New global insurance brand takes off as Sompo completes £5 billion deal

Japanese insurer Sompo Holdings has completed the acquisition of Endurance Specialty Holdings, paving way for the creation of a new insurance brand, Sompo International.

 

After securing regulatory approval, Sompo acquired 100% of the outstanding ordinary shares of Endurance in a deal amounting to £5.06 billion (US$6.3 billion).

 

Endurance will be integrated into Sompo Holdings through the formation of Bermuda-based Sompo International. All Endurance business, with the exception of ARMtech, will be conducted under the new insurance brand.

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The new insurer will also take in Sompo’s existing international commercial insurance and reinsurance businesses. While Sompo Canopius will remain as a separate brand, Sompo America and SJNK Europe will be rebranded to Sompo International.

 

Sompo International is touted to be a “highly attractive fully integrated global commercial insurance and reinsurance platform” that will set “a new global standard of conducting business.”

 

Kengo Sakurada, Sompo Holdings president and CEO, said the acquisition of Endurance will enable Sompo to expand its geographic footprint by offering “global diversification.”

 

“The integration of Endurance within Sompo International will significantly enhance Sompo’s presence in international markets,” he said.

 

“Clients will benefit from our increased scale, expanded product offering and a common underwriting platform.”

 

Sompo International will have its own board, led by chairman and chief executive John Charman, who will report to Sakurada.