Japanese insurer SOMPO Holdings completed its acquisition of 100% of the outstanding ordinary shares of Endurance Specialty Holdings Ltd. for an amount of $6.3 billion, effective March 28, 2017.
Sompo International, based in Bermuda, is a newly formed entity that will include the integrated assets of Endurance. It will also include SOMPO’s existing international commercial insurance and reinsurance businesses. The new unit will work from a common underwriting platform and related systems.
Through its operating subsidiaries and syndicates including Lloyd’s Syndicate 5151, Sompo International writes agriculture, professional lines, property, marine and energy, reinsurance, and casualty and other specialty lines of insurance.
Going forward, all Endurance business, with the exception of ARMtech, will be conducted under the Sompo International brand. Sompo America and SJNK Europe will also be rebranded Sompo International.
SOMPO is one of the top three insurers in Japan and has a global network of businesses. Listed and headquartered in Japan, the company engages in the provision of insurance services, and other services including pensions, asset management and healthcare businesses.
Endurance Specialty Holdings Ltd. was a New York Stock Exchange-listed insurance and reinsurance company domiciled in Bermuda. It operated through its subsidiaries on a global basis. Endurance wrote property, agriculture, professional lines, casualty and other specialty lines of insurance and property. It was also active in the reinsurance market.
Implications for Insurance Defense Law Firms
Consolidation within the insurance market continues, leaving insurance defense law firms with the risk of fewer potential clients. As always, managing partners will want to maintain a proactive business development campaign to protect against the loss of insurance clients through acquisitions or mergers.
While it can take months to sort out consolidation activities, as evidenced by the Chubb / Ace merger, we will be watching to see what will happen with the Endurance panel counsel program.
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