Japan: Sompo buys Endurance in mega deal exceeding US$6 bln
Source: Asia Insurance Review | Nov 2016
Japan’s third largest P&C insurer, Sompo Holdings, has announced that it would buy Bermuda-based property and casualty insurance provider Endurance Specialty Holdings, which has a strong US presence, for US$6.3 billion.
The acquisition is the second largest acquisition by a Japanese insurer after Tokio Marine Holdings, Japan’s largest non-life insurer, bought US-based HCC Insurance Holdings for $7.5 billion last year.
A spokesperson from Sompo said: “Through the acquisition, Sompo will acquire a strong operating base in the US, the world’s largest insurance market, and Sompo’s overseas insurance business portfolio will become more geographically diversified.”
Endurance Chief Executive John Charman will continue running Endurance after the acquisition, Sompo said. Endurance writes agriculture, professional lines, property, marine and energy, and casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines and specialty lines of reinsurance. These include several growth areas such as crop and cyberattack insurance.