Endurance Specialty Insurance has acquired the property catastrophe reinsurance business of Trenwick Group's subsidiary LaSalle Reinsurance.
Under the transaction, 20 LaSalle Re staff have been offered jobs at Endurance, which began operating at the end of last year. This will bring Endurance¹s Bermudian workforce to more than 60 people.
As part of the transaction, Endurance will not take on any of LaSalle Re¹s past liabilities although it will have the right to renew existing contracts as they expire. In 2001, LaSalle Re had a premium income of $133m.
Endurance chief executive officer and president Kenneth LeStrange said: "We are pleased to have reached this agreement with Trenwick and in so doing, have completed the build-out of our property catastrophe and Bermuda platforms."
