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Pembroke, Bermuda-based Sompo International Holdings Ltd. said Monday that it has completed the acquisition of Lexon Surety Group L.L.C.
Lexon comprises Lexon Insurance Co., Bond Safeguard Insurance Co. and Fortress National Group L.L.C., Sompo said in a statement. The acquisition was announced Jan. 3.
Terms of the deal were not disclosed.
Lexon staff and office locations will be integrated with Sompo International’s surety business under Christopher Sparro, CEO of U.S. insurance. The combined operation will be led by Brian Beggs, executive vice president of surety at Sompo International, who will relocate to Lexon’s headquarters in Mount Juliet, Tennessee.
Lexon has been offering commercial and contract surety bonds, court and probate bonds, and U.S. Custom since 2001, and Sompo U.S. Insurance will continue to offer these same products, Sompo said.
Oldwick, New Jersey-based ratings agency A.M. Best Co. Inc. said Monday that Lexon Insurance Co.'s and Bond Safeguard Insurance Co.'s B++ financial strength rating will remain under review with positive implications in the near term but will likely “experience positive rating movement in the short term based on their announced acquisition by Sompo International Ltd.” Sompo International is rated A+ by Best.
Bermuda-based insurer and reinsurer Sompo International Holdings Ltd. has completed its acquisition of Italy-based agricultural insurer A&A S.r.l., Verdict.co.uk reported. Sompo said that the takeover of A&A will boost the strategic objective of its agriculture platform AgriSompo in the region.