Endurance Reinsurance Corp. of America Receives A- Rating

January 2, 2003

Endurance Specialty Holdings announced that its U.S. subsidiary, Endurance Reinsurance Corporation of America (Endurance Re) has received Endurance’s group rating of A- (Excellent) from A.M. Best.

Endurance Re is licensed as a New York domestic insurer for all lines of property and casualty insurance and reinsurance. Currently, Endurance Re focuses on broker market reinsurance business, initially targeting the following business segments:

* Working layer property and casualty excess of loss reinsurance
* Pro rata reinsurance of primary and excess property and casualty
business
* Per-person exposed workers compensation reinsurance
* Surety reinsurance
* Other specialty lines

Endurance Re enjoys the strong support of Endurance Holdings’ Bermuda subsidiary, Endurance Specialty Insurance Ltd., including $335 million in paid capital and surplus, and broad reinsurance protection. Endurance Specialty Insurance also has an A- rating from A.M. Best.

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