ENDURANCE SPECIALTY HOLDINGS LTD - FORM 8-K - EX-99.1

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Exhibit 99.1

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Endurance Specialty Holdings Ltd.

2014 Loss Development Triangles

2014 Loss Development Triangle Cautionary Language

This report is for informational purposes only and is current as of December 31, 2014. We are under no obligation and do not expect to update or revise this report, whether as a result of new information, future events or otherwise, even when such new data has been reflected in the filings of Endurance Specialty Holdings Ltd. (“Endurance” or the “Company”) with the U.S. Securities and Exchange Commission (the “SEC”) or otherwise. Although the loss development patterns disclosed in this report are an important factor in the process used to estimate loss reserve requirements, they are not the only factors considered in establishing reserves. The process for establishing reserves is subject to considerable variability and requires the use of informed estimates and judgments. Important details, such as specific loss development expectations for particular contracts, years or events, cannot be developed solely by analyzing the information provided in this report. In addition to analyzing loss development information, management incorporates additional information into the reserving process, such as pricing for insurance and reinsurance products, current market conditions and feedback from the Company’s business units. Readers must keep these and other qualifications more fully described in this report in mind when reviewing this information. This report should be read in conjunction with other documents filed by the Company with the SEC, including the most recent Annual Report on Form 10-K.

Safe Harbor for Forward-Looking Statements

Some of the statements in this report may include forward-looking statements which reflect management’s current views with respect to future events and financial performance. Such statements may include forward-looking statements with respect to the Company in general and the insurance and reinsurance business segments specifically, both as to underwriting and investment matters. Statements which include the words “should,” “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” and similar statements of a future or forward-looking nature identify forward-looking statements in this report for purposes of the U.S. federal securities laws or otherwise. The Company intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.

All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or may be important factors that could cause actual results to differ from those indicated in the forward-looking statements in this report. These factors include, but are not limited to: (i) changes in the size of the claims payable by Endurance relating to natural catastrophes, (ii) greater frequency or severity of claims and loss activity than Endurance’s underwriting, reserving or investment practices anticipate based upon historical experience or industry data, (iii) trends in rates for property and casualty insurance and reinsurance, (iv) changes in the judicial, legislative or regulatory environments in which Endurance operates, (v) changes in general economic conditions, including foreign currency exchange rates, inflation and other factors and (vi) the other factors described in the Company’s most recent Annual Report on Form 10-K.

Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation publicly to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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ENDURANCE SPECIALTY HOLDINGS LTD.

2014 GLOBAL LOSS TRIANGLES

Table of Contents


Section			Page

I.	Introduction			1

II.	Comments and Observations on Data Presented			3

III.	Data Compilation and Definitions			4

IV.	Triangle Class Details			11

V.	Overview of Reserving Methodology			17

VI.	Reconciliations			20

VII.	Data and Exhibits (Summary Exhibits and Triangles)

	Consolidated Total	Exhibit 1
	Insurance Segment
	Agriculture	Exhibit 2
	High Attaching Excess of Loss Casualty	Exhibit 3
	United States Sourced Casualty	Exhibit 4
	Workers’ Compensation	Exhibit 5
	Professional Lines	Exhibit 6
	International Sourced Property & Energy	Exhibit 7
	United States Sourced Property & Marine	Exhibit 8
	Reinsurance Segment
	Catastrophe	Exhibit 9
	Property	Exhibit 10
	Casualty Motor	Exhibit 11
	Casualty Other	Exhibit 12
	Workers’ Compensation	Exhibit 13
	Professional Liability	Exhibit 14
	Aerospace & Marine	Exhibit 15
	Agriculture	Exhibit 16
	Surety & Trade Credit	Exhibit 17
	Other Specialty – Miscellaneous	Exhibit 18
	Insurance Agriculture	Exhibit 19
	Insurance Casualty and Other Specialty	Exhibit 20
	Insurance Professional Lines	Exhibit 21
	Insurance Property, Marine and Energy	Exhibit 22
	Reinsurance Catastrophe	Exhibit 23
	Reinsurance Professional	Exhibit 24
	Reinsurance Property	Exhibit 25
	Reinsurance Casualty	Exhibit 26
	Reinsurance Other Specialty	Exhibit 27
	Insurance Segment Total	Exhibit 28
	Reinsurance Segment Total	Exhibit 29

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Endurance Specialty Holdings Ltd.

