Endurance benefits from takeover by Sompo: AM Best
Ratings agency AM Best has said that Endurance Endurance Specialty Holdings’ operations will benefit from being a significant operation within a larger organisation with deep financial resources as a result of its acquisition by Sompo Holdings.
Japan-based Sompo paid approximately $6.3 billion to acquire 100 percent of the outstanding ordinary shares of Bermuda-based Endurance.
As part of Sompo, Endurance will have more scale to help advance its books of business, AM Best said. Additionally, Sompo will provide explicit financial support to Endurance in the form of a net worth maintenance agreement.
As a result, AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” from “a” of Endurance Specialty Insurance and its subsidiaries.
AM Best also has upgraded the Long-Term ICR to “a-” from “bbb” and the Long-Term Issue Credit Ratings (Long-Term IR) of its immediate parent, Endurance Specialty Holdings (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
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