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8-K - FORM 8-K - ENDURANCE SPECIALTY HOLDINGS LTD | c96787e8vk.htm |
EX-10.2 - EXHIBIT 10.2 - ENDURANCE SPECIALTY HOLDINGS LTD | c96787exv10w2.htm |
EX-10.3 - EXHIBIT 10.3 - ENDURANCE SPECIALTY HOLDINGS LTD | c96787exv10w3.htm |
EX-10.1 - EXHIBIT 10.1 - ENDURANCE SPECIALTY HOLDINGS LTD | c96787exv10w1.htm |
Exhibit 99.1
Contact | ||
Investor Relations | ||
Phone: (441) 278-0988 | ||
Email: investorrelations@endurance.bm |
ENDURANCE PROMOTES DAVID CASH TO CEO AND WILLIAM M. JEWETT TO PRESIDENT; KENNETH J. LESTRANGE TO
RETIRE AS CEO AND PRESIDENT, REMAINS CHAIRMAN UNTIL MARCH 2011
PEMBROKE, Bermuda February 18, 2010 Endurance Specialty Holdings Ltd. (NYSE:ENH), a Bermuda
based specialty provider of property and casualty insurance and reinsurance, today announced that,
effective March 1, 2010, David Cash will become its Chief Executive Officer. In addition, William
M. Jewett will become President of Endurance Specialty Holdings Ltd., reporting to Mr. Cash.
Messrs. Cash and Jewett will be nominated for election to Endurances Board of Directors in May of
2010.
Kenneth J. LeStrange, the Companys Chairman of the Board, President and Chief Executive Officer
since its formation in 2001, will continue as Chairman of the Board of Directors until March 2,
2011.
Ken LeStrange has done an outstanding job during his tenure, as evidenced by the Companys 2009
results announced just yesterday, said William Bolinder, the Companys Lead Director and Chairman
of the Nominating and Corporate Governance Committee of the Board of Directors. David Cash and
Bill Jewett are the ideal individuals for their new roles, having proven themselves with consistent
performance over the past several years. Ken decided that with Endurance in great shape and with a
solid foundation, this was the right time for him to begin to evolve his role and the Board
determined to implement the Companys existing succession plan. As part of the transition, the
Board also determined to separate the roles of CEO and Chairman. We are very pleased to have such
strong executives within our ranks and look forward to the Companys continued success under their
leadership.
Mr. Cash has been with Endurance since its founding in 2001, serving as the Companys Chief
Actuary/Chief Risk Officer, President of Endurances Bermuda operating company and, most recently,
as the Companys Chief Underwriting Officer. Mr. Cash previously worked for various Zurich
Financial Services subsidiaries and prior to that served as a consulting actuary at
Tillinghast-Towers Perrin. Mr. Cash received an Msc. in mathematics from Oxford University, which
he attended as a Rhodes Scholar. Mr. Cash, a native of Bermuda, is a Fellow of the Casualty
Actuarial Society and a Member of the American Academy of Actuaries.
Mr. Jewett joined Endurance in December 2002. During his time at Endurance, Mr. Jewett has served
as President and Chief Executive Officer of Worldwide Reinsurance and President of the Companys
U.S. reinsurance subsidiary, Endurance Reinsurance Corporation of America. Mr. Jewett was
previously affiliated with Converium Reinsurance (North America), Centre Reinsurance Company of New
York, NAC Re and Prudential Re. Mr. Jewett holds an A.B., magna cum laude, from Harvard University
and an M.B.A. from the Wharton School of the University of Pennsylvania.
Mr. Cash said, I appreciate the confidence that Ken and the Board have in my abilities and I look
forward to taking on the responsibility of leading Endurance. In the eight years since Ken raised
the capital to form Endurance, our company has grown into a leading specialty insurance and
reinsurance company with global operations, industry leading returns and a terrific team of
employees and managers. None of this would have been achieved without the hard work and thoughtful
leadership that Ken has provided. Endurance has achieved a great deal in its short life and is
well positioned to build on that success going forward. I am confident that the capabilities and
values Ken and the management team have established as a company will continue to serve Endurance
and its shareholders, customers and employees well into the future.
Mr. Jewett said, The opportunity to help grow Endurance into a world class reinsurance company
over the past seven years has been tremendously rewarding. I am excited about Endurances
prospects in the coming years and the opportunity to work with David and my many colleagues at
Endurance to make even greater contributions to our future success.
Mr. LeStrange said, It has been a privilege to work with the many talented and dedicated employees
at Endurance to build from scratch one of the premier insurers and reinsurers in the industry. The
many accomplishments of David and Bill at Endurance demonstrate their ability to guide the Company
in their new roles. I am at a point in my own career when, if I want to do something outside the
industry, this is the time. Having worked closely with this team, I have complete confidence in
their ability to carry Endurance forward and I look forward to their leadership as we continue to
build upon Endurances achievements and strive to be the best specialty insurance/reinsurance
company in the world.
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 and professional lines of insurance and property, catastrophe,
casualty, agriculture, 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 & Poors. Endurances 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 http://www.endurance.bm.
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