04/26/04
NEW YORK, April 26, 2004 - The Bank of New York, a global leader in securities servicing, has been appointed by Endurance Specialty Holdings Limited to provide custody and securities lending services for its domestic and international assets.
James Kroner, chief financial officer of Endurance, said, "The Bank of New York has understood our business from its inception. The Bank’s flexible technological platform and expertise across a broad range of product lines were critical factors in our decision to select them as our custodian and securities lending agent."
Louis DiFranco, managing director and head of the global insurance division at The Bank of New York, said, "Our focus on building long-term relationships with clients has helped us expand our partnership with Endurance. This appointment highlights our ability to meet the securities servicing needs of our insurance clients by offering a broad spectrum of globally integrated products."
The Bank of New York’s Global Insurance Division manages the Bank’s enterprise-wide relationships with insurance companies and their subsidiaries across all products of the Bank and all facets of the client organization. A sample of services currently provided to insurance companies includes asset management, custody, securities lending, cash management, corporate trust, foreign exchange and execution services.
Headquartered in Bermuda, Endurance Specialty Holdings Limited is a global provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance currently writes property per risk treaty reinsurance, property catastrophe reinsurance, casualty treaty reinsurance, property individual risks, casualty individual risks, and other specialty lines. Its operating subsidiaries have been assigned a group rating of "A" (Excellent) from A.M. Best and "A-" from Standard & Poor’s.
The Bank of New York Company, Inc. (NYSE: BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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