Endurance and Montpelier Announce Results of Special General Meetings
(Thomson Reuters ONE) -
PEMBROKE, Bermuda, June 30, 2015 --(BUSINESS WIRE)- Endurance Specialty Holdings
Ltd. (NYSE: ENH) ("Endurance") and Montpelier Re Holdings Ltd. (NYSE: MRH)
("Montpelier") today announced that Montpelier common shareholders voted in
favor of the proposed merger (the "Merger") with Millhill Holdings Ltd., a
direct, wholly-owned subsidiary of Endurance, at a special general meeting of
Montpelier common shareholders held today, June 30, 2015, in Pembroke, Bermuda.
It was also announced that Endurance ordinary shareholders voted in favor of the
proposed Endurance ordinary share issuance in connection with the Merger at a
special general meeting of Endurance ordinary shareholders held today, June
30, 2015, in Pembroke, Bermuda.
The Merger remains subject to other customary closing conditions, including
receipt of regulatory approvals. Endurance and Montpelier expect to complete
the Merger early in the third quarter of 2015.
About Endurance
Endurance is a global specialty provider of property and casualty insurance and
reinsurance. Through its operating subsidiaries, Endurance writes agriculture,
casualty and other specialty, professional lines and property, marine and energy
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)
and A (Strong) from Standard and Poor's on Endurance's 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.
About Montpelier
Montpelier, through its operating subsidiaries, is a premier provider of global
property and casualty reinsurance and insurance products. Additional information
can be found in Montpelier's public filings with the Securities and Exchange
Commission (the "SEC").
Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995
Some of the statements in this joint press release may include, and we 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 Merger
(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 joint 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.
All forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or may be important factors that could
cause actual results to differ materially from those indicated in the forward-
looking statements. These factors include, but are not limited to, the effects
of competitors' pricing policies, greater frequency or severity of claims and
loss activity, changes in market conditions in the agriculture insurance
industry, termination of or changes in the terms of the U.S. multiple peril crop
insurance program, a decreased demand for property and casualty insurance or
reinsurance, changes in the availability, cost or quality of reinsurance or
retrocessional coverage, our inability to renew business previously underwritten
or acquired, our inability to maintain our applicable financial strength
ratings, our inability to effectively integrate acquired operations,
uncertainties in our reserving process, changes to our tax status, changes in
insurance regulations, reduced acceptance of our existing or new products and
services, a loss of business from and credit risk related to our broker
counterparties, assessments for high risk or otherwise uninsured individuals,
possible terrorism or the outbreak of war, a loss of key personnel, political
conditions, changes in accounting policies, our investment performance, the
valuation of our invested assets, a breach of our investment guidelines, the
unavailability of capital in the future, developments in the world's financial
and capital markets and our access to such markets, government intervention in
the insurance and reinsurance industry, illiquidity in the credit markets,
changes in general economic conditions and other factors described in
Endurance's Annual Report on Form 10-K for the year ended December 31, 2014,
Montpelier's Annual Report on Form 10-K/A for the year ended December 31, 2014
and the joint proxy statement/prospectus on Schedule 14A, as filed with the SEC
on May 26, 2015 (the "Joint Proxy Statement/Prospectus").
Additionally, the proposed transaction is subject to risks and uncertainties,
including: (A) that Endurance and Montpelier 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) uncertainty as to the
actual premium of the Endurance share component of the proposal that will be
realized by Montpelier shareholders in connection with the transaction; (D)
uncertainty as to the long-term value of Endurance ordinary shares; (E) failure
to realize the anticipated benefits and synergies from the proposed transaction,
including as a result of failure or delay in integrating Montpelier's businesses
into Endurance; (F) the risk that regulatory or other approvals required for the
transaction are not obtained or are obtained subject to conditions that are not
anticipated; (G) the inability to retain key personnel; (H) any changes in
general economic and/or industry specific conditions; and (I) the outcome of any
legal proceedings to the extent initiated against Endurance, Montpelier and
others following the announcement of the proposed transaction, as well as
Endurance and Montpelier 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 report on Form 10-K, the risk factors included in
Montpelier's most recent report on Form 10-K/A, the risk factors included in the
Joint Proxy Statement/Prospectus and other documents of Endurance and Montpelier
on file with the SEC. Any forward-looking statements made in this joint press
release are qualified by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by us will be
realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, us or our businesses 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:
For Endurance Specialty Holdings Ltd.
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations(at)endurance.bm
Media Relations
Mark Semer and Thomas Davies
Kekst and Company
Phone: 212 521 4802/4873
Email: mark-semer(at)kekst.com and tom-davies(at)kekst.com
For Montpelier Re Holdings Ltd.
Investors:
Laura Newhook, 1-441-278-5067
Manager, Marketing and Investor Relations
Media:
Ruth Pachman, 1-212-521-4891
Kekst and Company
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Endurance Specialty Holdings Ltd via GlobeNewswire
[HUG#1932918]
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2015 - 22:01 Uhr
Sprache: Deutsch
News-ID 404124
Anzahl Zeichen: 9775
contact information:
Town:
Pembroke
Kategorie:
Business News
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