Reinsurer expects deal to generate between $25m and $30m premium a year
(Re)insurance group Endurance Specialty Holdings has acquired a portion of Swiss reinsurer Glacier Re’s international and US property catastrophe and global specialty reinsurance business through a quota share treaty and renewal rights purchase agreement.
Glacier Re announced on August 27 that it would close its doors to new business and go into run-off.
Under the deal, Endurance will reinsure, on a quota-share basis, select treaties within Glacier Re's portfolio. Endurance will work with Glacier Re to renew these accounts and will pay commissions to Glacier Re contingent on the premiums written under the quota share treaty and accounts being renewed by Endurance. Endurance will not assume prior loss reserve liabilities as part of this transaction.
Endurance expects the transaction to generate between $25m and $30m of gross written premiums a year.
" The book we are acquiring from Glacier Re complements our own diversified international portfolio and provides a unique opportunity to accelerate the development of our global client base,” said William Jewett, president of Endurance Specialty Holdings, in a statement. “We have worked closely with Glacier Re to review the accounts that we are assuming and these clients and programs fit well with our underwriting strategy."
Todd Hart, CEO of Glacier Reinsurance AG, added, "We are very pleased that we can enter into this arrangement with Endurance as it provides our insureds with the ability to renew their business with a highly respected reinsurer who will deliver quality service to them.”