Charman describes Sompo deal as critical to Endurance’s future success
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.
The acquisition of Endurance by Sompo Holdings for around $6.3 billion was confirmed today in a deal that could be finalised by March 2017.
"Today, we have strategically aligned ourselves with Sompo, a large, well-capitalised and highly respected global insurance (and reinsurance) company headquartered in Japan,” Charman said.
“This signals the beginning of an exciting new chapter for Endurance, our wonderful and incredibly talented people and our much valued clients.
“When I joined Endurance just over three years ago, I stated quite publicly that cost efficient scale, globally diversified insurance and reinsurance products as well as market relevance were absolutely essential to our future success.
“I also signalled that I would seek out a high quality, strong Asian partner to further complement our global business capabilities for the future. Our alignment today with Sompo achieves all those goals and promises so much more.
"Critically, both our companies share and practice important values daily - a commitment to the highest levels of loyalty, integrity and client service. These stated values are clearly reflected in our disciplined, focused underwritingapproach which has deeply embedded, strong risk management practices.
“It is with great honour and with much joy that we all look forward to being welcomed as important family members of Sompo. Finally, to our Endurance shareholders, we thank you for your loyalty and trust over the years and are happy that you have been rewarded with an attractive premium for your investment."
The transaction is subject to the clearances and approvals of applicable regulatory authorities, as well as other customary closing conditions.
