Japanese insurance firm Sompo Holdings is poised to acquire global insurer Endurance Specialty Holdings for US$6.5 billion (approximately £5.1 billion), media reports say. The Nikkei Asian Review reported that Sompo plans to buy Endurance to increase growth avenues amid a bleak outlook in Japan. According to the report, Sompo will acquire all of Endurance's outstanding shares without a tender offer, a move that is legal in Bermuda, where the global insurer is headquartered. Endurance, which also operates in the US and UK, confirmed that it is in "advanced discussions" with Sompo regarding a "potential strategic transaction." "There can be no assurance that the discussions will lead to a definitive agreement," the company said in a statement posted on its website. Sompo, meanwhile, is expected to finalise and announce the deal this Wednesday. The acquisition will likely be completed by the end of the fiscal year in March, according to Nikkei.