Interesting news today as Endurance Specialty Holdings Ltd., the Bermuda-based specialty property and casualty insurance and reinsurance provider, announces that it has bought weather risk management solutions specialist Galileo Weather Risk Management. Endurance has acquired the assets of Galileo and hired all of its employees and this will now become the foundation of Endurance’s launch of a newly formed unit, Endurance Global Weather.
The team at Galileo Weather Risk Management are among the best known in the weather risk management space, with the management having hailed from XL Weather & Energy before forming Galileo meaning they’d been active in the weather risk management sector since its inception. Martin Malinow, who was CEO of Galileo, joins Endurance Global Weather as its President and Scott Edwards, who was CFO at Galileo, joins as its Managing Director and Chief Operating Officer. Mr. Malinow also served as President of the Weather Risk Management Association from 2008 to 2010 and currently serves on the Board of Directors of the industry organisation.
The new unit Endurance Global Weather aims to offer a range of weather risk management products to help clients manage the impact of weather variability on their businesses. Their five person team will be dedicated to creating solutions for companies in the global energy, construction, transportation, renewable energy and agriculture industries. Endurance Global Weather will be headquartered in New York City and will establish an operation in London, where Galileo hired a representative earlier this year.
David Cash, Chief Executive Officer of Endurance, said; “We’re delighted to welcome Marty, Scott and their team to Endurance. Their weather risk management business is complementary to our established property catastrophe and agriculture products while expanding our specialty capabilities into a market which offers considerable potential.”
This is a shrewd acquisition from Endurance as the addition of a team capable of structuring highly customised weather risk covers will be a great complement to the rest of the Endurance offering. For the ex-Galileo team they will benefit from the resources of a global insurance and reinsurance player. We wish Marty and Scott the best of luck in their new home!