Moody’s raises Endurance Specialty debt, preferreds

Moody's Investors Service said it upgraded the insurance financial strength ratings of Endurance Specialty Holdings Ltd.'s principal operating subsidiaries to A2, from A3.

In the same action, the agency upgraded Endurance's debt and preferred stock ratings by one notch (senior unsecured to Baa1 from Baa2).

The outlook is stable.

Moody’s said the upgrade reflects Endurance's improved business profile and financial metrics. These include its substantially increased equity capitalization and scale following the acquisition of Montpelier Re Holdings Ltd. in July 2015, its reduced financial and operational leverage, and meaningfully lower catastrophe exposure as a percentage of equity capital.

In addition, Endurance's increased focus on writing higher margin specialty insurance business, in both the United States and in the London market, has strengthened the firm's prospective core profitability while also improving its product and geographic diversification, the agency said.

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