Bermuda-based Endurance Specialty Holdings Ltd. announced that it has acquired the assets of Galileo Weather Risk Management, a provider of weather risk management products and services, and has hired all of its employees. The team “will be the foundation of Endurance’s launch of a newly formed unit, Endurance Global Weather,” said the bulletin.
Martin Malinow joins Endurance Global Weather as its President and Scott Edwards joins as its Managing Director and COO. Endurance said the new Global Weather Unit “will offer a suite of customized weather risk management products to help clients manage the impact of weather variability on their businesses.
“Their five person team is dedicated to creating solutions for companies in the global energy, construction, transportation, renewable energy and agriculture industries. Endurance Global Weather is based in New York City and will establish an operation in London.”
Endurance CEO David Cash commented: “We’re delighted to welcome Marty, Scott and their team to Endurance. Their weather risk management business is complementary to our established property catastrophe and agriculture products while expanding our specialty capabilities into a market which offers considerable potential.”
Malinow has worked in the weather risk management industry since its inception 15 years ago and has more than 20 years of capital markets experience. He co-founded XL Weather & Energy and headed their global weather business before co-founding Galileo with Edwards in 2005 as a subsidiary of White Mountains Insurance Group, and subsequently co-managing Galileo as an independent company since 2009. Malinow also served as President of the Weather Risk Management Association from 2008 to 2010 and currently serves on their Board of Directors.
Edwards has twelve years of weather industry experience including co-founding and serving as CFO of XL Weather & Energy as well as Galileo. Prior to that, he served as COO of XL Life & Annuity. Edwards began his career with nine years in public accounting and consulting at KPMG.
Source: Endurance Specialty Holdings