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Prospect News home > News index > List of issuers E > Headlines for Endurance Specialty Holdings Ltd. > News item |
Fitch rates Endurance preferreds BBB-
Fitch Ratings said it assigned a BBB- rating to Endurance Specialty Holdings Ltd.'s $230 million of 7.5% series B non-cumulative perpetual preferred shares.
Endurance expects to use the net proceeds from the offering for repurchases of outstanding debt and to support the underwriting activities of its insurance and reinsurance subsidiaries.
Fitch also affirmed Endurance's existing ratings, including the A- issuer default rating and BBB+ $200 million of 6.15% senior notes due 2015, $335 million of 7% senior notes due 2034 and $200 million of 7.75% series A non-cumulative perpetual preferred shares.
The outlook is stable.
The ratings for Endurance continue to reflect the company's favorable earnings and interest coverage, assuming more normal catastrophe activity, moderate financial leverage and high-quality and liquid investment portfolio, the agency said.
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 conditions in the property and casualty market environment, the agency added.
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