Bermuda-based Endurance Specialty Holdings Ltd. announced that its wholly owned U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re), has opened a branch office in Toronto, Canada, following the issuance of a license by the Office of the Superintendent of Financial Institutions. It plans to begin operations immediately.
“The Canadian branch office will initially focus on treaty reinsurance business for Canadian cedants, with a primary focus on property treaty,” said the bulletin. “The office will build on existing core business developed through a renewal rights transaction completed in April of 2003 between Endurance Re and Hartford Fire Insurance Company.” The Canadian expansion is in line with the company’s strategy to “expand its presence in the global insurance and reinsurance markets.”
Endurance Re President William Jewett commented: “Consistent with the approach taken toward all of our businesses, our Canadian branch will take a technical and analytical approach to business while practicing disciplined underwriting. To this end, we have appointed a Chief Agent who has extensive knowledge of the Canadian insurance and reinsurance markets, and is also very well-respected in the industry.”
Endurance has named Mike Rende, who has 30 years Canadian reinsurance experience, as its Chief Agent in Canada. “Our team is looking forward to spearheading Endurance Re’s expansion into Canada,” Rende stated. “Our disciplined approach to the market and our focus on client service, together with our financial strength, should serve our Canadian brokers and client companies extremely well.”
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