A.M. Best Assigns Rating To Endurance Specialty Holdings, Ltd.’s Preferred Shares
A.M. Best Co. has assigned a debt rating of “bb+” to the $230 million 7.5% Series B preferred shares of Endurance Specialty Holdings, Ltd. (Endurance) (Bermuda) (NYSE: ENH). The assigned outlook is stable.
The proceeds from the issuance will be used by Endurance for general corporate purposes, including the repurchase of outstanding debt. The company’s debt-to-adjusted capital ratio and rolling three-year fixed charge coverage remain comfortably within the range that is commensurate with the assigned rating.
Endurance was formed in 2001 and owns several diversified specialty insurance and reinsurance companies. The company has operations in Bermuda, Europe, the United States and Latin America.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition , which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “A.M. Best’s Ratings & the Treatment of Debt”; “Understanding Universal BCAR”; and “Natural Catastrophe Stress Test Methodology.” Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2011 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.Select the service that is right for you!
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