Charman replaces Cash at Endurance

John Charman is back in charge again, this time it’s with Endurance Specialty Insurance Ltd.

Charman had previously been CEO and president of Axis Capital Holdings Limited.

He will replace David Cash who stepped down as CEO effective, Tuesday, May 28. He also resigned from Endurance’s board.

In a press release, William H. Bolinder, lead director from Endurance, said: “John Charman brings to Endurance outstanding leadership qualities, global insurance experience and the demonstrated ability to attain strong and consistent operating performance. 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.”

Mr. Bolinder continued. “On behalf of the entire board, I would like to thank David for his 11 years of service to Endurance, the last three as chief executive officer. The Board is grateful to David for his valuable leadership and dedication to Endurance and the work he has done to position the company well for the future. We wish him all the best with the next stage of his career.”

Mr. Charman said: “Endurance is a great company with great people and significant future potential. The Company’s high standing is a testament to the efforts and hard work of its employees. In support of my strong belief and commitment to Endurance’s future and to fully align myself with the company’s shareholders, I am investing a significant amount of my own capital in Endurance as well as foregoing any conventional compensation over the next five years in exchange for a single grant of restricted shares and options. I am really looking forward to working with and closely supporting Endurance’s senior management team, employees and directors as well as our valued customers and brokers. My goal is to fully realize the company’s potential as a leading global specialty insurance and reinsurance company.”

AM Best said in a press release: “Mr Charman is well known and highly regarded as a successful leader in the insurance industry, most recently holding the positions of CEO and President of AXIS Capital Holdings Limited.

“AM Best expects that Mr Charman will be an agent of change at Endurance, and AM Best will continue to monitor future developments and assess any rating implications as they are implemented.”

Mr Charman will receive an option to purchase 800,000 of Endurance’s ordinary shares at $48.68 as part of his contract. He will also receive a grant of 708,890 restricted shares.

Endurance said Mr Charman will receive a minimum base salary and on incentive compensation over the next five years.

Endurance shares were trading at $49.35 at 4:13pm, up $1.35 from the opening bell on the stock market.