Departure of Endurance COO raises questions over M&A bid

Endurance’s COO has left the company months into her tenure, suggesting possible issues concerning the firm’s M&A bid for Aspen and the turnaround strategy being pursued by CEO John Charman.

Catherine Kalaydijan was appointed chief operations officer in July 2013, but only weeks into its hostile M&A bid for Aspen, Kalaydijan has left the insurer.

Kalaydijan would have played a key role in establishing and implementing the company’s new direction under Charman, who replaced David Cash in May 2013.

Her departure will likely complicate the business’ realignment and its M&A bid, with the COO position being instrumental in such operational matters.

Since his arrival a year ago, Charman has sought to refocus the company towards more primary business and away from its previous emphasis on agricultural lines.

It is unclear however how far Endurance has been successful in this realignment, with its pursuit of Aspen suggesting that it is intending to pursue value through acquisition.

It is not known exactly why Kalaydijan left Endurance, but Charman has a reputation for a tough management style and the changes at Endurance and the M&A deal represent significant challenges for the company.

When contacted, Endurance confirmed that Kalaydijan had left the company, citing the streamlining of its operations as being behind her departure.

Endurance added that the company is not looking to fill the now vacant COO position.