Endurance Names New U.S. President; Forms Service Company

January 13, 2004

Endurance Specialty Holdings Ltd., a Bermuda-based provider of property and casualty insurance and reinsurance, announced that William Jewett, presently the COO of its U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re), will become the division’s new president.

In a related move, the company announced the formation of Endurance Services Ltd. (Endurance Services), which will be headed by Endurance Re’s former President Steven Carlsen.

Jewett joined Endurance in December 2002 from Converium Reinsurance (North America) where he was Chief Underwriter of Risk Strategies, the non-traditional reinsurance underwriting division. He had responsibility for the underwriting, marketing, planning and overall management of their non-traditional reinsurance business. He was formerly responsible for underwriting and marketing in the U.S. for Centre Reinsurance Company of New York. Jewett began his career at Prudential Re, and spent eight years at NAC Re, where he served as Vice President and Manager of the Casualty Treaty department. He holds an A.B., Magna Cum Laude, from Harvard University and a M.B.A. from the Wharton School of the University of Pennsylvania.

Carlsen has served as Endurance Re’s President since its formation in late 2002. He will continue to serve as Chairman of Endurance Re and Chairman of the Endurance Group’s Underwriting Committee. Endurance Services will focus on improving operational efficiencies across the Endurance Group’s three operating platforms in Bermuda, the United Kingdom and the United States.

“Bill Jewett and his colleagues have done a tremendous job building an impressive U.S. reinsurance business. Endurance Re is a strong, technically oriented lead market in the working layer property, casualty, marine and accident lines of business. We are very proud of what the Endurance Re team has accomplished. The formation of Endurance Services allows us to continue to build on the strong infrastructure for the entire Endurance group of companies, in a focused, efficient manner,” commented CEO Kenneth J. LeStrange.

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