Endurance Re takes on XL Re surety business
Endurance Specialty’s U.S. subsidiary, Endurance Reinsurance will acquire the majority of XL Re America's surety reinsurance business, it has been announced. Endurance Re will acquire the majority of XL Re's surety reinsurance business on a prospective basis through a renewal rights purchase agreement. Endurance Re will pay XL Re America a commission on the surety reinsurance business renewed by Endurance Re. In addition, Endurance Re will assist XL Re America with the ongoing management of the current in force and expired surety reinsurance portfolio. Over $50 million of expiring premium is subject to this agreement.
Laura Shanahan, formerly Senior Vice President, Surety, of XL Re America, has joined Endurance Re as Senior Vice President, Surety. Also joining Endurance Re from XL Re America are Peter Healy, SurayaOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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