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Sompo International acquires Lexon Surety Group

Published 05 June 2018

Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has completed the acquisition of the operating subsidiaries of Lexon Surety Group.

Lexon, the second largest independent surety insurer in the U.S., is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company, and Fortress National Group.

A.M. Best has placed Lexon Insurance Company and Bond Safeguard Insurance Company on ‘positive outlook’ and we expect that the transaction will have a beneficial impact on their financial strength ratings.

Lexon staff and office locations will be integrated with Sompo International’s Surety business under U.S. Insurance CEO Christopher Sparro. The combined operation will be led by Sompo International Surety executive vice president Brian Beggs who will relocate to Lexon’s headquarters in Mt. Juliet, Tennessee. 

Lexon has been offering a broad array of commercial and contract surety bonds, court and probate bonds, and U.S. Custom bonds through a nationwide network of agents since 2001 and Sompo U.S. Insurance will continue to offer these same products. 

Christopher Sparro said: “We are very excited to welcome Lexon into our U.S. Insurance operation. They have an excellent reputation and their technical underwriting proficiency is closely aligned with our corporate culture. The combined organization will be one of the ten leading insurers in the U.S. surety market, significantly contributing to our strategic expansion in the U.S.”  

Beggs said: “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.”

Source: Company Press Release