22 May 2014 Insurance

Frugal Charman eliminates COO role at Endurance

Endurance has said that the recent departure of its long-serving chief operating officer (COO) was because of further cost cutting measures at the re/insurer.

Catherine Kalaydjian recently left the Bermudian carrier after more than ten years with the company. She joined Endurance in 2003 as senior vice president and head of claims for the reinsurance operations. She served as chief claims officer from 2007 and assumed the role of COO in 2013.

While no official explanation has been given for her departure, a spokesperson for Endurance told Intelligent Insurer that the role of COO has been eliminated as part of further cost cutting measures at the firm.

John Charman, chairman and chief executive of Endurance, quickly implemented a strategy designed to streamline what he described as the company’s over inflated cost base not long after his appointment a year ago.

Speaking in relation to the company’s second quarter of 2013 results, Charman said: “During the past month, I have streamlined our executive leadership team as well as completely restructured and reduced the overly inflated size of our organisation. The substantial savings arising will be used to fund the very necessary build out of our global underwriting operations.

“To protect our shareholders earnings, we have had to cut hard and deeply from our own resources in order to finance our future growth. Importantly, we already have a great pipeline of very high quality market leading underwriters who will join us over the next 12 months.

“Market conditions on both sides of the balance sheet will remain challenging over the next few years and with that scenario in mind, I will continue to relentlessly drive substantial improvements, effectiveness and cost efficiency throughout our organisation.”

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