(Bloomberg) -- Endurance Specialty Holdings Ltd. agreed to buy Montpelier Re Holdings Ltd. for about $1.83 billion in cash and stock months after abandoning a hostile bid for another Bermuda-based insurance company.
Endurance will pay $9.89 in cash and 0.472 Endurance share for each share of Montpelier, the companies said Tuesday in a statement. At $40.24 a share, the transaction values Montpelier 5.5% higher than Monday’s closing price.
Reinsurance deals have accelerated in the past year amid pressure from investors such as hedge funds entering the industry seeking nontraditional investments. Axis Capital Holdings Ltd. announced a plan in January to merge with PartnerRe Ltd. On March 2, RenaissanceRe Holdings Ltd. said it completed the acquisition of Platinum Underwriters Holdings Ltd. Endurance had offered $3.2 billion last year to buy Aspen Insurance Holdings Ltd., a bid the target said was too low.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
