4 October 2016Insurance

Sompo Japan makes $6.5bn bid to buy Endurance

Sompo Japan Nipponkoa Insurance is to acquire Bermuda-based Endurance Specialty Holdings in a deal potentially worth $6.5 billion, it is being reported in Japan.

The deal would become the latest example of a large Japanese insurer seeking diversification away from the domestic market in Japan by making an acquisition. Tokio Marine & Nichido Fire also acquired HCC Insurance for $7.5 billion last year.

Meanwhile, Endurance would become the latest mid-tier Bermuda player to either be acquired by a larger company or seek scale through a merger or acquisition amid ongoing tough market conditions for reinsurers.

It is reported that Sompo will acquire all of Endurance’s outstanding shares in a deal that could be finalised by March 2017.

Endurance previously failed to acquire Aspen in 2014 before buying Montpelier Re in 2015 in a $1.8 billion deal.

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More on this story

Insurance
29 March 2017   Following the acquisition of Bermuda-based Endurance, Sompo Japan Nipponkoa Insurance has launched a fully integrated global commercial insurance and reinsurance platform based in Bermuda, which has been named Sompo International. The new corporation will have its own board, led by John Charman as chairman and CEO, reporting to the Sompo CEO Kengo Sakurada.
Insurance
5 October 2016   John Charman, the chief executive of Endurance, has stated the company’s acquisition by Sompo Holdings represents a critical move for the company to achieve the scale it needs to remain relevant and also said he had previously signalled he wanted to partner with a strong Asian partner.