In a recent article published in The Insurer, Julian James, Sompo International’s CEO of International Insurance offered insight into the company’s decision to cease underwriting via its Endurance at Lloyd’s managing agency and Syndicate 5151. “The decision was always about us and not them,” James said. “It was about what’s right for Sompo as we want to build out and develop the company. We’ve got a strong ambition to grow the business and we looked at Lloyd’s and felt that growth simply wasn’t possible on the Lloyd’s platform,” he added.
Mr. James reiterated that while Sompo International will stop underwriting business through the Lloyd’s syndicate at the end of this calendar year, it will continue to be a significant provider of reinsurance to Lloyd’s businesses and noted that, as Sompo International provides capital to certain Lloyd’s businesses, “it will not be a hard and fast exit from Lloyd’s and it’s not like we’re never going to have any involvement again in the market.”
He also went on to explain more on the company’s strategy for the international division, highlighting its relentless focus on building a customer-centric business and the intent to make this happen on one platform. He noted that the company looks to build out its international presence outside of Japan and that he sees this happening both organically and also possibly via acquisition, commenting that, “nothing is off the table” in terms of expansion.
To hear more on Mr. James’ views and perspective, check out the latest edition of The Best Policy podcast.