The man dubbed as London’s insurance king is expected to rake in US$325 million (around £255 million) from the sale of his company, Endurance Specialty, to Sompo Holdings
John Charman, CEO and chairman of Endurance, sold his company on Wednesday for US$6.3 billion (£4.9 billion). The British tycoon owns 4.9% of the insurance firm, giving him gross proceeds of $311 million (£244 million).
Charman will also get an additional US$13 million (£10.2 million), the London Evening Standard
reported, since another chunk of unvested share options will also vest after Sompo’s takeover of Endurance.
According to Sompo, Charman and other members of Endurance’s management have agreed to continue to operate the insurance giant after the acquisition, which is expected to be completed before the end of the fiscal year in March 2017.
Commenting on the sealed deal, Charman said Endurance’s alignment with Sompo “signals the beginning of an exciting new chapter” for the global insurer.
“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,” Charman said.
“I also signalled that I would seek out a high quality, strong Asian partner to further complement our global business capabilities for the future,” he added.
Meanwhile, for Sompo CEO and president Kengo Sakurada, the transaction marked the beginning of his company’s “overseas transformation which undoubtedly enhances the quality and reach of our insurance services.”
“This acquisition will be integral in helping Sompo realize its goal of providing insurance and related services of the highest quality,” he also said.
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