Endurance acquisition on track: Charman
Endurance is on track to complete its $1.8 billion acquisition of Bermuda-based Montpelier Re in the third quarter of 2015.
This is according to a letter sent to Endurance staff on April 20, 2015, by the chief executive officer (CEO) John Charman.
According to the letter, based on preliminary discussions, Charman expected regulatory bodies to be fully supportive of the transaction.
Brian Goshen, Endurance’s chief administrative officer, will lead the integration effort. Charman said that Endurance has “launched a number of integration planning workstreams led by Endurance business and functional leaders with representation from their Montpelier colleagues”.
Charman said: “While we expect that most areas of activity will be fully combined immediately following the transaction close, others will require a slightly longer transition period, however, it is our absolute intent that the integration is completed in the shortest period of time possible.”
He added: “This transaction is an extremely important part of the ongoing transformation of Endurance and it will significantly accelerate our growth and build on the strong momentum that we have achieved over the last two years.
“I am both highly enthusiastic and very optimistic about the new opportunities that are becoming available to us. The additional strategic capabilities, breadth of distribution and new underwriting platforms will better enable Endurance to substantially increase our scale and continue to become much more relevant to our clients and distribution partners. Over the coming months, we will continue to keep you fully informed of our progress toward this significant milestone.”