Endurance Names New Head of Reinsurance Operations for Bermuda

March 17, 2004

Bermuda-based Endurance Specialty Holdings Ltd., a global provider of property and casualty insurance and reinsurance, announced that its Bermuda subsidiary, Endurance Specialty Insurance Ltd. has appointed Daniel Izard to head its Reinsurance Operations.

He will also retain his post as Executive Vice President of the company’s Aerospace division. Lou Adanio, who most recently served as Head of Reinsurance Operations, will now focus on the role of Chief Underwriting Officer of Endurance Specialty.

Izard’s new role will be to work with the Property Treaty and Casualty Treaty departments to continue to build out Endurance Specialty’s reinsurance portfolio.

He joined Endurance in 2002 from Associated Aviation Underwriters, Inc. (AAU), one of the world’s leading aviation specialist underwriters, where he served as President & CEO for 15 years. He joined AAU in 1974 as an aviation underwriter and held numerous positions including Director of Reinsurance, Senior VP/Director of National Accounts, and Executive VP and Chief Operating Officer. Mr. Izard spent five years as an officer in the U.S. Air Force where he flew jet transport aircraft including a tour in Southeast Asia flying rescue helicopters. He graduated with Honors from the University of Illinois.

“We are confident that as head of our Reinsurance Operations, Dan will bring the highest levels of expertise, leadership, and commitment to Endurance’s driving principles of insight and analysis,” commented Thomas Bell, President of Endurance Specialty. “In addition, we look forward to his continued success in leading Endurance’s Aerospace group, one of our key specialty lines.”

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