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Japan-based Sompo Holdings Inc. said Friday that it has agreed to sell Sompo Canopius A.G. to a consortium led by New York-based private equity firm Centerbridge Partners L.P. for $952 million.
Canopius is a specialist insurer and reinsurer predominantly acting in the Lloyd’s market, Sompo said in a statement. The deal is expected to close in the first quarter of 2018, subject to regulatory approvals.
Canopius was acquired by Sompo Japan Nipponkoa Insurance Inc., a wholly owned subsidiary of Sompo Holdings, in 2014 for £594 million ($770 million).
Sompo International’s Lloyd’s business, previously called Endurance at Lloyd’s, will not be affected by the deal, Sompo said.
Kengo Sakurada, president and group CEO of Sompo Holdings, said in the statement that after announcing the acquisition of Endurance Specialty Holdings in October 2016, the company tried to integrate Sompo Canopius into its commercial business platform Sompo International, but the companies' cultures did not mix.
“This transaction returns significant funds to Sompo to pursue our global strategic objectives through Sompo International whilst also providing Canopius with a secure and clear strategic future,” Mr. Sakurada said.
Sompo Japan Insurance Inc., the principal subsidiary of Tokyo-based insurance group NKSJ Holdings Inc., will buy Canopius Group Ltd., a Guernsey-based Lloyd's of London managing agency, the companies announced Wednesday.