PEMBROKE, Bermuda, Nov. 3, 2011 (GLOBE NEWSWIRE) -- Endurance Specialty Holdings Ltd. (NYSE:ENH), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, today announced that it has launched a new U.S. bond operation, initially offering primary surety contract bond obligations to small construction contractors as well as court, license and permit bonds. This new business unit enhances Endurance's specialty insurance retail underwriting capabilities and access to its network of dedicated independent agents.
Alfred Wright has joined Endurance in New York City as a Vice President to lead this new business initiative. He and Ronald Diggs, who recently joined the company as Vice President - Surety, each have more than twenty years experience as leaders in the primary surety market, having managed both underwriting and brokerage operations. The new team reports to Joseph O'Donnell, who assumes an expanded role as Executive Vice President and Head of Financial and Professional Lines. Mr. O'Donnell, who joined Endurance in 2008, has been responsible for building a U.S. management liability portfolio focused on Fortune 1000 companies.
Mr. O'Donnell commented, "Al and Ron are both acknowledged specialists who have built strong franchises in their specialty niche. I welcome them to Endurance and look forward to working with them as we establish our presence in this market."
Sean M. Fitzpatrick, President and Head of Endurance's U.S. Retail Insurance Operations, added, "The team brings the advanced transactional tools, strong underwriting skills and extensive market relationships necessary to launch a successful surety bond operation for Endurance, further expanding our presence in the U.S. specialty retail market."
Prior to joining Endurance, Mr. Wright managed several regional offices for International Fidelity Insurance Company as a Vice President for Underwriting. Prior to that, he was Assistant Vice President of Underwriting for ACE USA. He also served as a Vice President for Alexander & Alexander, Inc. (AON) in New York City where he directed a team of surety brokers. Mr. Wright is a graduate of Medgar Evers College.
Mr. Diggs' previous employment includes senior underwriting roles at HCC (Houston Casualty Company) Surety Group and ACE USA. Previously, he was a Vice President with Willis North America, Inc. where he managed their New York book of surety business. Earlier in his career, Mr. Diggs held surety underwriting positions at Chubb, St. Paul and CIGNA. Mr. Diggs is a graduate of the University of Pennsylvania's Wharton Business School.
About Endurance Specialty Holdings
Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture and professional lines of insurance and property, catastrophe, casualty, aerospace and marine, and surety and other specialty lines of reinsurance. We maintain excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and A (Strong) from Standard & Poor's. Endurance's headquarters are located at Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Endurance, please visit http://www.endurance.bm/">http://www.endurance.bm.