Bermudian insurance and reinsurance group Endurance Specialty Holdings Ltd. said today that its common and preferred shareholders have voted in favor of its acquisition by Sompo Holdings.
In October it was revealed that Sompo Japan Nipponkoa Insurance, a division of Sompo Holdings, was set to acquire Endurance for an aggregate purchase price of 639.4 JPY, so total consideration of over $6.3 billion.
One of the hurdles that any such acquisition faces is getting the shareholders on-board with the proposed deal, but Endurance’s shareholders all appear to see the value of becoming part of the Sompo Holdings family and voted favourably for the deal at a meeting in Bermuda.
The deal will see Endurance merge with and into Volcano International Limited, an indirect, wholly owned Sompo subsidiary.
The merger between the pair remains subject to closing conditions, including receipt of regulatory approvals. Endurance and Sompo are to complete the deal later in the first quarter of 2017.
