Sompo to consolidate London presence and cease writing business from Lloyd’s

Written by Adam Cadle

15/04/2020

Sompo International Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that as part of the ongoing transformation of Sompo International, the insurer will be consolidating its London presence into one company market platform.

This will mean that, from January 2021, it will no longer write business from Endurance at Lloyd’s (EAL) or Syndicate 5151. All renewals and new business will be written from Endurance Worldwide Insurance Limited.

John Charman, executive chairman of the board of directors, Sompo International Holdings and CEO overseas insurance and reinsurance business, Sompo Holdings said: “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. 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.

“With Sompo International’s rating equivalent to Lloyd’s, we can utilise 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.”

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