Sompo International, a Bermuda-based speciality reinsurer, has wrapped up the acquisition of the operating subsidiaries of US-based Lexon Surety Group.
The deal, whose financial terms were not disclosed, was first announced in January this year.
Lexon provides commercial and contract surety bonds, court and probate bonds, as well as US Custom bonds. Sompo US Insurance will continue to provide these products.
Lexon includes Lexon Insurance Company, Bond Safeguard Insurance Company, and Fortress National Group. The company’s employees and offices will now be integrated with Sompo International’s surety business under US Insurance CEO Christopher Sparro.
“We are very excited to welcome Lexon into our US Insurance operation. They have an excellent reputation and their technical underwriting proficiency is closely aligned with our corporate culture. The combined organisation will be one of the ten leading insurers in the US surety market, significantly contributing to our strategic expansion in the US,” Sparro stated.
The merged entity will be headed by Sompo International Surety executive vice president Brian Beggs, who will operate out of Lexon’s Mt. Juliet, Tennessee headquarters.
“Lexon has a reputation for quality products and strong distribution relationships which are highly complementary to our current surety capabilities. Their nationwide network of agents and brokers coupled with expertise in specialty niches such as energy will enable us to substantially accelerate the growth of our primary surety portfolio,” Beggs said.