Bermuda-based Montpelier Re has been acquired by fellow Bermudian reinsurer Endurance for $1.8 billion.
Endurance confirmed that it had receipt of all necessary regulatory approvals and sanction of the transaction by Endurance and Montpelier shareholders. Their approval was obtained at special general meetings of both company’s shareholders held on June 30, 2015.
The Bermuda-based firm also revealed that its board of directors has appointed three Montpelier directors, Morgan Davis, Nicholas Marsh and Ian Michael Winchester as non-executive directors of Endurance.
John Charman, chairman and chief executive officer of Endurance, said: "Endurance's strategic acquisition of Montpelier combines two strong underwriting businesses resulting in an organization with increased scale, scope and more relevant market presence.
“The acquisition materially expands our breadth of distribution with the addition of a good-sized and scalable Lloyd's platform and a third-party capital insurance and reinsurance investment product business. We expect the transaction to enhance the long-term value of our business for shareholders with accretion to earnings per share and return on equity."
Montpelier Re, Endurance, John Charman, Mergers & Acquisitions, Bermuda,