Sompo buys Endurance for $6.3bn //

Sompo has finalised a deal with Endurance to by the Bermudian reinsurer for $6.3bn. Sompo, one of the big three Japanese insurers, will buy out Endurance at $93 per share which translates to 1.36x the trailing book value. As part of the deal it is confirmed that John Charman, Endurance CEO, will stay on for a minimum of five years. The deal is expected to be completed in early 2017, at which point Charman will become the Chairman and CEO of Sompo’s international business. In a statement, President and CEO of Sompo, Kengo Sakurada said that the deal was a big step in the company’s strategy to transform overseas and that they were actively looking to build a globally diversified business portfolio to secure continued growth. The deal only has to be agreed by Endurances shareholders following board approval earlier in the week.