News Room
Endurance closes acquisition of Armtech Insurance Services
PEMBROKE, Bermuda - December 7, 2007 - Endurance Specialty Holdings Ltd. (NYSE:ENH), a specialty provider of property and casualty insurance and reinsurance, announced today the closing of the acquisition by Endurance US Holdings Corp. of ARMtech Insurance Services, Inc. and its affiliates. ARMtech, headquartered in Lubbock, Texas, is the 5th largest underwriter of U.S. federally sponsored crop insurance, with an estimated $410 million in total premiums in 2007. ARMtech blends extensive agribusiness experience with insurance expertise and high-tech software development to offer traditional Multi Peril Crop Insurance (MPCI), Crop Hail, Livestock Risk Protection and other agriculture risk management products through an independent agency network.
Samuel R. Scheef, President of ARMtech affirmed, "I am excited by the opportunity that Endurance's capital strength provides to our clients, agents and employees. ARMtech will continue to operate under my day-to-day direction and our staff and management team are committed to continuing to provide our ARMtech clients with the same high quality, personalized service that has positioned us as a leader in the U.S. crop insurance industry."
Kenneth J. LeStrange, the Chairman, President and Chief Executive Officer of Endurance, said, "ARMtech's commitment to customer service, dedication to technological superiority and knowledgeable approach to underwriting risk in the crop insurance industry aligns superbly with Endurance's values and objectives. We are excited to formally welcome ARMtech and its skilled employees and look forward to working together with them."
About ARMtech
ARMtech was founded in 1996 and revolutionized crop insurance industry software. ARMtech entered the crop insurance services business in 1999 as a Texas-based managing general agency. In order to enhance the service to customers and business partners, ARMtech acquired American Agri-Business Insurance Company in 2003. American Agri-Business Insurance Company holds the Standard Reinsurance Agreement with the Federal Crop Insurance Corporation and is licensed to underwrite crop insurance in 33 states. ARMtech headquarters are located at 7101 82nd Street, Lubbock, TX 79424. For more information about ARMtech, please visit http://www.armt.com.
About Endurance
Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, workers' compensation and professional lines of insurance and property, catastrophe, casualty, agriculture, marine, aerospace, and surety and other specialty lines of reinsurance. For more information about Endurance, please visit http://www.enhinsurance.com.
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