Sompo launches global re/insurance base in Bermuda as it completes Endurance takeover

Following the acquisition of Bermuda-based Endurance, Sompo Japan Nipponkoa Insurance has launched a fully integrated global commercial insurance and reinsurance platform based in Bermuda, which has been named Sompo International. The new corporation will have its own board, led by  John Charman as chairman and CEO, reporting to the Sompo CEO Kengo Sakurada.

Sompo has completed the acquisition of Bermuda-based Endurance Specialty Holdings for a total consideration of $6.3 billion. The deal was announced on October 4, 2016.

The new underwriting platform will include Endurance and also encompass Sompo's existing international commercial re/insurance businesses. Sompo International aims to set a new global standard of conducting business, providing customers with a wide array of products across insurance markets to help manage their risks, the company said in a statement.

All Endurance business, with the exception of ARMtech, will now be conducted under the Sompo International brand. Sompo America and SJNK Europe will also be rebranded Sompo International. Sompo Canopius will remain as a separate brand, working in close collaboration with Sompo International.

The ordinary share of Endurance have ceased trading following the market close on 28 March 2017. The financial results of Endurance will be consolidated into the financial statements of Sompo from the first quarter of fiscal year 2017 onwards, it said.

Sakurada commented: "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."

He added: "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."

"I am delighted we are joining Sompo Holdings today," said Charman. "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."

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