Fitch rates Endurance notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Endurance Specialty Holdings Ltd.'s $85 million of senior unsecured notes due 2034.

The outlook is stable.

Proceeds will be used for general corporate purposes.

Pro forma financial leverage and interest coverage are supportive of the company's ratings, according to the agency.

Ratings reflect the company's solid profitability, earnings and cash flow benefits derived from the company's diverse book of business and the strong support its high-quality and liquid investment portfolio provides for loss reserves, the agency said.

Ratings also contemplate adequate capitalization and a strong balance sheet, the agency added.

Ratings consider Endurance's exposure to large catastrophe events, cyclical pricing pressure and the potential for adverse reserve development from the company's casualty lines reserves, the agency noted.

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