Sompo International acquires Novae portfolio – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Sompo International acquires Novae portfolio

Sompo International has acquired the renewal rights to Novae Syndicates Limited's financial institutions portfolio, excluding emerging markets.

The Bermudian-headquartered speciality insurer and reinsurer reached a renewal rights agreement with Novae, trading through Lloyd's Syndicate 2007.

The portfolio had annual gross written premiums in excess of $25 million. As part of the agreement, Novae and Sompo International will collaborate to achieve continuity for Novae's clients and brokers.

John Richards, who has more than 15 years of experience in the financial institutions market, and has been with Novae since 2012, will join Sompo as head of London market professional lines insurance.

Another of Novae's team, Anthony Hoare, will join Sompo's underwriting team in London.

Richard Allen, Sompo International's head of London market professional lines insurance, said: “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, which has offices in Pitts Bay Road, Pembroke, was created following Japanese giant Sompo Holding's $6.3 billion takeover of Bermudian-based Endurance Specialty. That deal was completed in March.

London deal: Sompo International has acquired renewal rights for Novae's financial institutions portfolio

You must be Registered or to post comment or to vote.

Published May 30, 2017 at 4:25 pm (Updated May 30, 2017 at 4:25 pm)

Sompo International acquires Novae portfolio

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon