SOMPO Holdings Completes Acquisition of Endurance Specialty Holdings
March 28 2017 - 4:01PM
Further to the announcement made on 5 October 2016, SOMPO Holdings,
Inc. (“SOMPO”) is pleased to announce that following approval of
the applicable regulatory authorities, as well as the satisfaction
of other customary closing conditions, it has completed its
acquisition of 100% of the outstanding ordinary shares of Endurance
Specialty Holdings Ltd. (“Endurance”). The total consideration for
the acquisition is US$ 6.3 bn.
Endurance’s ordinary shares will cease trading
following the market close on 28 March 2017.
Endurance will be integrated into SOMPO Holdings
through the creation of Sompo International, which will be based in
Bermuda and will be a highly attractive fully integrated global
commercial insurance and reinsurance platform. Sompo International
will also encompass SOMPO’s existing international commercial
insurance and reinsurance businesses. 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.
As of this date all Endurance business, with the
exception of ARMtech, will 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
SOMPO CEO, Kengo Sakurada.
Commenting on the completion, Kengo
Sakurada, President and CEO of SOMPO Holdings, Inc,
said:
"The closing of our acquisition of Endurance
marks the beginning of an exciting new chapter in SOMPO’s story.
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.”
John Charman, Chairman and CEO of Sompo
International, added:
“I am delighted we are joining SOMPO Holdings
today. 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.”
For further information:
Newgate Communications (PR adviser to
SOMPO)Steffan WilliamsCharlie ChichesterClotilde GrosZoë Pocock
|
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+44 (0)20 7680 6500sompo@newgatecomms.com |
Endurance Investor Relations |
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+1 441 278 0988investorrelations@endurance.bm |
Citi acted as financial advisor to SOMPO in this
transaction and Shearman & Sterling LLP provided external legal
counsel. Morgan Stanley acted as financial advisor to Endurance and
Skadden, Arps, Slate, Meagher & Flom LLP provided external
legal counsel.
Notes to Editors
About SOMPO
SOMPO is one of the top three insurers in Japan
and has a global network of businesses. Listed and headquartered in
Japan the company engages in the provision of insurance services,
operating through Domestic Property and Casualty Insurance,
Domestic Life Insurance, Overseas Insurance as well as other
services including pensions, asset management and healthcare
businesses.
SOMPO was founded in Japan in 1887 and has since
built a global network in 32 countries operating in Europe, North
America, Central and South America, Asia and Oceania, and the
Middle East and Africa. The Company employs more than 76,000 people
worldwide.
SOMPO seeks to realize sustainable growth and
greater corporate value, based on striving to secure earnings from
its domestic P&C insurance while aggressively devoting greater
management resources to growth fields such as domestic life
insurance and overseas insurance. The Group’s investment plan is
not just limited to being a provider of insurance products but aims
to position itself as the best customer service provider both at
home and abroad and has evolved to offer a wider range of services
aimed at providing even more customers with products that provide
security, health, and wellbeing.
Learn more about the Group by visiting
www.sompo-hd.com/en/
About Sompo International
Sompo International is a global specialty
provider of property and casualty insurance and reinsurance,
headquartered in Bermuda. Through its operating subsidiaries and
syndicates including Lloyd’s Syndicate 5151, Sompo International
writes agriculture, professional lines, property, marine and
energy, and casualty and other specialty lines of insurance and
catastrophe, property, casualty, professional lines and specialty
lines of reinsurance. For more information about Sompo
International, please visit www.sompo-intl.com.
Sompo Japan Nipponkoa Insurance Company of
Europe Limited has approved this communication for the purposes of
section 21 of the UK’s Financial Services and Markets Act
2000. Sompo Japan Nipponkoa Insurance Company of Europe
Limited is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential
Regulation Authority. Its address is at 1st Floor, 6
Devonshire Square, London, EC2M 4YE.
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