Endurance Announces Results of Special General Meeting of Shareholders in Connection with Acquisition by SOMPO
January 27 2017 - 7:07AM
PEMBROKE, Bermuda - January 27, 2017 - Endurance
Specialty Holdings Ltd. (NYSE:ENH) ("Endurance") today announced
that Endurance common and preferred shareholders voted in favor of
the proposed merger (the "Merger") of Endurance with and into
Volcano International Limited, an indirect, wholly owned subsidiary
of SOMPO Holdings, Inc. ("SOMPO"), at a special general meeting of
Endurance common and preferred shareholders held today in Pembroke,
Bermuda.
The merger remains subject to other customary
closing conditions, including receipt of regulatory
approvals. Endurance and SOMPO expect to complete the Merger
later in the first quarter of 2017.
About Endurance Specialty
Holdings Ltd.
Endurance Specialty Holdings Ltd. is a global
specialty provider of property and casualty insurance and
reinsurance. Through its operating subsidiaries, 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. Endurance maintains excellent financial strength as
evidenced by the ratings of A (Excellent) from A.M. Best (XV size
category), A (Strong) from Standard and Poor's and A2 from Moody's
on our principal operating subsidiaries. Endurance's
headquarters are located at Waterloo House, 100 Pitts Bay Road,
Pembroke HM 08, Bermuda and its mailing address is Endurance
Specialty Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road,
Hamilton HM 11, Bermuda. For more information about
Endurance, please visit www.endurance.bm.Cautionary Note
Regarding Forward-Looking
Statements
Some of the statements in this press release may
include, and Endurance may make related oral, forward-looking
statements which reflect our current views with respect to future
events and financial performance. Such statements may include
forward-looking statements both with respect to us in general and
the insurance and reinsurance sectors specifically, both as to
underwriting and investment matters. These statements may also
include assumptions about the proposed transaction (including its
benefits, results, effects and timing). Statements which include
the words "should," "would," "expect," "intend," "plan," "believe,"
"project," "anticipate," "seek," "will," and similar statements of
a future or forward-looking nature identify forward-looking
statements in this press release for purposes of the U.S. federal
securities laws or otherwise. We intend these forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements in the Private Securities Litigation
Reform Act of 1995.
The proposed transaction is subject to risks and
uncertainties, including: (A) that Endurance and SOMPO may be
unable to complete the proposed transaction because, among other
reasons, conditions to the closing of the proposed transaction may
not be satisfied or waived; (B) uncertainty as to the timing
of completion of the proposed transaction; (C) the inability to
complete the proposed transaction due to the failure to satisfy one
or more conditions to completion of the proposed transaction,
including that a governmental entity may prohibit, delay or refuse
to grant approval for the consummation of the transaction; (D) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (E) risks
related to disruption of management's attention from Endurance's
ongoing business operations due to the proposed transaction; (F)
the effect of the announcement of the proposed transaction on
Endurance's relationships with its distributors, operating results
and business generally and (G) the outcome of any legal proceedings
to the extent initiated against Endurance, SOMPO or others
following the announcement of the proposed transaction, as well as
Endurance's and SOMPO's management's response to any of the
aforementioned factors.
The foregoing review of important factors should
not be construed as exhaustive and should be read in conjunction
with the other cautionary statements that are included herein and
elsewhere, including the risk factors included in Endurance's most
recent annual report on Form 10-K, the quarterly reports on Form
10-Q for the quarters ended June 30, 2016 and September 30, 2016
and other documents of Endurance on file or furnished to the U.S.
Securities and Exchange Commission ("US SEC"). Any forward-looking
statements made in this press release are qualified by these
cautionary statements, and there can be no assurance that the
actual results or developments anticipated by Endurance will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, Endurance or its
business or operations. Except as required by law, the parties
undertake no obligation to update publicly or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
Contacts:
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations@endurance.bm
Media Relations
Mark Semer and Thomas Davies
Kekst and Company
Phone: 212 521 4802/4873
Email: mark-semer@kekst.com and tom-davies@kekst.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Endurance Specialty Holdings Ltd via
Globenewswire
Endurance Splty (NYSE:ENH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Endurance Splty (NYSE:ENH)
Historical Stock Chart
From Jul 2023 to Jul 2024