Pembroke, Bermuda-based Endurance Specialty Holdings Ltd. said 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 said it will reinsure select treaties within Glacier Re's portfolio.
The company said it will work with Glacier Re to renew these accounts and will pay commissions to Glacier Re contingent on the premiums written.
Last month, Glacier Re announced that it had placed its entire reinsurance portfolio in run-off.
Endurance said it anticipates the transaction will generate $25 million to $30 million of gross written premiums annually. The company added it will not assume prior loss reserve liabilities as part of this transaction.
William M. Jewett, president of Endurance Specialty, said in a statement, "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."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.