Sompo Japan makes $6.5bn bid to buy Endurance
Sompo Japan Nipponkoa Insurance is to acquire Bermuda-based Endurance Specialty Holdings in a deal potentially worth $6.5 billion, it is being reported in Japan.
The deal would become the latest example of a large Japanese insurer seeking diversification away from the domestic market in Japan by making an acquisition. Tokio Marine & Nichido Fire also acquired HCC Insurance for $7.5 billion last year.
Meanwhile, Endurance would become the latest mid-tier Bermuda player to either be acquired by a larger company or seek scale through a merger or acquisition amid ongoing tough market conditions for reinsurers.
It is reported that Sompo will acquire all of Endurance’s outstanding shares in a deal that could be finalised by March 2017.
Endurance previously failed to acquire Aspen in 2014 before buying Montpelier Re in 2015 in a $1.8 billion deal.
