Shareholders of Endurance Specialty Holdings Ltd today backed the company’s $6.3 billion takeover by Japanese insurance giant Sompo Holdings.

In a short statement, the Bermudian-based insurer and reinsurer said common and preferred shareholders had voted to accept Sompo’s offer of $93 per share.

The merger is subject to regulatory approvals, but the companies expect the deal to close before the end of March.

The special meeting took place in Hamilton this morning, when a majority in favour was required from holders of ordinary shares and preferred shares, voting as one class.

John Charman, one of the best known leaders in the Bermuda insurance industry, has agreed to stay on as chief executive officer of the Endurance team for the next five years, along with other members of the senior management team. Mr Charman will also become chairman of the board of Sompo’s international business.

When the deal was announced last October, Mr Charman confirmed to this newspaper that Endurance’s head office would remain in Bermuda. The firm is based in Waterloo House on Pitts Bay Road.