Sompo completes Endurance takeover
Sompo has completed its acquisition of Endurance Specialty Holdings after getting the green light from regulators. The company paid a total of $6.3 billion to acquire 100 percent of the outstanding ordinary shares of Endurance.
Endurance will now be integrated into Sompo Holdings through the creation of Sompo International, which will be based in Bermuda as a fully integrated global commercial insurance and reinsurance platform. Sompo International will also encompass Sompo’s existing international commercial insurance and reinsurance businesses.
According to the company the creation of a common underwriting platform and systems aims to set a new global standard of conducting business, providing customers with a wide array of products across insurance markets to help manage their risks.
All Endurance business, with the exception of ARMtech, will now be conducted under the Sompo International brand. Sompo America and SJNK Europe will also be rebranded Sompo International. Sompo Canopius will remain as a separate brand, working in close collaboration with Sompo International.
Sompo International will have its own board, led by John Charman, as chairman and chief executive, reporting to the president and CEO of Sompo, Kengo Sakurada.
"The closing of our acquisition of Endurance marks the beginning of an exciting new chapter in Sompo’s story," said Sakurada. "The integration of Endurance within Sompo International will significantly enhance Sompo’s presence in international markets and provides the group with greater opportunities to deepen and expand its geographic footprint by offering global diversification via its new and innovative structure leading to global integration.
"Clients will benefit from our increased scale, expanded product offering and a common underwriting platform. Our employees will also be presented with new opportunities to use and develop their skills within a much larger, stronger business.
"I would like to welcome John Charman and the Endurance team to the Sompo family. John will be heading Sompo International, creating our exciting new global commercial insurance and reinsurance platform. I look forward to working closely with him as we embark on the next phase of our exciting growth."
"I am delighted we are joining Sompo Holdings today," said the charman. "I am fully committed to our shared vision of future growth for Sompo’s international platform and I am looking forward to developing it further alongside Endurance’s executive leadership team and my new colleagues under the new Sompo International brand. I would like to thank our highly valued partners and colleagues for their loyalty, support and trust over the last few years and I look forward to working closely with them in the future."
