Sompo Holdings Inc. has successfully completed its acquisition of Bermudian insurance and reinsurance group Endurance Specialty Holdings Ltd. and has announced a rebranding and rearrangement of its commercial insurance and reinsurance in Bermuda.
The total price of the acquisition of 100% of Endurance’s outstanding shares was $6.3 billion and as a result of this Endurance’s shares have now stopped trading.
Sompo Holdings has launched Sompo International to integrate Endurance into the group, which will be located in Bermuda and offer an integrated global commercial insurance and reinsurance platform to its clients.
Sompo International will also pull together all of SOMPO’s existing international commercial insurance and reinsurance businesses under one banner.
The company intends to create a common underwriting platform and systems, with the goal of setting a new global standard of conducting business, providing its clients with a range of products across insurance and reinsurance markets.
All Endurance business, except for ARMtech, will be folded under the Sompo International brand. Sompo America and SJNK Europe are also set to be rebranded as Sompo International. Sompo Canopius will remain as a separate brand, and will work in close collaboration with Sompo International.
John Charman will lead the Sompo International board, as Chairman and Chief Executive, reporting to the SOMPO CEO, Kengo Sakurada.
Kengo Sakurada, President and CEO of SOMPO Holdings, Inc, commented on the announcement; “The closing of our acquisition of Endurance marks the beginning of an exciting new chapter in SOMPO’s story. 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.
“I would like to welcome John Charman and the Endurance team to the SOMPO family. John will be heading Sompo International, creating our exciting new global commercial insurance and reinsurance platform. I look forward to working closely with him as we embark on the next phase of our exciting growth.”
John Charman, Chairman and CEO of Sompo International, added; “I am delighted we are joining SOMPO Holdings today. I am fully committed to our shared vision of future growth for SOMPO’s international platform and I am looking forward to developing it further alongside Endurance’s executive leadership team and my new colleagues under the new Sompo International brand. I would like to thank our highly valued partners and colleagues for their loyalty, support and trust over the last few years and I look forward to working closely with them in the future.”