One of the new wave of insurance companies on the Island, Endurance Specialty Insurance, has made a commitment to hire as many Bermudians as possible and help develop their potential.

The company, which was set up in the wake of the capital drain around the world following the September 11 attacks on the World Trade Center and the Pentagon, already has Bermudians making up 40 percent of its workforce.

Endurance, which is focused on the commercial property and liability insurance and reinsurance markets, is one of seven companies to set up in Bermuda with almost $7 billion of new capital set up to take advantage of the renewal season.

Endurance chief executive officer Ken LeStrange said: "We have had a real emphasis, and this is genuinely heartfelt, we want to hire as many Bermudians as we can."

He said the company has ten people on board at the moment and many rise to between 20 and 25 by the end of February and may increase further depending on the success of the company.

Mr. LeStrange said five are in various stages of joining the company through the work permit process and David Cash, who used to work for Zurich, has been brought in as chief actuary.

"Out of ten, four are Bermudian and we want to continue that pattern.

"We are really working hard to identify people with talent in the market place to see if they can be brought in to join us," he said.

Mr. LeStrange said the company expected to open offices in both the US and the UK by the end of 2002.

And he added that he company was committed to training Bermudians who joined the company, with particular attention given to promising young Bermudians who can be brought up through the ranks of the new company.

He added: "We are also working on developing ways of helping accelerate the development of younger Bermudians.

"One fellow who joined us just graduated from school, out of the United States Moorehouse College, and we have him doing all kinds of things.

"I would imagine three or four years from now he will be one of our better professionals, I am sure.

"But we are going to try to do that as well, in terms of development of people."

He added: "Its hard to predict how many staff we will have.

"I would say we will have about 20 to 25 people by the end of February, should work permits and immigration allow.

"And we are evaluating what kind of presence we want to have apart from Bermuda, in the UK, in the US.

All of the companies, even the ones that were formed here, have basically diversified and have significant operations in other countries.

"Some US companies like Everest Re and PXRe started on shore and relocated their headquarters offshore.

"So I think that when we end 2002, we will have established some from of beachhead in the UK and the US."

On Thursday evening, Golden Gate Capital, a private equity investment firm based in San Francisco, California announced its had also invested in Endurance.

Strategic investors in Endurance include Aon, Zurich and Capital Z Financial Services Fund II and the company has approximately $1.2 billion in capital under management.

"The opportunity in this market is very attractive," said Jesse Rogers, a managing director of Golden Gate Capital. "With the significant capital drain on the system, Endurance is well-positioned to offer new business in a more attractive pricing environment, without the reserve liabilities associated with existing reinsurers. We strongly believe in the capabilities of the management team, and are excited to work with the blue chip roster of strategic investors."