Endurance Specialty Closes $500 Million Bank Facility

Bermuda-based Endurance Specialty Holdings Ltd. announced that it has closed on an unsecured $500 million revolving credit/letter of credit facility with a consortium of leading financial institutions.

It noted that the “facility was arranged by J.P. Morgan Securities Inc. and Banc One Capital Markets, Inc. acting as Joint Bookrunners and Joint Lead Arrangers. The other institutions participating in the facility are: Bank of Bermuda, Bank of New York, Bank of Nova Scotia, Barclays Bank, Comerica Bank, Commerzbank, Credit Lyonnais, Deutsche Bank, Fleet National Bank, Goldman Sachs, ING Bank, Lloyds TSB, Merrill Lynch, Royal Bank of Scotland, and Wachovia Bank. ”

CFO James R. Kroner commented: “We are extremely pleased to have closed this transaction. It provides Endurance significant liquidity and letter of credit capacity to support the needs of our clients. We are appreciative of the strong level of support and commitment that we received from our many financial partners.”