2014 Global Loss Triangles

I. INTRODUCTION

This report provides information on the loss development characteristics of Endurance Specialty Holdings Ltd. and its consolidated subsidiaries (“Endurance” or the “Company”) as of December 31, 2014. This report provides detail on Endurance’s reserves by showing global loss triangles for gross paid and reported loss and allocated loss adjustment expenses (“ALAE”) by accident year at annual evaluation dates. The most recent evaluation is as of December 31, 2014. In addition, accident year summary exhibits are provided which highlight the gross, ceded, and net results by business segment and triangle classes as of December 31, 2014. These summaries include: earned premiums, paid loss and ALAE, case outstanding losses, additional case reserves, incurred but not reported losses (“IBNR”), paid unallocated loss adjustment expense (“Paid ULAE”), unallocated loss adjustment expenses reserve (“ULAE Reserve”), and the ultimate loss & loss adjustment expenses (“LAE”) ratios as of December 31, 2014 on an inception to date basis. Section II of this document offers general observations on the data presented in both the triangles and the summary exhibits, while Section III provides a discussion of the means used to compile the data, as well as definitions for many of the terms used in this report. A more detailed description of the business underlying the triangle information is found in Section IV of this report. Section V of this report contains a summary description of management’s loss reserving methodology.

The inherent uncertainty associated with the estimation of loss and LAE reserves remains a significant balance sheet risk for all property-casualty specialty insurance and reinsurance companies, including Endurance. Management believes the triangles and corresponding accident year summary exhibits along with the narrative in this report provide additional insight into the loss development characteristics of Endurance’s diversified businesses.

The process of establishing and periodically adjusting loss and LAE reserves is an inherently complex process containing numerous management judgments related to the segmentation of data, methodologies utilized and their associated parameters, along with the weights applied to the various techniques used in the reserving process. Actuarial determinations of unpaid future losses and LAE are subject to potential errors of estimation, which could be significant, due to the fact that the ultimate disposition of claims incurred prior to the date of such estimation, whether reported to Endurance or not, is subject to the outcome of events that have not yet occurred. Likewise, any estimate of future costs associated with claims settlement is subject to the inherent limitation on the ability to predict the course of future events. Consequently, it should be expected that the actual emergence of the ultimate loss and LAE will vary, perhaps considerably, from any prior estimate. Readers should also review additional reserve disclosures and company risk factors that are provided in the Company’s most recent Annual Report on Form 10-K filed with the SEC.

Readers of this report are strongly advised against projecting ultimate losses and LAE for Endurance directly from the loss development triangles in this report, as these calculations rarely take into account fully the true underlying nature of the liabilities. The seventeen triangle classes we have selected are the compilation of over 200 discrete reserving groups within Endurance that represent different geographies, pricing environments, legislative climates and policy forms.

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Endurance Specialty Holdings Ltd.

2014 Global Loss Triangles

Also, depending upon which actuarial reserving method is utilized, the presence or absence of large catastrophe losses and how they are treated may have a significant impact on the estimated ultimate loss and LAE. In addition, changes to the premium volume, mix of business and the underlying exposures within a class may have significant effects on the resulting ultimate loss estimates and overall reserve levels. Without incorporating this critical information, the results derived from a direct extrapolation of the loss development triangles in this report have the potential of being materially misleading.

The triangles and summary exhibits are provided for both the Insurance and Reinsurance segments of the Company. In addition, while analysis, reviews and reporting of reserves focuses primarily on the loss reserve development classes within each business segment, the information provided in the triangles in this report has been expanded to capture some of the additional differences in reporting that naturally occur within these lines of business. The losses in these exhibits and triangles represent the Company’s December 31, 2014 gross, ceded and net loss and LAE reserves in their entirety, although these amounts have been adjusted for changes in foreign currency. A reconciliation to select data from the Company’s financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) is included in Section VI of this document.

As discussed more fully in Section III, the accident year losses in these exhibits and triangles are adjusted for changes in calendar year earned premium adjustments and foreign exchange movements. Because of these adjustments, which we expect to continue, future versions of this information will not tie directly to the data included in this report.

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Endurance Specialty Holdings Ltd.

2014 Global Loss Triangles

II. COMMENTS AND OBSERVATIONS ON DATA PRESENTED

The triangle groupings have changed since last year. Grouping changes are as follows:

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Last year, Agriculture reinsurance and other specialty reinsurance had been grouped in “Reinsurance – Agriculture & Other”. This year, those lines of business are shown separately as “Reinsurance Segment – Agriculture” and “Reinsurance Segment – Other Specialty – Miscellaneous”.

