Moody's rates Endurance Specialty notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to $85 million of senior notes issued by Endurance Specialty Holdings Ltd. as an add-on to its previously issued 7% senior notes due 2034, which are rated Baa1.

The issuance will increase the principal amount outstanding on this series of notes to $335 million from $250 million.

The outlook for the ratings is stable.

Proceeds will be used for general corporate purposes.

According to Moody's, ratings reflect the firm's established business platform, its good spread of risk in international insurance and reinsurance, its strong earnings performance and internal capital generation to date, as well as its moderate financial leverage.

These 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 noted.

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