One of the seven new reinsurance companies to set up on the Island in the wake of the September 11 attacks, Endurance Specialty Insurance Ltd. has announced it has raised its target of $1.2 billion in capital.

The capital was raised through a private placement, which closed last Friday, December 14, 2001and has been authorised as a Class 4 Bermuda insurer.

The company said it will begin underwriting commercial property and casualty insurance and reinsurance immediately.

The company said it will offer property and casualty insurance and reinsurance on a worldwide basis.

In an announcement made yesterday, the company said it will focus on six main lines of insurance: property insurance and per risk reinsurance, property catastrophe reinsurance, excess workers' compensation reinsurance, aviation liability insurance, directors and officers (D&O) insurance and excess general liability insurance.

Endurance said it plans to offer capacity of $5 million to $30 million per programme.

“There is a significant demand for underwriting capacity as a result of the hardening market and the aftermath of September 11,” said Kenneth J. LeStrange, Chairman, President, and Chief Executive Officer of Endurance Specialty Insurance Ltd.

“Endurance is prepared to meet that demand and is committed to this market.''

Mr. LeStrange, who has more than 20 years of experience in property and casualty underwriting and has served as Executive Vice President of American ReInsurance, as Chairman and CEO of Aon Corporation's Alternative Market Operations, and, most recently, as Chairman and CEO of Aon Risk Services, Aon's retail brokerage operation in the Americas.

The team also includes Steven W. Carlsen, Chief Underwriting Officer. Mr. Carlsen has over twenty years of experience in the insurance industry, and was a founding executive at CAT Limited, a Bermuda-based insurer that began operations following Hurricane Andrew.

Colleen P. Brennan has joined as Chief Financial Officer. Ms. Brennan has a background in public accounting with Price Waterhouse, and has served most recently as Vice President and Global Controller at Zurich Global Assets, a division of Zurich Financial Services.

Major investors in Endurance include Aon Corporation, Zurich Financial Services and its affiliates, Capital Z Financial Services Fund II, Thomas H. Lee Partners, Texas Pacific Group, and Perry Capital.

Endurance was sponsored by Aon Corporation and Zurich Financial Services and its affiliates to provide much needed underwriting capacity to commercial property and casualty insurance and reinsurance clients and is headquarted at The Zurich Centre - North, 1st Floor, 90 Pitts Bay Road, Pembroke HM 08, Bermuda.

For further information see informationendurancebermuda.com, and for submissions: submissionsendurancebermuda.com.