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Last year, the surety bond insurance business was included within “Insurance Segment – United States Sourced Property”. It is now included within “Insurance Segment – United States Sourced Casualty”.

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“Insurance Segment – United States Sourced Property” has been renamed “Insurance Segment – United States Sourced Property & Marine” to reflect the inclusion of the inland and ocean marine lines of business.

•

“Insurance Segment – International Sourced Property” has been renamed “Insurance Segment – International Sourced Property & Energy” because it includes our energy insurance business which began operation in 2014.

Based on the data as of December 31, 2014 presented in this report, we believe the following general observations are noteworthy:

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On an inception to date basis, 54% and 46% of gross earned premium arises from the Reinsurance and Insurance segments, respectively. Correspondingly, on a gross basis 45% and 55% of loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively. On a net basis, 54% and 46% of the loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively.

•

Additional Case Reserves (“ACRs”) amount to 8% of reported net case reserves. Within Endurance’s Reinsurance segment, this amount is 14% of the net reported case reserves.

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The Reinsurance and Insurance segments have contributed approximately 52% and 48% to the total inception to date prior year favorable gross reserve development, respectively.

•

Endurance’s overall inception to date net ultimate loss and LAE ratio of 63% is comprised of a 74% net loss ratio for the Insurance segment and a 57% net loss ratio for the Reinsurance segment.

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Endurance Specialty Holdings Ltd.

2014 Global Loss Triangles

III. DATA COMPILATION AND DEFINITIONS

The Global Loss Triangles and summary exhibits are presented on an accident year (or report year where applicable) basis. While underwriting or policy year statistics may also provide useful information for analysis purposes, management believes the accident/report year presentation better highlights the true loss activity that occurs at Endurance within a given calendar year. We note that the accident year presentation of triangles requires the utilization of assumptions and allocation procedures with respect to certain lines of business underwritten by Endurance (bordereaux allocation). This is primarily a result of not receiving sufficient information from ceding companies in certain lines of business, which prevents the allocation of claims to specific accident years with certainty. Although we attempt to keep the allocations as reasonable and as accurate as possible, to the extent our assumptions and allocation procedures differ from actual historical loss development patterns, the actual loss development may differ materially from the loss development included in this report.

Data Presented

The data presented in the accident year triangle and summary exhibits is as follows:

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Global Loss Triangles

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Paid loss and ALAE

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Case incurred loss & ALAE (including ACRs)

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Ultimate loss and ALAE

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Earned Premium

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Ultimate loss and ALAE ratio

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Ultimate loss and ALAE emergence

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Summary Exhibits

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Gross earned premium, paid losses, reserves (case outstanding, ACRs, IBNR, and ULAE)

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Ceded earned premium, paid losses, reserves (case outstanding, ACRs, IBNR, and ULAE)

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Net earned premium, paid losses, reserves (case outstanding, ACRs, IBNR, and ULAE)

Basis of Presentation

Information presented herein may differ materially from that reported in Endurance’s financial statements prepared in accordance with GAAP due to differences in foreign currency exchange rates, the impact of premium adjustments and other data adjustments.

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2014 Global Loss Triangles

All amounts are presented in thousands of U.S. dollars and reflect the conversion from the original currency of the underlying business if not denominated in U.S. dollars (“USD”). Foreign currency denominated losses and premiums are converted based on exchange rates at the dates of the transactions to the currency of the legal underwriting entity, which are either USD or British Pounds (“GBP”). Endurance’s reporting currency is USD. Fluctuations in currency exchange rates can cause material shifts in loss development. To reduce distortions caused by such fluctuations, data in the triangles have been restated using the year end 2014 rate of exchange of 1.55925 USD to GBP.

Some (re)insurance contracts and policies contain provisions resulting in a variation of the premium or acquisition expenses as a result of loss experience under the contract or policy. Within the analysis, estimated reinstatement premiums are included in the premium totals.

Intercompany reinsurance transactions have not been reflected in the triangles.

The loss development triangles are presented on the basis of applying reinsurance accounting to all Endurance’s business and do not reflect any adjustments that may be required for financial reporting purposes to comply with Accounting Standards Certification Topic 340 Subtopic 30 “Other Assets and Deferred Cost Insurance Contracts that do not Transfer Risk” as highlighted in the reconciliation to GAAP reserves in Section VI of this document.

