Sompo completes acquisition of Endurance

Newly acquired insurer to become part of the re/insurance platform which will have a board of its own

Sompo completes acquisition of Endurance

Insurance News

By Gabriel Olano

Sompo Japan Nipponkoa has completed its acquisition of Bermuda-based insurer Endurance and will integrate it into its newly launched, fully integrated re/insurance platform in Bermuda, named Sompo International.
The new organization will have a board of its own, led by John Charman as chairman and CEO. He will report to Sompo CEO Kengo Sakurada. Charman was chairman and CEO of Endurance prior to its acquisition.
In October 2016, Sompo announced the initiation of processes to buy 100% of Endurance, and it was finalized on Tuesday for the sum of US$6.3 billion. Endurance will be delisted from the New York Stock Exchange as per the completion of this transaction.

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Aside from Endurance, Sompo International will also contain all of Sompo’s existing international commercial insurance and reinsurance operations. With the creation of a common underwriting platform, Sompo aims to improve its risk management products and reach a wider market, as well as set a new global standard for business.
From this date forward, all of Endurance’s operations except ARMtech will be conducted under the Sompo International brand. Sompo America and SJNK Europe will also be rebranded under Sompo International. However, Sompo Canopius will remain as a separate brand, but it will work closely with Sompo International.
Commenting on these developments, Sakurada said: “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.”

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