Endurance Specialty Holdings Ltd. announced its operating subsidiaries have received A- ratings from Standard & Poor’s Ratings Services (S&P).
S&P indicated that the decision was based on Endurance’s “extremely strong capital adequacy, good market acceptance, experienced management, and clean infrastructure, which supports a focused underwriting strategy with established exposure limits.”
Endurance launched its Bermuda operations in November 2001 in response to the market dislocation that occurred in the global insurance and reinsurance markets as a result of the events of Sept. 11. To expand the company’s international reach, subsidiaries and licenses were obtained for operations in the U.S. and U.K. in December 2002. S&P cited in its release that the establishment of these offices, “removes any risk of loss reserve development relating to claims that predate its formation. Similarly, it has no legacy systems that need to be maintained or transitioned. Both of these platforms will enable Endurance to continue its risk diversification by geography and product line.”
Endurance earned $102 million in 2002 with gross premiums of $799 million. For the first quarter of 2003, Endurance reported $51 million in net income.
“Endurance is pleased with its S&P rating. We feel it is a positive validation of the company’s financial strength, conservative reserving, and strategic business plan,” said Kenneth LeStrange, chairman, president, and CEO of Endurance Specialty Holdings.
Was this article valuable?
Here are more articles you may enjoy.