to RiverStone International.
Sompo International, the global growth arm of the Japanese insurance group, will sell its Endurance at Lloyd’s (EAL) run-off business to RiverStone. Terms of the deal were not disclosed.
Sompo International's CEO for global markets and commercial P&C Julian James 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.”
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