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Tokyo-based Sompo Holdings Inc. said Tuesday that it has completed its $6.3 billion acquisition of Endurance Specialty Holdings Ltd.
Sompo had announced plans to purchase Hamilton, Bermuda-based Endurance on Oct. 5. Endurance will be integrated into Sompo Holdings through the creation of Sompo International, which will be based in Bermuda and encompass Sompo’s existing international commercial insurance and reinsurance business, Sompo said in a statement.
Currently, all Endurance business, with the exception of ARMtech Insurance Services, which writes federally sponsored crop insurance policies, will be conducted under the Sompo International brand.
Sompo America and SJNK Europe will be rebranded Sompo International. Sompo Canopius will remain as a separate brand.
Sompo International will have its own board, led by John Charman as chairman and chief executive, who will report to Sompo CEO Kengo Sakurada.
“Clients will benefit from our increased scale, expanded product offering and a common underwriting platform,” Mr. Sakurada said in the statement. “Our employees will also be presented with new opportunities to use and develop their skills within a much larger, stronger business.”
Endurance’s ordinary shares stopped trading following Tuesday’s market close.
Bermuda-based insurer Endurance Specialty Holdings Ltd.'s shareholders have voted for the insurer's takeover by Japanese insurer Sompo Holdings Inc. for $6.3 billion, The Royal Gazette reported.