Endurance Specialty Holdings, Ltd—

-- “bbb” on $335 million 7.0% senior unsecured notes, due 2034

-- “bbb” on $200 million 6.15% senior unsecured notes, due 2015

-- “bb+” on $8 million 7.75% Series A non-cumulative preferred shares

The following indicative shelf ratings have been affirmed for debt securities available under the existing shelf registration:

Endurance Specialty Holdings, Ltd—

-- “bbb” on senior unsecured debt

-- “bbb-”on subordinated debt

-- “bb+” on preferred stock

Endurance Holdings Capital Trust I & II (guaranteed by Endurance Specialty Holdings, Ltd)

-- “bb+” on preferred securities

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: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Understanding Universal BCAR”; “Natural Catastrophe Stress Test Methodology”; “Rating Members of Insurance Groups”; and “A.M. Best’s Ratings & the Treatment of Debt.” 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.

Copyright Business Wire 2010

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