Bermuda-based Sompo International has announced that its London Market Insurance platform has reached a definitive renewal rights agreement with Novae Syndicates, trading through Lloyd’s Syndicate 2007.
Under the terms of the agreement, Sompo International is acquiring renewal rights to Novae’s Financial Institutions (excluding emerging markets) portfolio which had annual gross written premiums in excess of $25m. As part of the agreement, Novae and Sompo International will collaborate in the transition of any business, ensuring Novae’s clients and brokers have every opportunity to achieve continuity.
“As Sompo International, we are committed to continuing the transformation of our business that we have achieved over the last few years,” said Jack Kuhn, CEO of Global Insurance at Sompo International. “With the exceptional reputation and strategic backing of our new parent, we seek opportunities to expand our business through both organic growth and transactions such as this renewal rights transfer with Novae. We were very pleased that we were able to work with Novae to structure this arrangement aligned with the goals of both companies.”
Sompo also announced that John Richards will join Sompo International in the role of senior vice president, head of London Market financial institutions reporting 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 underwriting roles at Zurich and AIG.
In addition, Anthony Hoare previously at Novae will also join Sompo International’s underwriting team in London. He has more than 30 years of experience in the marketplace.
Allen commented, “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 maximise the benefits of our renewal rights transaction to brokers and clients alike.”
Sompo International, Novae, Lloyd’s Syndicate 2007, M&A, Financial institutions, John Richards, Bermuda, London