Endurance Launches U.S. Contract Binding Authority Unit

PEMBROKE, Bermuda, Nov. 30, 2010 (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. Contract Binding Authority Unit to operate within Endurance American Specialty Insurance Company, Endurance's U. S. surplus lines insurer. This launch marks Endurance's entry into a significant distribution channel with initial access to nearly one hundred fifty surplus line agent offices.

Endurance's new Contract Binding Authority Unit will be led by Glenn R. Yanoff, Senior Vice President, who has 30 years of experience in the insurance industry, most recently managing a portfolio of general liability and property insurance written through a nationwide network of surplus line agents.   Mr. Yanoff will report to William M. Jewett, President of Endurance Specialty Holdings Ltd., and will be responsible for underwriting, marketing and compliance, supported by Ronald Yanoff and Thomas Mannion, both Vice Presidents, and additional underwriting and operations staff.

Mr. Jewett commented, "This initiative marks another significant step forward in realizing Endurance's strategy of further diversifying our portfolio of products and the distribution channels through which we access our clients. We are confident that with the commitment and expertise of Glenn and his team, Endurance will deliver increased and more efficient capabilities that will benefit both the widespread wholesale broker network and clients that they service." 

Mr. Yanoff added, "The team and I are excited to be backed by the financial strength, excellent reputation and management capabilities that have become hallmarks of Endurance. We believe that our new relationship with Endurance will be beneficial to our clients as we expand our offerings, extend our strong relationships with our producers and build new distribution networks."

John Zachry, President and Head of U.S. Insurance Wholesale Operations, remarked, "We welcome Glenn and his team to Endurance as their product offerings and producer network complement the business that we currently write with wholesale brokers in the U.S. The addition of this new unit will strengthen our insurance operations and enable us to offer a more comprehensive range of coverages to the market."

In 2008, Mr. Yanoff established a contract binding authority unit, MMO Agencies, an operating subsidiary of NYMAGIC, INC., and served as both President of the subsidiary and Executive Vice President of NYMAGIC, INC. since May 2008. Prior to that, he was a Director of NYMAGIC, INC. from 2005 to March 2008. From 2004 to 2008, he was Area President of Risk Placement Services, Inc., a subsidiary of the Arthur J. Gallagher & Co. insurance brokerage. Mr. Yanoff started his career in 1980 as an insurance underwriter.

About Endurance Specialty Holdings