Bermuda-based Endurance Specialty Holdings Ltd has opened a London office and has been authorised by the Financial Services Authority to begin writing commercial insurance and reinsurance in the UK.

The newly formed Endurance Worldwide Insurance Ltd (EWIL) has been assigned Endurance's group rating of A- (Excellent) from A.M. Best.

EWIL intends to focus initially on commercial property risks predominantly in the U.K., and international treaty business, mainly sourced from Europe. Going forward, EWIL's business plan calls for adding other lines of commercial insurance and reinsurance when appropriate.

This development furthers the Endurance group's strategy of participating in the global insurance and reinsurance markets. CEO Kenneth LeStrange said: "Like our Bermuda-based insurance company, Endurance Specialty Insurance Ltd., EWIL will endeavour to take a technical and analytical approach to the business while practising disciplined underwriting.

To this end, we have brought together a seasoned group of UK insurance executives with strong reputations in the industry."

EWIL has been capitalised at 140 million pounds sterling of issued capital from Endurance Specialty Insurance Ltd. (ESIL) with 100 million pounds paid in.

ESIL is Endurance Specialty Holdings' wholly owned Bermuda-based insurer specialising in property and casualty insurance and reinsurance lines.