Earned Premium

The earned premium triangle includes the calendar year changes in accident year earned premium due to premium adjustments. For financial reporting purposes, the premium adjustments are recognized in the calendar year they were determined. For actuarial reserving purposes, these premium adjustments are allocated to the accident year or years based on the initial policy or treaty to which the adjustment belongs. For example, if a premium adjustment is recognized in calendar year 2014 from a policy written and exposures earned in 2010, the additional premium is recognized in the 2014 calendar year for financial reporting purposes. However, for reserving purposes, the premium is allocated to the years in which the premium for the 2010 treaty was originally earned. As a result, the information provided herein may differ materially from that presented in Endurance’s financial statements.

Ultimate Loss and ALAE Ratio

The ultimate loss and ALAE ratio triangle shows the year to year changes in the ratio of all expected settlement amounts, whether paid or reserved, together with any associated settlement expenses to earned premium. The ultimate loss and ALAE ratio is presented to show the relationship between management’s best estimate of expected ultimate losses and ALAE and the associated premiums that were received by Endurance to assume the risks related to those losses. Ultimate losses and ALAE within an accident year are subject to many factors that impact the recorded value of such losses (such as favorable/adverse claims emergence, frequency/severity trends, inflation, methodology changes, foreign exchange fluctuations, and premium adjustments

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2014 Global Loss Triangles

from prior accident periods). Endurance distributes earned premium from premium adjustments to the appropriate accident year in its reserving process, so changes in booked ultimate losses can occur solely due to these premium changes. Because of this, the triangle of ultimate loss & ALAE ratios essentially removes the effect of changes in premium from the loss estimates. At any point (maturity) in the triangle, management’s best estimate of booked ultimate loss and ALAE estimate is the product of the corresponding accident year earned premium and ultimate loss and ALAE ratio.

Ultimate Loss and ALAE

The triangle of ultimate loss and ALAE is derived by multiplying the most recent accident year earned premium (the last Diagonal of the earned premium triangle) by the historical accident year ultimate loss and ALAE ratio as presented in their respective triangles. This presentation removes the effect of premium adjustments from the development of ultimate losses, and provides a better picture of the changes occurring to the true accident year ultimate loss and ALAE. Reconciliation to Endurance’s GAAP financial statements is included in Section VI of this report.

Ultimate Loss Emergence

The triangle of ultimate loss emergence is calculated by taking the difference of corresponding cells in the ultimate loss and ALAE triangle. For example, using the consolidated triangles, the change in ultimate loss from 12-24 month maturity for the 2010 accident year is derived by subtracting the ultimate loss & ALAE at the 12 month maturity for the 2010 accident year from the ultimate loss & ALAE at the 24 month maturity for the same accident year. The full calendar year emergence is represented by the total of any given diagonal (excluding the loss emergence within the first 12 months of an accident year), and is also shown as an additional row at the bottom of the triangle.

Global Loss Triangle Classes

Triangles are provided in 17 classes: 7 for the Insurance segment and 10 for the Reinsurance segment. The classes are based on the loss development characteristics for the lines of business represented by the exposures in a given triangle class (motor, workers’ compensation, property, etc.), as well as differences in the underlying business, as evidenced by the separate insurance casualty classes. It is important to note that for the Reinsurance classes, there is no differentiation between proportional and non-proportional business that could have different loss emergence patterns. The 17 triangle classes included in this report are listed below:

Insurance Segment Loss Triangle Classes

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Agriculture (Insurance Agriculture)

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High Attaching Excess of Loss Casualty (Insurance Casualty and Other Specialty)

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United States Sourced Casualty (Insurance Casualty and Other Specialty)

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Workers’ Compensation (Insurance Casualty and Other Specialty)

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2014 Global Loss Triangles

•

Professional Lines (Insurance Professional Lines)

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International Sourced Property & Energy (Insurance Property, Marine and Energy)

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United States Sourced Property & Marine (Insurance Property, Marine and Energy)

Reinsurance Segment Loss Triangle Classes

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Catastrophe (Reinsurance Catastrophe)

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Property (Reinsurance Property)

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Casualty Motor (Reinsurance Casualty)

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Casualty Other (Reinsurance Casualty)

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Workers’ Compensation (Reinsurance Casualty)

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Professional Liability (Reinsurance Professional)

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Aerospace & Marine (Reinsurance Other Specialty)

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Agriculture (Reinsurance Other Specialty)

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Surety & Trade Credit (Reinsurance Other Specialty)

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Other Specialty-Miscellaneous (Reinsurance Other Specialty)

Further detail of the types of business contained in each class is provided in Section IV of this document. In the upper left hand label of each triangle (excluding the one combined triangle class), a mapping of that triangle’s classes to the reserve categories disclosed in the Company’s Annual Report on Form 10-K is included.

