Bermuda-based Endurance Specialty Holdings Ltd. announced late last month that it has launched a new U.S. Contract Binding Authority unit to operate within Endurance American Specialty Insurance Company, Endurance's U.S. surplus lines insurer.
This launch marks Endurance's entry into a significant distribution channel with initial access to nearly 150 surplus lines agent offices.
Glenn R. Yanoff, a 30-year veteran of the industry, will lead the new unit. In a prior role, Mr. Yanoff established a contract binding authority unit, MMO Agencies, an operating subsidiary of NYMAGIC, later serving as both president of the subsidiary and executive vice president of NYMAGIC. Prior to joining NYMAGIC, he was an area president of Risk Placement Services Inc., a subsidiary of the Arthur J. Gallagher & Co. insurance brokerage.
Mr. Yanoff, a senior vice president at Endurance, will report to William M. Jewett, president of Endurance Specialty Holdings Ltd., and will be responsible for underwriting, marketing and compliance.
"This initiative marks another significant step forward in realizing Endurance's strategy of further diversifying our portfolio of products and the distribution channels through which we access our clients," Mr. Jewett said in a statement.
John Zachry, president and head of U.S. Insurance Wholesale Operations for Endurance, said the new contract binding team, its product offerings and producer network complement the business Endurance currently writes with wholesale brokers in the United States.
Separately, Endurance announced an appointment in the program business segment early this month, saying that Steven Dresner will assume responsibility for a specialty insurance business unit, managing programs with managing general underwriters.
Mr. Dresner is also tasked with developing partnerships with additional MGUs in specialty areas, the announcement said. He will report to Mr. Zachry.
Commenting on this more recent news, Mr. Jewett said that program business provides an opportunity for Endurance to leverage its knowledge of specialty businesses and additional distribution channels to diversify its product offerings.
Mr. Dresner has more than 28 years of experience in the insurance industry and has served in several senior underwriting roles at Endurance, most recently as head of Endurance Worldwide Reinsurance's casualty treaty and workers' compensation business unit.
Mr. Dresner has held senior underwriting roles in both the insurance and reinsurance segments since joining Endurance in May 2003 in conjunction with a renewal rights transaction deal with HartRe. At HartRe, Mr Dresner served as vice president and casualty practice leader responsible for all casualty lines for treaty and facultative business, including professional liability.
Prior to the HartRe deal, Mr. Dresner spent 17 years at GeneralCologne Re in management roles within their Casualty Facultative business unit.
At both HartRe and GeneralCologne Re, he focused on the excess and surplus lines market.
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