Bermuda-based Endurance Specialty Holdings Ltd. (Endurance Holdings) has formed a wholly-owned US subsidiary, Endurance Reinsurance Corporation of America (Endurance Re).

Endurance Re has been granted a licence as a New York domestic insurer for all lines of property and casualty insurance and reinsurance.

The launch of Endurance Re as a US-based subsidiary is part of Endurance Holdings' strategy to expand its presence in the global insurance and reinsurance markets. Endurance Re will apply an analytical approach to underwriting and pricing that is responsive to the needs of a US client base.

Endurance Re will focus on broker market reinsurance business, initially targeting the following business segments:

Working layer property and casualty excess of loss reinsurance

Pro rata reinsurance of primary and excess property and casualty business

Per-person exposed workers compensation reinsurance

Surety reinsurance

Other specialty lines

Kenneth LeStrange chief executive officer for Endurance Holdings said: "The strategy for Endurance Re is to apply our technical, analytical approach to the business, be selective in underwriting and remain disciplined in pricing.

"We continue to attract and "We continue to attract and retain highly qualified and seasoned insurance and reinsurance professionals."

Endurance Re's key staff includes: Steve Carlsen, President; William Babcock, Chief Financial Officer; Emily Canelo, General Counsel; William Jewett, Chief Underwriting Officer; Larry Sorensen, Business Development Officer; and Anthony Urban, Home Office Branch Manager. Mr. Carlsen stated, "We are very pleased to have been able to secure our New York license before year-end.

"We look forward to bringing a strong, clean balance sheet to the US market and a team of highly experienced practitioners."

The announcement comes hot on the heels of the news that James Kroner has been appointed Chief Financial Officer of Endurance Holdings.

Mr. Kroner, who joined Endurance Holdings in December, 2001 as Chief Investment Officer, replaces Colleen Brennan, who is pursuing interests outside of Endurance.

Mr. Kroner was also named as Chief Financial Officer of Endurance Specialty Insurance Ltd. Mr. Kroner came to Endurance from the private equity firm Fox Paine & Co., where he served as Managing Director and investment executive.

Prior to that, Mr. Kroner was a senior investment banker focused on insurance industry clients and served as a Managing Director at J.P. Morgan & Co. and Salomon Smith Barney.

Earlier in his career, he served as Senior Vice President and Treasurer of American Re Corporation.

"Since joining Endurance, Jim has led a number of our financial initiatives, including the acquisition of the LaSalle Re property catastrophe business, the establishment of our credit facility, and the implementation of our portfolio strategy," said Mr. LeStrange.

"Jim's familiarity with Endurance's ongoing operations provides a strong basis for his new role," Mr. LeStrange concluded.