Endurance Acquires Galileo Weather Risk Management and Launches Endurance Global Weather Unit
(Thomson Reuters ONE) -
PEMBROKE, Bermuda - November 20, 2012 - Endurance Specialty Holdings Ltd.
(NYSE:ENH), a Bermuda-based specialty provider of property and casualty
insurance and reinsurance, today announced that it has acquired the assets of
Galileo Weather Risk Management ("Galileo") and hired all of its employees. The
Galileo team is a leading provider of weather risk management products and
services and will be the foundation of Endurance's launch of a newly formed
unit, Endurance Global Weather.
Martin Malinow joins Endurance Global Weather as its President and Scott Edwards
joins as its Managing Director and Chief Operating Officer. Endurance Global
Weather will offer a suite of customized weather risk management products to
help clients manage the impact of weather variability on their businesses. Their
five person team is dedicated to creating solutions for companies in the global
energy, construction, transportation, renewable energy and agriculture
industries. Endurance Global Weather is based in New York City and will
establish an operation in London.
David Cash, Chief Executive Officer of Endurance, commented, "We're delighted to
welcome Marty, Scott and their team to Endurance. Their weather risk management
business is complementary to our established property catastrophe and
agriculture products while expanding our specialty capabilities into a market
which offers considerable potential."
Mr. Malinow has worked in the weather risk management industry since its
inception 15 years ago and has more than 20 years of capital markets experience.
Mr. Malinow co-founded XL Weather & Energy and headed their global weather
business before co-founding Galileo with Mr. Edwards in 2005 as a subsidiary of
White Mountains Insurance Group, and subsequently co-managing Galileo as an
independent company since 2009. Mr. Malinow also served as President of the
Weather Risk Management Association from 2008 to 2010 and currently serves on
their Board of Directors.
Mr. Edwards has twelve years of weather industry experience including co-
founding and serving as CFO of XL Weather & Energy as well as Galileo. Prior to
that, he served as COO of XL Life & Annuity. Mr. Edwards began his career with
nine years in public accounting and consulting at KPMG.
About Endurance Specialty Holdings
Endurance Specialty Holdings Ltd. is a global specialty provider of property and
casualty insurance and reinsurance. Through its operating subsidiaries,
Endurance writes property, casualty, healthcare liability, agriculture,
professional lines and surety and other specialty lines of insurance and
property, catastrophe, casualty, aerospace and marine, and surety and other
specialty lines of reinsurance. We maintain excellent financial strength as
evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and
A (Strong) from Standard and Poor's on our principal operating subsidiaries.
Endurance's headquarters are located at Wellesley House, 90 Pitts Bay Road,
Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty Holdings
Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For
more information about Endurance, please visit www.endurance.bm.
Contact
Investor Relations
Phone: (441) 278-0988
Email: investorrelations(at)endurance.bm
# # #
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Source: Endurance Specialty Holdings Ltd via Thomson Reuters ONE
[HUG#1659243]
Unternehmensinformation / Kurzprofil:
Datum: 20.11.2012 - 17:05 Uhr
Sprache: Deutsch
News-ID 205585
Anzahl Zeichen: 4379
contact information:
Town:
Pembroke
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Endurance Acquires Galileo Weather Risk Management and Launches Endurance Global Weather Unit"
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Endurance Specialty Holdings Ltd (Nachricht senden)
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