About Us:
Financial Highlights
Key Statistics – September 30, 2008
Our strong balance sheet is built on a disciplined investment management strategy coupled with a considered and prudent approach to reserving.
| Total Assets | $7.87 billion |
| Total Shareholders’ Equity | $2.27 billion |
| Gross Premiums Written– YTD | $2.01 billion |
Excellent Financial Strength and Liquidity at September 30, 2008
Endurance maintains a high quality fixed income portfolio and low counterparty risk:
- No sub prime mortgage backed securities
- No credit or interest rate derivatives
- No exposure to Fannie Mae and Freddie Mac preferred equity or subordinated debt or any security issued by Washington Mutual
- Immaterial exposure to other troubled financial institutions ($10M in total with Lehman and AIG)
- Non-agency mortgage backed securities are the most senior in the issuer’s capital structure, protected by significant subordination
- Low reinsurer counterparty risk
Strong cash flows and low cost capital availability provide exceptional liquidity:
- Portfolio currently generates annual principal and interest payments of > $1 billion
- Asset portfolio currently matched to liability duration ~ 3 years
- Credit facility provides for liquidity needs and letter of credit issuance with > $600 million unused capacity at 9/30/08; widely syndicated facility with 16 participant banks matures in 2012
- $150 million variable forward sale of equity can be quickly drawn upon through 2010
Quarterly Financial Highlights
Our Quarterly Financial Update provides a snapshot of our income statement and balance sheet including business line premium distribution and an overview of our investment portfolio.
Credit Ratings
We maintain excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and A (Strong) from Standard and Poor’s on our operating subsidiaries other than American Agri-Business Insurance Company and A- (Excellent) from A.M. Best for American Agri-Business Insurance Company.
| Endurance Specialty Insurance Ltd. | A (stable) |
A (stable) |
A2 (stable) |
Bermuda |
Endurance Reinsurance Corporation of America |
A (stable) |
A (stable) |
A2 (stable) |
U.S. |
Endurance Worldwide Insurance Limited |
A (stable) |
A (stable) |
|
U.K. |
Endurance American Insurance Company |
A (stable) |
|
|
U.S. |
Endurance American Specialty Insurance Company |
A (stable) |
A (stable) |
|
U.S. |
American Merchants Casualty Company |
A (stable) |
|
|
U.S. |
American Agri-Business Insurance Company |
A- (stable) |
|
|
U.S. |
See Investor Relations for more detailed financial information and documents.