Endurance Announces Results of Special General Meeting of Shareholders in Connection with Acquisition by SOMPO
(Thomson Reuters ONE) -
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(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
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
Unternehmensinformation / Kurzprofil:
Datum: 27.01.2017 - 14:07 Uhr
Sprache: Deutsch
News-ID 520385
Anzahl Zeichen: 6264
contact information:
Town:
Pembroke
Kategorie:
Business News
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"Endurance Announces Results of Special General Meeting of Shareholders in Connection with Acquisition by SOMPO"
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