Moody's affirms Endurance

Moody's Investors Service said it affirmed Endurance Specialty Holdings Ltd.'s senior unsecured debt at Baa1 and preferred stock at Baa3.

The agency also assigned a provisional Baa1 senior unsecured debt rating and provisional Baa2 subordinated debt rating to the company's shelf registration.

The outlook is stable.

Moody's said Endurance's ratings reflect the firm's established business platform, good spread of risk in international insurance and reinsurance, strong earnings performance and internal capital generation to date, moderate financial leverage, efficient operations, integrated systems infrastructure and high-quality investment portfolio.

These core strengths are tempered by the company's underwriting focus in highly cyclical specialty insurance and reinsurance sectors and by the inherent underwriting volatility in many of these specialty lines, the agency added.

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