Moody's affirms Endurance

Moody's Investors Service said it affirmed the A2 insurance financial strength ratings of Endurance Specialty Insurance Ltd. and Endurance Reinsurance Corp. of America, along with the debt and preferred stock ratings of parent holding company Endurance Specialty Holdings Ltd. at Baa1.

The affirmations follow news that the company has reached an agreement to repurchase about $321.5 million of ordinary shares and options from two investment funds affiliated with Perry Corp., one of the founding investors in Endurance, Moody's said.

The outlook is stable.

While the size of the share repurchase is large relative to Endurance's equity capital, total share repurchases and dividends during the past two years are roughly in line with net income earned by the company during that period, Moody's said.

The ratings reflect the company's established business platform, good spread of risk in international insurance and reinsurance and its strong earnings performance, Moody's added.

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