Sompo International Holdings is saying goodbye to insurance marketplace Lloyd’s of London.
Starting January 2021, the specialty provider of property & casualty insurance and reinsurance will no longer write business from Endurance at Lloyd’s or Syndicate 5151. Sompo International said all renewals and new business will be written from Endurance Worldwide Insurance Limited, as the Bermuda-based insurer consolidates its London presence into one company market platform.
The move is part of Sompo International’s ongoing transformation.
“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,” asserted John Charman, executive chairman of the Sompo International board and chief executive of overseas insurance and reinsurance business at 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 that Sompo International’s rating is equivalent to Lloyd’s and that they can utilize that rating and their existing operation to be an “even more streamlined and efficient” risk solutions provider.
Meanwhile international insurance chief executive Julian James noted: “Our ambition is to grow our London Market and European business significantly in the near term.
“Sompo International is now recognised 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.”