Endurance Raises $1.2 Billion, Begins Operations

Endurance Specialty Insurance Ltd., the new Bermuda-based insurer, backed by Aon and Zurich Financial Services (See IJ Website Nov. 8), announced that it has successfully raised $1.2 billion of capital through private investors, has been authorized to conduct business as a Class 4 Bermuda insurer, and will begin operations immediately.

“.Endurance will offer property and casualty insurance and reinsurance on a worldwide basis. The company will focus on six main lines of insurance,” said the announcement. The include:

— Property insurance and per risk reinsurance
— Property catastrophe reinsurance
— Excess workers’ compensation reinsurance
— Aviation liability insurance
— Directors and officers (D&O) insurance
— Excess general liability insurance.
It will offer capacity of $5 million to $30 million per program.

Commenting on his new company’s prospects Kenneth J. LeStrange, Chairman, President, and CEO of Endurance, who formerly headed Aon Risk Services, stated,”There is a significant demand for underwriting capacity as a result of the hardening market and the aftermath of September 11. Endurance is prepared to meet that demand and is committed to this market. We are well capitalized and have an excellent team in place that is prepared to do business.”