The company stated that it will no longer write business from Endurance at Lloyd’s (EAL) or Syndicate 5151
Bermuda-based insurer and reinsurer Sompo International has decided to consolidate its London presence into one company market platform in January 2021.
The move is part of Sompo International’s ongoing transformation initiative.
Sompo will no longer write business from Endurance at Lloyd’s
The company stated that 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.
According to Sompo International, the single platform will enable it to offer superior value and solutions to its clients and distribution partners.
Sompo International executive chairman and Sompo Holdings Overseas Insurance and Reinsurance Business CEO John Charman 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.
“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.”
International Insurance CEO Julian James 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.”
Sompo International is a property and casualty insurance and reinsurance provider.