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Endurance to buy reinsurer Montpelier for $1.83 billion

Endurance Specialty Holdings Ltd. is acquiring reinsurer Montpelier Re Holdings Ltd. for $1.83 billion, further expanding into the Lloyd’s of London underwriting business. The cash and stock transaction comes nearly a year after Endurance failed trying to buy Aspen Insurance Holdings Ltd. Montpelier investors will get 0.472 Endurance share and $9.89 in cash for each share.

Endurance’s $40.24 per share offer is a 5.5% premium to Montpelier’s closing price on Monday.