March 31, 2015 - Endurance Specialty Holdings Ltd. and Montpelier Re Holdings Ltd. today announced that they have entered into a definitive merger agreement pursuant to which Endurance will acquire Montpelier for consideration of 0.472 shares of Endurance and $9.89 in cash for each Montpelier common share, which represents $40.24 per Montpelier common share, or $1.83 billion in aggregate, based on Endurance's closing price on March 30, 2015. Cravath, Swaine & Moore LLP represented Montpelier in connection with this transaction, which is expected to be completed in the third quarter of 2015 and is subject to the approval of both companies' shareholders, regulatory approvals and the satisfaction of customary closing conditions.

The Cravath team included partner Eric L. Schiele, associates Wesley C. Bell and Christine H. Liu and foreign associate attorney Justin Hope (M&A); partner Craig F. Arcella (corporate and securities); partner Jennifer S. Conway and practice area attorney Nicole F. Foster (executive compensation and benefits); and Of Counsel Michael L. Schler and associate Jonathan D. Grossman (tax). William F. Roegge also worked on corporate matters.