Endurance Specialty Holdings has completed its acquisition of fellow Bermuda-based reinsurer Montpelier Re Holdings.

The $1.83 billion cash-and-shares deal was announced in March when the boards of directors of both companies unanimously approved the merger.

With the granting of all necessary regulatory approvals, the acquisition was completed at the end of last week. Shares of Montpelier Re ceased to trade when markets closed on Friday.

Three directors of Montpelier have been appointed as non-executive directors on the board of Endurance.

The new combined company will be run by Endurance’s senior management team from its headquarters in Waterloo House on Pitts Bay Road.

Endurance CEO and chairman John Charman said in a statement: “Endurance’s strategic acquisition of Montpelier combines two strong underwriting businesses resulting in an organisation 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.”

When first announced the cash-and-shares deal was worth $40.24 per Montpelier Re share, with Montpelier shareholders to own just under one third of the combined company.

Montpelier shares closed up 14 cents at $42.65 on Friday, their last trading day.

Montpelier directors Morgan Davis, Nicholas Marsh and Ian Michael Winchester have been appointed non-executive directors of Endurance.

Mr Charman said: “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 Davies is a director of White Mountains Insurance Group and OneBeacon Insurance Group. He was formerly managing director of OneBeacon.

Mr Marsh worked for Atrium Underwriting Group for 40 years. Before he retired in 2013 he was director of corporate underwriting and director of underwriting review. He is on the board of HCC International Insurance Company, holding the position of non-executive chairman of HCC International and HCC Underwriting Agency.

While Mr Winchester also has an extensive background in the industry and is a managing partner and chairman of the investment committee of BHC Winton Funds, an investment fund which focuses on providing capital to syndicates operating in the Lloyd’s market.