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Sompo Holdings may be near deal to acquire Endurance Specialty

Sompo HoldingsInc. is likely to acquire Endurance Specialty Holdings Ltd. in a deal valued atmore than $6 billion, Insurance Insiderreported.

According to the Insiderreport, the transaction price would represent approximately a 45% premiumto the Oct. 3 closing price of $64.96, which would be equivalent to nearly $6.4billion. The deal would value Endurance at around 1.4x trailing book value.Shares of the Bermuda-based P&C insurer rose 35.27% on Oct. 4 to close at$87.87.

The report also said the acquisition, which could be anall-cash transaction, would likely "be confirmed imminently."Endurance confirmed in a separate release that it is in advanced discussionswith Sompo about a "potential strategic transaction," but said it mayor may not result in a definitive agreement.

The transaction could be Sompo's answer to 'spurchase ofHCC Insurance HoldingsInc. for $7.5 billion and Mitsui Sumitomo Insurance Co. Ltd.'s of , Insurance Insider reported.