Endurance Specialty Holdings buys a portion of Glacier Reinsurance property, casualty business
By APFriday, September 10, 2010
Endurance buys part of Glacier Reinsurance book
NEW YORK — Endurance Specialty Holdings Ltd. on Friday said it bought a portion of Glacier Reinsurance AG’s international and U.S. property and casualty reinsurance business.
Endurance, based in Pembroke, Bermuda, said it struck a deal with Switzerland-based Glacier to reinsure, on a quota share basis, certain treaties in Glacier’s portfolio.
Endurance said it will work with Glacier to renew those accounts and pay commissions based on the premiums written.
Last month, Glacier said it had placed its entire reinsurance portfolio in run-off.
Endurance expects the deal to generate $25 million to $30 million of gross written premiums per year. It will not assume prior loss reserve liabilities as part of the transaction.
In afternoon trading, Endurance shares added 14 cents to $37.60. The stock has moved between $33.95 and $41.07 in the past year.
