Fitch affirms Endurance

Fitch Ratings said it affirmed Endurance Specialty Holdings Ltd.'s issuer default rating at A-, its $200 million 6.15% senior notes due 2015 and $335 million 7% senior notes due 2034 at BBB+ and its $200 million 7.75% series A non-cumulative perpetual preferred shares and $230 million 7.5% series B non-cumulative perpetual preferred shares at BBB-.

The outlook is stable.

Fitch said its rationale for the affirmation reflects the company's favorable historical earnings and interest coverage, moderate financial leverage and high-quality and liquid investment portfolio.

The ratings also reflect the inherent earnings volatility derived from the company's catastrophe exposure, potential uncertainty in the company's loss reserve estimates for long-tail business lines and a higher underlying combined ratio due to increased losses and competitive property/casualty market conditions, the agency said.

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