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| Date |
18/12/2001 |
| Companies
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AON - ENDURANCE SPECIALITY - |
| Subject
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Endurance Speciality raises $1.2bn |
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Endurance Speciality, the new Bermudan reinsurer and insurer, confirmed it had raised the $1.2bn of capital it sought. This was done by a private placement last Friday. Endurance is backed by a consortium led by Aon and also includes Zurich Financial Services. Chairman & CEO is Kenneth J. LeStrange who has previously held a string of top level positions with Aon. CFO is Colleen P. Brennan, from ZFS.
Describing its aims in some more detail the company stated:
``Endurance will offer property and casualty insurance and reinsurance on a worldwide basis. The company will focus on six main lines of insurance:
* Property insurance and per risk reinsurance
* Property catastrophe reinsurance
* Excess workers' compensation reinsurance
* Aviation liability insurance
* Directors and officers (D&O) insurance
* Excess general liability insurance.
``Endurance plans to offer capacity of $5 million to $30 million per program. ’’
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