HAMILTON, Bermuda (Bloomberg) ? Endurance Specialty Holdings Ltd., a Bermuda-based insurer created in December 2001, said it will acquire a majority of XL Re America Inc.'s surety insurance business.

Endurance Specialty will buy the stake through a renewal rights purchase agreement, the company said in a statement sent by Business Wire. Endurance Re will pay XL America a commission on the surety reinsurance business renewed by Endurance Re.

Laura Shanahan, senior vice president for surety at XL Re America will join Endurance in the same position.

Spokeswoman Marianne Walsh wasn't immediately reachable for comment. Endurance shares rose 35 cents to $32.15 in New York Stock Exchange composite trading.