Run-off Endurance at Lloyd’s business gets new owner | Insurance Business UK
It’s official: Endurance at Lloyd’s (EAL) has now been transferred from Sompo International to RiverStone International.
In its announcement, Sompo International said the sale of the run-off business was approved by the Prudential Regulation Authority in the UK. Offloading EAL is part of the Bermuda-based group’s strategy to consolidate its British presence into one company market platform.
“I’m pleased that the transition of our EAL portfolio to RiverStone could be completed in a thoughtful and timely manner,” commented Julian James, global markets chief executive at Sompo International Commercial P&C (property and casualty).
“Throughout the process our teams worked together with RiverStone to ensure a seamless and secure transition, keeping customer service at the forefront.”
The completion comes hot on the heels of Riverstone International entering into loss portfolio transfer reinsurance agreements with AXIS Capital affiliates.
Meanwhile James added: “We remain committed to the London market and the collaborative work underway to modernise, remain relevant, and best support the increasingly complex needs of clients here and around the world.”