Sompo to cease writing business from Lloyd's as it consolidates London presence
Bermuda-based Sompo International Holdings, a specialty provider of property and casualty re/insurance, has confirmed that it will cease writing business from Endurance at Lloyd’s (EAL) or Syndicate 5151 from January 2021.
As part of its ongoing transformation, the insurer plans to consolidate its London presence into one company market platform.
Effective January 2021, all renewals and new business will be written from Endurance Worldwide Insurance.
“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," said John Charman, executive chairman of the board of directors, Sompo International Holdings and CEO overseas insurance and reinsurance business, Sompo Holdings. "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."
Charman added: "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 said: “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.”
