You can put a “tick” in the box next to Sompo International’s swoop for Lexon Surety Group LLC – because the deal has now been sealed.
Originally announced back in January this year, the specialty provider of P&C insurance and reinsurance has now revealed it has completed its move for the second largest independent surety insurer in the US. Lexon includes Bond Safeguard Insurance Company, Lexon Insurance Company and Fortress National Group LLC – the former two have been given a “positive outlook” by AM Best.
According to a release announcing that the deal has been finalised, it was stated that Lexon staff and office locations will be integrated under Sompo International’s surety business under the watch of CEO of US insurance, Christopher Sparro. Together the combined operation will be led by Brian Beggs, EVP of Sompo International Surety – he is set to relocate to Lexon’s headquarters which can be found in Mt. Juliet, Tennessee.
“We are very excited to welcome Lexon into our US Insurance operation,” commented Sparro. “They have an excellent reputation and their technical underwriting proficiency is closely aligned with our corporate culture. The combined organisation will be one of the 10 leading insurers in the US surety market, significantly contributing to our strategic expansion in the US.”
It is expected that Sompo US will continue to offer the same products as Lexon – including commercial and contract surety bonds, US custom bonds and court and probate bonds.
“Lexon has a reputation for quality products and strong distribution relationships which are highly complementary to our current surety capabilities,” added Beggs. “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.”