Bermuda-based underwriting group Sompo International has announced it is to cease the writing of new business of its two Lloyd’s syndicates as it creates a single London market hub.
The move, said the firm, comes as it seeks to increase its London market operations and was driven by the view its financial rating and global brand negated the benefits of operating within One Lime Street.
From the January 2021 the insurer will be consolidating its London presence into one company market platform. It will result in an end of writing business from Endurance at Lloyd’s (EAL) or Syndicate 5151. All renewals and new business will be written from Endurance Worldwide Insurance Limited.
John Charman, (pic) Executive Chairman of the Board of Directors, Sompo International Holdings Ltd. and CEO Overseas Insurance and Reinsurance Business, Sompo Holdings, explained: “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. 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.
“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.”
Julian James, CEO International Insurance added: “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.”