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.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
