Sompo International to acquire Novae’s financial institutions portfolio

Two underwriting veterans to join as part of the portfolio deal, which has gross written premiums over US$25 million

Sompo International to acquire Novae’s financial institutions portfolio

Insurance News

By Gabriel Olano

Sompo International, a Bermuda-based specialty provider of property and casualty re/insurance owned by Sompo Holdings of Japan, has announced that it has reached a definitive renewal rights agreement with Novae Syndicates Limited, trading through Lloyd’s Syndicate 2007.

Sompo will acquire renewal rights to Novae’s financial institutions portfolio, excluding emerging markets, which has annual gross written premiums exceeding US$25 million. The two firms stated that they will collaborate to ensure a smooth transition for Novae’s clients and brokers.

As part of the deal, John Richards will join Sompo International as senior vice president and head of London market financial institutions. He will report to Richard Allen, executive vice president, head of London market professional lines insurance.

Richards has over 15 years of experience in the financial institutions market, joining Novae in 2012. Prior to that, he held various underwriting roles at Zurich and AIG.

Additionally, Anthony Hoare, formerly from Novae, will join Sompo International’s underwriting team in London. He is a veteran of over 30 years in insurance.

Allen commented on the transaction: “We are excited to accelerate the growth of our London Market Financial Institutions portfolio with this renewal rights transaction with Novae. At the same time, we are gaining two seasoned and highly respected underwriters who will add to our existing strength in the financial institutions sector. I am confident that our enlarged team will continue to build our presence in the Lloyd’s and London Market and very much look forward to working closely with Novae to maximize the benefits of our renewal rights transaction to brokers and clients alike.”

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