ENDURANCE COMPLETES MONTPELIER RE ACQUISITION

Endurance completed its acquisition of Montpelier Re on Friday after receiving all regulatory approvals. The Bermuda-based insurer announced the deal on March 31 for $1.8bn or $40.24 per Montpelier common share. The deal creates a company with shareholder equity in excess of $4bn, total capital of $5.5bn, and total cash and invested assets of $9.3bn. The acquisition gives Endurance a Lloyd’s platform, as well as a property catastrophe reinsurance business and a third-party re/insurance fund management operation. The addition of a Lloyd’s platform will play a central role in Endurance’s plans to grow its global specialty business in the next two to three years, the group's chairman and chief executive John Charman has said. Endurance also expects to "achieve meaningful transaction synergies” through cost savings and greater capital efficiencies through the deal. Montpelier Re shareholders approved the deal on June 30. The deal follows Endurance’s failed attempt to acquire Aspen last year.