Japanese giant Sompo has completed its takeover of island-based insurance and reinsurance firm Endurance Specialty in a $6.3bn deal.
Endurance will be integrated into Sompo Holdings through the creation of Sompo International, which will be based in Bermuda. Sompo International will have its own board, led by Endurance’s John Charman, as chairman and chief executive, reporting to the Sompo president and CEO Kengo Sakurada.
Sakurada said, “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.
"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.”