Endurance Specialty Holdings, a Bermuda-based provider of property and casualty insurance and reinsurance, has acquired a portion of Glacier Reinsurance's international and US property catastrophe and global specialty reinsurance business.
The transition will be effective immediately and Endurance will reinsure on a quota share basis and select treaties within Glacier Re’s portfolio.
Under the quota share treaty and accounts being renewed by Endurance, it will work with Glacier Re to renew the accounts and will pay commissions to Glacier Re contingent on the premiums written.
Endurance expects that the transaction will generate $25m to $30m of gross written premiums per annum. However, Endurance will not assume prior loss reserve liabilities as part of this transaction.
Endurance Specialty Holdings president William Jewett said that the agreement is Endurance’s fifth successful renewal rights deal and is aligned with our strategic goal of further expanding our reinsurance business globally.
“The business we are acquiring from Glacier Re complements our own diversified international portfolio and provides a unique opportunity to accelerate the development of our global client base,” Jewett said.
Glacier Reinsurance CEO Todd Hart said that to maximize the benefits of the transaction to all parties, they are committed to working in partnership with Endurance and their clients over the next year to expediently transfer these accounts to Endurance.
“This arrangement forms an integral part of the run-off business plan we are closely coordinating with the Swiss Financial Market Supervisory Authority (FINMA),” Hart said.