Shearman & Sterling and Skadden Arps Slate Meagher & Flom have taken the lead roles as Japanese insurance firm Sompo acquires New York-listed insurer Endurance Specialty Holdings for $6.3bn (£5bn).

Shearman is advising Sompo, one of Japan's largest property insurers, with a team comprising Tokyo M&A partner Kenneth Lebrun, London M&A partners Frank Miller and George Karafotias, and London finance partner Barney Reynolds.

Skadden is acting for Endurance with a team including New York M&A partners Todd Freed and Jon Hlafter.

Fellow US firm Willkie Farr & Gallagher also has a role on the deal, advising Morgan Stanley as financial adviser to Endurance. The firm's team is led by partners Gregory Astrachan and Laura Delanoy.

The deal is subject to the approval of Endurance's shareholders; Sompo expects to complete the purchase by March next year.

The deal follows a number of insurance-related transactions. Earlier this month, Canada Pension Plan Investment Board agreed to buy Ascot Underwriting – American International Group's Lloyd's of London platform – for $1.1bn (£845m), handing roles to Freshfields Bruckhaus Deringer, Debevoise & Plimpton and Travers Smith.

In August, Clyde & Co, Sullivan & Cromwell, and Cahill Gordon & Reindel won roles on insurer Arch Capital Group's acquisition of United Guaranty Corporation from insurance giant American International Group for $3.4bn (£2.62bn).