Endurance Acquires Renewal Rights for Glacier Re
Bermuda-based Endurance Specialty Holdings Ltd. today [Sept 10] announced that it has acquired a portion of Glacier Reinsurance AG’s international and U.S. property catastrophe and global specialty reinsurance business through a quota share treaty and renewal rights purchase agreement.
Effective immediately, Endurance will reinsure, on a quota share basis, select treaties within Glacier Re’s portfolio. Prospectively, Endurance 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 accounts being renewed by Endurance. Last month, Glacier Re announced that it had placed its entire reinsurance portfolio in run-off. Endurance anticipates the transaction will generate $25 million to $30 million of gross written premiums per annum. Endurance will not assume prior loss reserve liabilities as part of this transaction.
William M. Jewett, President of Endurance commented, “This agreement is Endurance’s fifth successful renewal rights deal and is aligned with our strategic goal of further expanding our reinsurance business globally. The book 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.”
Todd Hart, CEO of Glacier Reinsurance AG, added, “We are very pleased that we can enter into this arrangement with Endurance as it provides our insureds with the ability to renew their business with a highly respected reinsurer who will deliver quality service to them.”
