John Charman, Endurance’s CEO, has announced that the company’s acquisition by Sompo Holdings represents a critical move for Endurance to achieve the scale it needs to remain relevant.
"Today, we have strategically aligned ourselves with Sompo, a large, well-capitalised and highly respected global insurance (and reinsurance) company headquartered in Japan,” Charman said in a statement following the unveiling of the deal.
According to Charman the deal signals the beginning of an “exciting new chapter for Endurance, our wonderful and incredibly talented people and our much valued clients.” He also said he had previously signalled he wanted to partner with a strong Asian partner.
“When I joined Endurance just over three years ago, I stated quite publicly that cost efficient scale, globally diversified insurance and reinsurance products as well as market relevance were absolutely essential to our future success.
“I also signalled that I would seek out a high quality, strong Asian partner to further complement our global business capabilities for the future. Our alignment today with Sompo achieves all those goals and promises so much more.
"Critically, both our companies share and practice important values daily - a commitment to the highest levels of loyalty, integrity and client service. These stated values are clearly reflected in our disciplined, focused underwriting approach which has deeply embedded, strong risk management practices.
“It is with great honour and with much joy that we all look forward to being welcomed as important family members of Sompo. Finally, to our Endurance shareholders, we thank you for your loyalty and trust over the years and are happy that you have been rewarded with an attractive premium for your investment."
The transaction is subject to the clearances and approvals of applicable regulatory authorities, as well as other customary closing conditions, but could be complete by March 2017.
Endurance, Bermuda, John Charman, Sompo Holdings, Insurance, Reinsurance, M&A, Asia-Pacific