Sompo Holdings Acquires U.S. Insurance Provider Endurance Specialty

March 30, 2017 - Sompo Holdings Inc. said Wednesday its nonlife insurance subsidiary has completed the acquisition of U.S. business insurance provider Endurance Specialty Holdings Ltd.

With Sompo Japan Nipponkoa Insurance Inc. having acquired all shares in Endurance for approximately $6.3 billion, most of Endurance's business will be conducted under the Bermuda-based Sompo International brand, according to Sompo Holdings.

Endurance is known for its strength in farm and cyber-related insurance. Its acquisition is aimed at establishing a stable profit base in North America as the Japanese market is expected to shrink over time amid a declining population.

"The integration of Endurance within Sompo International will significantly enhance Sompo's presence in international markets and provides the group with greater opportunities to deepen and expand its geographic footprint," Kengo Sakurada, president of Sompo Holdings, said in a statement