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.