Endurance Specialty Holdings Forms U.S. Subsidiary

December 20, 2002

Bermuda-based Endurance Specialty Holdings Ltd. announced the formation of a wholly-owned U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re).

The new company has been granted a license as a New York domestic insurer for all lines of property and casualty insurance and reinsurance. Endurance Holdings, formed after Sept. 11 by Aon, Zurich Financial Services and other investors, operates as a holding company whose subsidiaries are global providers of property and casualty insurance and reinsurance.

“The launch of Endurance Re as a U.S.-based subsidiary is part of Endurance Holdings’ strategy to expand its presence in the global insurance and reinsurance markets,” said the bulletin. It will focus on broker market reinsurance business, “initially targeting the following business segments:
–Working layer property and casualty excess of loss reinsurance
— Pro rata reinsurance of primary and excess property and casualty business
— Per-person exposed workers compensation reinsurance
— Surety reinsurance
— Other specialty lines

CEO Kenneth LeStrange indicated that “The strategy for Endurance Re is to apply our technical, analytical approach to the business, be selective in underwriting and remain disciplined in pricing. We continue to attract and retain highly qualified and seasoned insurance and reinsurance professionals.”

Endurance Re’s key staff members include: Steve Carlsen, President; William Babcock, CFO; Emily Canelo, General Counsel; William Jewett, Chief Underwriting Officer; Larry Sorensen, Business Development Officer; and Anthony Urban, Executive VP, Home Office Branch Manager.

Mr. Carlsen stated, “We are very pleased to have been able to secure our New York license before year-end. We look forward to bringing a strong, clean balance sheet to the U.S. market and a team of highly experienced practitioners.” The bulletin said that the company was strongly supported by Endurance Holdings with “$335 million in paid capital and surplus, and broad reinsurance protection.”

Its offices are temporarily located at 520 White Plains Road, Suite 5055, Tarrytown, NY 10591, phone: 914-366-7330; fax: 914-366-7383.

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