PEMBROKE, Bermuda — Endurance Specialty Holdings Ltd. said Monday that it is moving forward with a proposal to buy Aspen Insurance Holdings Ltd. for about $3.2 billion after being snubbed by the fellow insurance company.
Endurance told Aspen's board of directors that it's offering $47.50 for each share of the company, a nearly 21 percent increase from Aspen's closing price of $39.37 on Friday. For each Aspen share, shareholders can select cash, 0.8826 of an Endurance share or a combination.
"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," said Endurance CEO John Charman in a statement.
Representatives from Aspen did not immediately respond to a request for comment.
Charman said the deal could increase profits, save costs by more than $100 million a year and increase earnings per share for Endurance.
The combined company would have over $5 billion in annual gross premiums written, Endurance said.
In midday trading, Aspen shares rose $4.43, or 11 percent, to $43.80. Endurance shares fell 92 cents to $52.90.
Both insurance companies are based in Bermuda.
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