Japan's Sompo Unloads UK Insurance Unit In $952M Deal

Law360, New York (September 1, 2017, 1:31 PM EDT) -- Japanese insurer Sompo Holdings said Friday that it has struck a deal with a group of private equity investors including New York-based Centerbridge Partners to sell Lloyd's of London market insurer Sompo Canopius for $952.4 million.

The buying consortium also includes Gallatin Point Capital LLC, according to a statement from Canopius. The deal is expected to close in the first quarter of next year, the company said.

Sompo scooped up Canopius in 2014 for 99.2 billion yen ($961 million at the time it was inked), in a bid to expand its overseas insurance holdings. But on Friday, the company said it...

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