Weather business a “natural fit” says Endurance
Endurance Specialty Holdings, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has said its recent acquisition of a business dedicated to providing weather risk management products is a natural fit for its business and will add another valuable service to its offering.
The company bought Galileo Weather Risk Management last week, simultaneously launching the Endurance Global Weather Unit. Martin Malinow joined Endurance Global Weather as its president and Scott Edwards joins as its managing director and chief operating officer.
“Weather affects a broad range of industries across the global economy including those related to crucial infrastructure like energy, transportation, construction, agriculture and water supply,” Malinow told Bermuda Re.
“Establishing a client-focused structured weather risk management business is a natural fit for Endurance which has built a global franchise on the foundation of specialty underwriting supported by leading-edge analytics.”
Endurance Global Weather will offer a suite of customized weather risk management products to help clients manage the impact of weather variability on their businesses. Their five person team will look to create solutions for companies in the global energy, construction, transportation, renewable energy and agriculture industries. Endurance Global Weather is based in New York City and will establish an operation in London.
