Friday, September 22, 2017

Sompo to sell Lloyd’s unit

Sompo Holdings, one of the top three Japanese property and casualty insurers, is reportedly selling its UK unit Sompo Canopius, a Lloyd’s of London insurance market player, to private equity firm Centerbridge Partners.

Reuters reported that the Japanese property and casualty insurer is selling Canopius for more than ¥100 billion (US$907 million) after buying it for about US$1 billion.

Sources said the sale is part of Sompo’s review of its overseas business portfolio following its US$6.3 billion acquisition of Endurance Specialty Holdings earlier this year.

Sompo president and chief executive Kengo Sakurada said it had become increasingly clear that the culture and business mix of the two companies were very distinct and that the combination would not necessarily be advantageous to either party.

The transaction is expected to complete in the first quarter of 2018.

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