Endurance: Aspen’s attacks on Charman ‘a smoke screen’


Endurance: Aspen’s attacks on Charman ‘a smoke screen’

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Endurance has attacked Aspen’s defence against its increasingly hostile overtures, accusing Aspen of using governance and compensation questions to distract shareholders from the value inherent in the transaction.

Endurance says that Aspen’s failure to address its “long track record of poor operating performance” was notable in its absence in letters sent to shareholders, which have sought to counter Endurance’s continuing efforts to win shareholder support.

Endurance adds that Aspen’s attacks on the remuneration position of John Charman, CEO of Endurance were in fact a “smoke screen”, with the company arguing that Charman has shown a high level of alignment with the interests of Endurance shareholders, in marked contrast to that of the Aspen board and management.

“The facts are clear: no other CEO in our industry is aligned with shareholders like John Charman. He invested $30 million of his own capital in Endurance upon joining the company, committed to invest an additional $25 million in connection with the Aspen transaction and receives no base salary or other compensation, all of which is evidence that he is fully committed to the company as a shareholder on a long-term basis,” the statement says.

It is apparent that Aspen’s attacks on Charman have stung and Endurance has once again called upon Aspen shareholders to support its transaction.

Endurance, Aspen, M&A

Bermuda Re