2015 QUARTER 1 FINANCIAL UPDATE “ “ Our Marine / Energy and Global Agriculture teams are now fully integrated into Endurance Re and we achieved significant growth in our global specialty lines of business at January 1 renewals and in the first quarter. With our unique product expertise, we are able to widen and diversify the strong relationships that we have been building with key clients and brokers around the world. We are extremely confident that Endurance Re’s presence and relevance in these targeted markets will continue to increase throughout the remainder of the year. — Jerome Faure, CEO, Global Reinsurance, Endurance Specialty Holdings Ltd. FINANCIAL HIGHLIGHTS ENDURANCE RE GLOBAL LINES Catastrophe Reinsurance for catastrophic perils on a treaty basis for events such as hurricanes, typhoons, earthquakes, floods, tornadoes, hail, fire, terrorism and certain personal accident and workers’ compensation coverages. Property Proportional and excess of loss reinsurance of personal lines and commercial/industrial exposures. We also offer single project and operational engineering coverages as well as property, liability and multi-line treaties for small U.S. businesses. (in millions of U.S. dollars, except percentages) QUARTER ENDED MAR 31, 2015 QUARTER ENDED MAR 31, 2014 YEAR ENDED DEC 31, 2014 YEAR ENDED DEC 31, 2013 (UNAUDITED) (UNAUDITED) (AUDITED) (AUDITED) $1,301.4 $1,157.5 $2,894.1 $2,665.2 Net premiums written 765.0 798.7 1,934.2 2,048.9 Net income before preferred dividends 108.5 104.5 348.5 311.9 44.1% 44.6% 52.1% 60.5% ENDURANCE SPECIALTY HOLDINGS LTD. Gross premiums written Loss ratio Combined ratio Total assets 82.4% 81.3% 86.0% 90.2% $10,380.1 $9,794.8 $9,644.8 $8,978.1 Total shareholders’ equity 3,274.8 3,001.1 3,185.2 2,886.5 Debt to total capitalization 13.9% 15.0% 14.2% 15.5% Annualized ROAE, Operating income 13.0% 15.0% 11.7% 11.9% $565.2 $505.2 $1,177.9 $1,189.8 Net premiums written 460.9 455.7 1,073.8 1,116.4 Underwriting income 58.3 71.3 255.5 245.7 Loss ratio 38.3% 35.0% 36.4% 41.6% Combined ratio 78.0% 71.3% 74.6% 76.8% ENDURANCE RE Casualty Reinsurance of general liability, auto/motor liability, umbrella liability and workers’ compensation insurance. Professional Lines Directors’ and officers’ liability and related products, medical malpractice liability, and many classes of errors and omissions reinsurance. Gross premiums written Twelve Months Ending March 31, 2015 Reinsurance Net Premiums Written = $1,079.0 Million 12% Specialty • Agriculture • Aviation & Space 26% Reinsurance Net Premiums Written by Business Lines Specialty 18% Property 21% 23% Catastrophe Professional Lines Casualty • Marine & Energy • Personal Accident 2%1% 1% • Structured Reinsurance • Trade Credit, Surety & Political Risk • Weather Risk Reinsurance Net Premiums Written by Geography 4% 5% 10% United States 40% Worldwide Europe 37% Asia ex Japan Japan Australia / New Zealand Canada Other EXCELLENT FINANCIAL STRENGTH AND LIQUIDITY (March 31, 2015) Strong and Flexible Capital Structure (in millions of U.S. dollars) 4,000 $3,803 $3,713 3,500 $3,238 $3,139 3,000 $528 $430 $430 $430 $430 $430 $528 $527 $527 $528 2,500 $3,414 Endurance Group Financial Ratings A.M. Best — A (Excellent) XV Financial Strength Stable Outlook Standard & Poor’s — A (Strong) Stable Outlook NYSE: ENH Endurance’s total capital was $3.80 billion as of March 31, 2015 2,000 $2,845 $2,755 $2,457 $2,281 1,500 and includes $3.27 billion of shareholders’ equity. $2,181 At March 31, 2015, Endurance had 1,000 access to additional capital in the form 500 of a credit facility with approximately $587 million in remaining capacity. 0 2012 2011 Debt 2014 2013 Preferred Equity Mar 31, 2015 Endurance maintains significant levels Common Equity of liquidity with approximately 33% of investments in cash, short-term investments, U.S. Government, and Investment Portfolio as of March 31, 2015 Fair Value = $6.5 Billion* U.S. Government backed securities at March 31, 2015. Type of Investment Endurance’s investment portfolio Corporate Securities 5% 5% 9% 22% 6% 6% 16% 7% U.S. Government Agency Residential Mortgage-Backed Securities Non-Agency Commercial Mortgage-Backed Securities with an average rating of AA- for our Other Investments fixed income investments at March U.S. Government & Agencies Notes 9% 15% is comprised of high quality assets Asset-Backed Securities 31, 2015. Our priority is capital Equity Securities preservation while achieving attractive Collateralized loan and debt obligations risk adjusted returns. Other Fixed Income Securities** Cash & Equivalents Endurance’s investment portfolio has been managed to an average 13% 24% Investment Portfolio Ratings*** AAA/Aaa U.S. Government & Agencies 21% 9% 33% AA/Aa A/A BBB and Below/Not Rated duration of 2.95 years at March 31, 2015 to minimize interest rate risk. We carefully manage our asset-liability exposure and ensure that more than sufficient liquidity is available. * Investment totals net of investments pending settlement **Includes multiple types of securities with a 3% or less share ***Excludes cash and cash equivalents, equity securities and other investments To learn more, visit us at: www.endurance.bm ENDURANCE RE LO CATI ONS Bermuda Waterloo House 100 Pitts Bay Road Pembroke HM 08 Bermuda Tel No. +1.441.278.0400 London 2 Minster Court Mincing Lane London, EC3R 7BB United Kingdom Tel No. +44.207.337.2800 Singapore 12 Marina Boulevard, #38-03 Marina Bay Financial Centre Tower 3 Singapore 018982 Tel No. +65.6521.6860 Zurich Pelikanplatz 15 CH-8001 Zurich Switzerland Tel No. +41.44.213.2500 New York 750 Third Avenue Floors 18 & 19 New York, NY 10017 United States Tel No. +1.212.471.2800 ENDURANCE RE L EAD ER SHIP Jerome Faure CEO, Global Reinsurance [email protected] Peter Mills Chief Underwriting Officer, Head of Global Specialty Reinsurance & Europe Property & Casualty Reinsurance [email protected] Christopher Donelan President & Chief Underwriting Officer, Endurance Re U.S. [email protected] Stephen Young Chief Underwriting Officer & Head of Global Catastrophe Reinsurance [email protected] Rene Lamer Chief Executive, Singapore Branch, Head of Asia Pacific Catastrophe Reinsurance [email protected]
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