Standard & Poor’s Ratings Services announced that its ratings on Bermuda-based Endurance Specialty Holdings Ltd. – currently ‘BBB+’ with a stable outlook – and its operating subsidiaries are “not affected by the acquisition of a portion of Glacier Reinsurance AG’s international and U.S. property catastrophe and global specialty reinsurance business.”
S&P noted that effective immediately, “Endurance will reinsure select treaties within Glacier Re’s portfolio on a quota share basis. In addition, the company will work with Glacier Re to renew these accounts and will pay commissions to Glacier Re contingent on the premiums written under the quota share treaty and the accounts being renewed.
“This renewal rights acquisition is consistent with Endurance’s strategy of expanding its international reinsurance book of business,” S&P continued. “We don’t believe this transaction is a concern given that the company reviewed these accounts prior to the transaction and will not assume any prior-loss reserve liabilities. Furthermore, Endurance anticipates that this transaction will generate $25 million to $30 million of gross premiums written (GPW) per year, which constituted less than 2 percent of the company’s 2009 GPW volume.”
Source: Standard & Poor’s
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