Sompo International, the Bermuda-based provider of commercial and consumer property and casualty re/insurance, announced that it has completed the transfer of its Endurance at Lloyd’s (EAL) run-off business to RiverStone Holdings Ltd (RiverStone International), after receiving regulatory approval from the UK Prudential Regulation Authority.
The deal, which was first announced in September, delivers on Sompo International’s previously communicated strategic objective to consolidate its UK presence into one company market platform. Financial details of the transaction were not disclosed.
“I’m pleased that the transition of our EAL portfolio to RiverStone could be completed in a thoughtful and timely manner. Throughout the process our teams worked together with RiverStone to ensure a seamless and secure transition, keeping customer service at the forefront,” commented Julian James, CEO, Global Markets, Commercial P&C, in a statement.
“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,” he added.
Source: Sompo International
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