Endurance, as the company developed during its first years in business, applied its reinsurance underwriting skills to property catastrophe, property per risk treaty, and casualty treaty. LeStrange positioned his company with a portfolio of specialty business lines that addressed both the reinsurance and insurance markets. The road ahead promised to offer challenges to the new start-up, but LeStrange and his management team (as well as Endurance's financial backers) were confident the company could distinguish itself as a competitor of note. In Bermuda alone, Endurance faced a plethora of rivals, reinsurers such as Partner Re, XL Capital, Quanta Capital Holdings, Montpelier Re Holdings, Platinum Underwriters, AXIS Capital, Arch Capital Group, and White Mountains Insurance Group, among others. The company was well funded by established entities in the insurance business, thereby receiving the support it would need as it battled against competitors. Under LeStrange's command, Endurance entered the fray for insurers' business, establishing its headquarters in Pembroke, Bermuda. He later served as chairman and chief executive officer of Aon's retail brokerage operations for the Americas, a position he held until he was selected to lead Endurance. LeStrange left American Re in December 1997 to join Aon, where he was appointed chairman and chief executive officer of its alternative market operations. Next, LeStrange was hired by American Re Corporation in 1984, beginning a 13-year stay at the company that included stints as the company's executive vice-president and as president of its alternative market subsidiary, Am Re Managers, Inc. After gaining experience as an underwriter at Hartford, LeStrange joined Swiss Reinsurance Company, where he held several underwriting management positions. LeStrange began his insurance career with Hartford Insurance Group more than 20 years before he took command of Endurance.
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LeStrange was appointed to the positions of chairman, chief executive officer, and president upon Endurance's inception, and given full control over the company's day-to-day management and long-term strategy. Aon, the second largest insurance brokerage firm in the world, took the lead in assisting with Endurance's formation, drawing from its own management ranks to provide the leadership for the new company.
Lee Partners, L.P., and Texas Pacific Group, among others.
and Zurich Financial Services Group and equity firms Thomas H. A slew of new reinsurance companies were formed in the last months of 2001, and Endurance was one of those companies, an entity organized in November that drew its initial financial support from a consortium of insurers and private equity funds.Įndurance was provided with $1.2 billion in funding from insurers Aon Corp. In the days following the terrorist attacks of September 11, 2001, the need for reinsurance increased substantially, creating fertile ground for the formation of new companies that would spread the risk policies sold by insurers. In the United States, Endurance Reinsurance Corporation of America focuses on the North American broker market for reinsurance. Endurance Worldwide Insurance Limited, a U.K.-based subsidiary, concentrates on commercial property risks and international treaty (groups of risks) business. The company operates globally through subsidiaries based in Bermuda, the United Kingdom, and the United States. underwrites specialty lines of reinsurance (policies purchased from other insurers) and insurance, focusing its business on personal and commercial property and casualty coverage. NAIC: 524126 Direct Property and Casualty Insurance Carriers 551112 Offices of Other Holding CompaniesĮndurance Specialty Holdings Ltd.
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