Standard & Poor's has raised its counterparty credit and financial strength ratings on Endurance to 'A' from 'A-'.
The upgrade on Endurance reflects its strong competitive position based on its global market presence, scale, and diversified insurance (30% of projected gross premiums in 2006) and reinsurance (70%) platforms, in particular the increased scale within its US excess and surplus platform.
In addition, Endurance maintains very strong capital adequacy measuring a capital adequacy ratio of 152% as of third-quarter 2006, above expectations for the rating.
Endurance is expected to measure strong operating performance prospectively, and year-to date third-quarter 2006 Endurance has measured a combined ratio of 87% and net income of $299m versus a loss of $220m in 2005 on a combined ratio of 124%, so all of 2005's losses have been replenished.
