Reinsurer launches unsolicited bid to buy rival for $47.50 a share

Lloyd's building

A war of words has broken out after Aspen rejected Endurance’s $3.2bn takeover bid.

Aspen said in a statement: “Endurance has shown a public disdain for Lloyd’s (of London insurance market), which is the growth engine of Aspen’s well-established international insurance business.”

Endurance chief executive John Charman said: “Despite our repeated attempts since late January to engage in confidential and friendly discussions, Aspen’s board and management have rebuffed our proposal and refused to engage with us.”

Endurance’s cash-and-stock offer of $47.50 per share represents a premium of about 21 percent to Aspen’s Friday close on the New York Stock Exchange.