28 May 2013News

Cash leaves Endurance, replaced by Charman

David Cash has left Endurance after three years as CEO, effective immediately, to be replaced by former Axis president and CEO John Charman. Charman, who together with his family recently purchased $30 million of the company’s shares, will also be replacing William H. Bolinder as the chairman of the board.

Bolinder, now lead director at the company, told Bermuda:Re: "The Board is appreciative for the dedicated years of service that David has given to Endurance and which have served to position the company well for future growth.  However, given the opportunity to attract an executive of John Charman’s caliber, the decision was made to effect the management change."

He continued: "The Board believes that Endurance is a company with sound fundamentals that does not require wholesale changes to its strategic direction.  That said, we fully expect that John Charman will put him own imprint on the company’s product offerings and geographic reach."

In addition, and as an inducement to his employment, Charman will receive a stock option to purchase 800,000 ordinary shares at an exercise price and a grant of 708,890 shares.

Bolinder concluded: “John has a blue chip track record of delivering bottom-line results, improving underwriting ratios, managing risk and allocating capital efficiently. We believe the opportunity to benefit from his expertise is extraordinary and look forward to him helping Endurance build on its success to date while enhancing our focus on shareholder value creation. His investment of personal capital speaks volumes about his confidence in and commitment to our future opportunities.”

Rating agency AM Best has affirmed the company's ratings will remain unaffected by Cash's departure, commenting: "AM Best expects that Mr. Charman will be an agent of change at Endurance, and will continue to monitor future developments and assess any ratings implications as they are implemented."

Charman’s appointment is subject to the approval of the Bermuda Department of Immigration.