(Bloomberg) — Endurance Specialty Holdings Ltd. agreed to buy Montpelier Re Holdings Ltd. for about $1.83 billion in cash and stock months after abandoning a hostile bid for another Bermuda-based insurance company.

Endurance will pay $9.89 in cash and 0.472 Endurance share for each share of Montpelier, the companies said Tuesday in a statement. At $40.24 a share, the transaction values Montpelier 5.5% higher than Monday’s closing price.


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