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$ENH announced that Mr. Brad Gow has been named to the new role of Global Cyber Product Leader within Endurance Insurance. Mr. Gow will be responsible for providing overall underwriting direction for cyber offerings across $ENH’s global insurance business. He will report to Mr. Jack Kuhn, CEO, Global Insurance.
$ENH's BoD declared a quarterly dividend of $396.875 per share payable on its 6.35% Non-Cumulative Preferred Shares, Series C. The dividend will be payable on March 15, 2017 to shareholders of record of Series C Depositary Shares on March 1, 2017.
$ENH said its common and preferred shareholders voted in favor of the proposed merger with Volcano International Limited, an indirect, wholly owned subsidiary of SOMPO Holdings, Inc. The merger remains subject to other customary closing conditions, including receipt of regulatory approvals. $ENH and SOMPO expect to complete the merger in 1Q17.
Tokyo-based SOMPO Holdings agreed to buy $ENH for $93 per share in cash. The aggregate consideration is about $6.3Bil. The acquisition has been approved b BoD of $ENH and will be effected through SOMPO's unit SOMPO Japan NI. It is expected that the transaction will close before the end of SOMPO's current fiscal year-end March 31, 2017.
Insurance provider $ENH confirmed that it is discussing with Tokyo-based insurance company Sompo Holdings regarding a potential strategic transaction. The company added that there can be no assurance that the discussions will lead to a definitive agreement.
$ENH said Christopher Sparro will join the company on Sept. 12, 2016 as EVP and CEO of U.S. Insurance. Sparro will be responsible for continuing to build the company's U.S. product portfolio which currently offers a broad range of professional, casualty, property and specialty covers.
$ENH said it estimated net negative financial impact in 2Q16 from Fort McMurray wildfires in Canada, convective storms in Texas and Europe, and the Kumamoto earthquake in Japan collectively generated about $10Bil in industry losses. Estimated negative financial impact to $ENH of $55.5MM mainly comes from its Global Catastrophe Reinsurance business.
Bermuda-based insurance provider $ENH said that it expects 1Q16 investment portfolio total return to be approximately 98 basis points. The company's net investment income is expected to be about $11MM, which got hurt by $28MM of mark to market losses in its other investment portfolio and lower than expected alternative manager performance.
$ENH said 1Q16 net investment income was impacted by about $28MM of mark to market losses in other investment portfolio from ongoing financial market volatility and lower than expected alternative manager performance. This partially offset increased net investment income from available for sale and trading securities which was about $39MM for 1Q16.
Specialty property and casualty insurance and reinsurance provider $ENH said it sees 1Q16 investment portfolio total return to be about 98 basis points and its net investment income to be about $11MM. The company will report its full 1Q16 results on May 2.
$ENH said its BoD declared a quarterly dividend of $0.46875 per share payable on its 7.5% Non-Cumulative Preferred Shares, Series B. A dividend for the period from Nov. 24, 2015 to March 15, 2016 of $0489.4792 per share was also declared payable on $ENH's 6.35% Non-Cumulative Preferred Shares, Series C.
Property and casualty insurance provider $ENH said its BoD has declared a quarterly dividend of $0.46875 per share on its 7.50% Series B shares and also a dividend for the period of Nov. 24, 2015 to March 15, 2016 of $0489.4792 per share on its 6.35% Series C shares. These dividends will be payable on March 15 to holders of record on March 1.