Endurance Completes Montpelier Acquisition

August 1, 2015

Endurance Specialty Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has completed its acquisition of Montpelier Re Holdings Ltd. The acquisition was originally announced on March 31, 2015.

John R. Charman, Chairman and Chief Executive Officer of Endurance, commented, “Endurance’s strategic acquisition of Montpelier combines two strong underwriting businesses resulting in an organization with increased scale, scope and more relevant market presence.

“The acquisition materially expands our breadth of distribution with the addition of a good-sized and scalable Lloyd’s platform and a third-party capital insurance and reinsurance investment product business. We expect the transaction to enhance the long-term value of our business for shareholders with accretion to earnings per share and return on equity.”

The completion of the acquisition follows the receipt of all necessary regulatory approvals and approval of the transaction by Endurance and Montpelier shareholders, which was obtained at special general meetings of Endurance and Montpelier shareholders held on June 30, 2015. Pursuant to the terms of the merger agreement and effective as of the close of trading today, Montpelier shares have ceased trading.

In connection with the closing of the acquisition of Montpelier, Endurance announced today that its Board of Directors has appointed three Montpelier directors — Morgan W. Davis, Nicholas C. Marsh and Ian Michael Winchester — as non-executive directors of Endurance.

Mr. Charman stated, “I am delighted to welcome our new Directors. Their knowledge of Montpelier’s business and their broad experience across the insurance and reinsurance industry will be great assets to our Board, as we continue to transform Endurance into a larger and more globally relevant industry leader.”

Mr. Davis serves as a director of White Mountains Insurance Group, Ltd. and OneBeacon Insurance Group, Ltd. Mr. Davis was formerly Managing Director at OneBeacon from 2001 to 2005 and served in various capacities for White Mountains from 1994 to 2001. Prior to that, he was with Fireman’s Fund Insurance Company for seven years and INA/Cigna for ten years.

Mr. Marsh is a Member of the Board of Directors of HCC International Insurance Company PLC, holding the position of Non-Executive Chairman of HCC International and HCC Underwriting Agency Ltd. Prior to joining the Board of HCC in April 2014, Mr. Marsh was employed as Director of Corporate Underwriting and Director of Underwriting Review at Atrium Underwriting Group Limited from 2007 until his retirement in December 2013.

During his forty-year career with Atrium, Mr. Marsh also served as Chairman of Atrium Underwriters Limited from 2005 to 2007, as Chief Executive Officer of Atrium Underwriting Plc from 2000 to 2005, as the Active Underwriter of Syndicate 570 at Lloyd’s from 1989 to 2005, and prior to that as an Underwriter of Syndicate 570 from 1973 to 1989. He has served as a trustee of the Lloyd’s Benevolent Fund since 2007 and as a member of the Council of Lloyd’s from 2008 to 2013.

Mr. Winchester is currently a Managing Partner and Chairman of the Investment Committee of BHC Winton Funds, L.P., an investment fund which focuses on providing capital to syndicates operating in the Lloyd’s market. From 1985 to 2006, he was with T&H Holdings, Inc., parent of Toplis and Harding, Inc., one of the oldest independent insurance outsourced services companies in North America specializing in claims adjusting work, where he served as Chairman, President and CEO.

From 1970 to 1985, he was with Winchester Bowring, Ltd., a specialist reinsurance broker at Lloyd’s and a subsidiary of Marsh & McLennan, Inc., where he served as Managing Director from 1976 to 1985, and from 1964 to 1970 he was with Alexander Howden, Ltd., now a part of Aon Corporation, where he served as an Assistant Director from 1968 to 1970. Mr. Winchester has also been an Underwriting Member of Lloyd’s since 1978.

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