Bermudian David Cash was yesterday appointed chief executive officer of Endurance Specialty Holdings Ltd.

The former Saltus Grammar School student will take over at the helm of the reinsurer on March 1, succeeding Kenneth LeStrange, who is to retire.

Mr. Cash, who joined Endurance at its formation in December 2001 and has climbed the ranks all the way to the top, is one of few Bermudians to lead one of the Island's major uinsurance companies. Mr. Cash recalled that when he started at Endurance, after it raised around $1.2 billion in initial capital, it was a small operation with around 10 Bermuda-based employees.

Since then, under the leadership of Mr. LeStrange, it has expanded to have offices in Singapore, the US, the UK and Switzerland, and on Wednesday evening announced record full-year earnings of $536 million.

"I very proud to have gone along with a great ride at this company and to have been able to make a difference," Mr. Cash told The Royal Gazette yesterday. "And I feel proud to have done it, as a Bermudian."

At Endurance Mr. Cash has served as chief actuary/chief risk officer, president of the Bermuda operating company and, most recently, as chief underwriting officer.

As a Rhodes Scholar, Mr. Cash earned an MSc. in mathematics from Oxford University. He previously worked for various Zurich Financial Services subsidiaries and prior to that served as a consulting actuary at Tillinghast-Towers Perrin. Mr. Cash, who lives in Southampton with his wife Judy Landsberg, two daughters Alex (12) and Lindsey (10) and son Lachlan (nine), is a fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

"Over the last 10 years the Bermuda has become one of the centres of the industry," Mr. Cash said. "It's a fantastic place to have a career.

The industry was making a great social and economic contribution to the Island, he added, and said that it was good to see Bermudians climbing the ranks.

"Bermuda has a lot of smart and talented people, but we are small to the point that not all those smart people would have the opportunity to do a significant job, but the fact that we have the insurance industry here makes that possible.

"Having a job in which I interact with people every day in a thoughtful and professional way makes me feel better - and it probably makes me a better father. This industry does positive things for many Bermudians."

He pointed to the example ofHe pointed to the example of people in his own company, including Stephen Young, senior vice-president responsible for Endurance's US Catastrophe Reinsurance business, and Larry and Irma Steede, a husband and wife team who work in claims processing.

He paid tribute to his mentor Mr. LeStrange, who will continue as Endurance chairman through March 2, 2011. "I value his coaching and friendship hugely," Mr. Cash said. "Apart from his tremendous knowledge, I've really appreciated the way he has run the business in a principled and collegial manner."

As CEO, Mr. Cash will have to monitor all parts of the global company, a challenge he is looking forward to. "It's daunting, but what gives me comfort is that the change we are going through represents a planned succession and I'll be dealing with people I've worked with for the past five to eight years," he said.

"It's a bit like driving an 18-wheeler truck - I've seen Ken drive and I know where all the pedals are - and now all I have to do is drive it."

The culture of the company will remain the same, Mr. Cash said. He added that growth would be difficult in the current environment, but he would look for opportunities.

"We have taken a small, very focused company and expanded it by identifying markets that are adjacent to our existing markets," he said. "Our evolution will be through organic growth. Although it won't come easy this year, we will at some point be able to start adding new businesses and new teams."

With many companies having replenished most of the capital they lost during 2008, Mr. Cash said a major challenge ahead was to maintain controlled underwriting and not to pursue market share when risk was not adequately priced.

Endurance also announced the appointment of William Jewett as president of the company. He will report to Mr. Cash.

>Mr. LeStrange said: "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 Endurance's achievements and strive to be the best speciality insurance/reinsurance company in the world."