CalSTRS invested $38.5 million in Endurance Specialty Insurance. The new Bermuda-based reinsurance firm is geared to add capacity to the global reinsurance industry, which has been strained by losses from the World Trade Center disaster, reserve shortages and falling stock prices.
The $101 billion California State Teachers’ Retirement System, Sacramento, will co-invest $12.5 million in the firm, which was formed by Aon and Zurich Financial Services. CalSTRS’ commitment will be invested alongside $12.9 million in fund assets that are part of a $200 million investment by Texas Pacific Group III, plus an additional investment of $13.1 million through Thomas H. Lee V. In total, CalSTRS will invest 3.2% of the $1.2 billion raised by all investors.