Accident Year Loss Allocation

Many proportional reinsurance contracts are submitted using quarterly bordereau reporting by underwriting year with a supplemental listing of large losses. As a result, a two-step allocation process was utilized to allocate these losses to accident year. The first step is to identify large losses and place them in the corresponding accident year as reported on a large loss listing. The second step is to allocate the remaining losses to particular accident years based on selected payment and reporting patterns applied to the earning of the underlying exposures, which in many instances is premium. To the extent management’s assumptions and allocation procedures differ from actual historical loss development patterns, the actual loss development may differ materially from the loss development included in this report.

Large Losses and Other Adjustments

The triangles are unadjusted with respect to large losses and catastrophic losses, including losses related to the 2004, 2005, 2008, 2011, and 2012 catastrophes. The loss amounts are gross of any retrocession recoveries. The premium data is gross of any retrocession recoveries and includes any reinstatement premiums associated with the loss events.

Business Not Included

No business has been excluded from the analysis.

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2014 Global Loss Triangles

Discounting

The losses and IBNR stated in the triangles do not include a provision to reflect the time value of money.

Maturity of Triangle Periods

Since Endurance was formed in late 2001, underwriting data is available only for periods beginning 2001 or subsequent. For many lines of business, even less data is available as those lines were added more recently. For the business lines with sparse or limited data presented, there is an additional amount of uncertainty in the estimated ultimate loss and LAE and actual loss experience could differ materially from the estimated ultimate loss amount.

Definitions

To assist the reader, several key definitions are highlighted below.

Accident Year means the year in which the event occurred that triggered a claim to Endurance. All years referred to are years ending December 31^st.

Additional Case Reserves or ACRs are amounts that are held in addition to Case Reserves that result from Endurance’s claims professionals determining that the established Case Reserves (which are often established by ceding companies or third parties) are expected to be insufficient to meet the expected future settlement amounts.

Additional Event Reserves are amounts that are held in respect of known events that are expected to give rise to future settlements but at the time of being established, not enough is known to allocate them to specific (re)-insureds.

Allocated Loss Adjustment Expense or ALAE is an estimate of the associated external expenses to be incurred in settling a claim. ALAE includes the costs of third party loss assessors and legal experts.

Case Incurred Loss and ALAE is the sum of Paid Losses and ALAE, plus Case Reserves and any Additional Case Reserves.

Case Reserves are amounts set aside in relation to claims that have been made but not yet been paid and represent an assessment of the remaining amount to be paid in respect of each notified claim.

Ceded Claims are those amounts Endurance received or expects to receive from third party reinsurers to whom Endurance ceded premiums.

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2014 Global Loss Triangles

Ceded Premiums are those premiums paid by Endurance to third party reinsurers.

Diagonals in the triangle from bottom left to top right represent evaluation dates. For example, the last diagonal in our published triangles shows the position of each Accident Year as at December 31, 2014.

Earned Premium is the amount of policy premiums allocated between Accident Years in accordance with the assumed incidence of risk.

FCIC is the U.S. Federal Crop Insurance Corporation, the government reinsurer of multi-peril crop insurance underwritten by Endurance’s agriculture insurance subsidiary.

Gross Premiums and Gross Losses are shown before the impact of any third party outwards reinsurance that Endurance purchases.

IBNR means incurred but not reported reserve. IBNR reserves represent a provision for claims that have been incurred but not yet reported to the Company, as well as future loss development on losses already reported in excess of the Case Reserves and Additional Case Reserves. In this presentation, Additional Event Reserves are included within IBNR. Endurance’s process for establishing IBNR is discussed further in Section V of this document.

Loss Adjustment Expense or LAE is expense incurred in settling the claim. LAE includes the costs of third party loss assessors or legal experts and the cost of internal time necessary to settle a claim. LAE is the sum of ALAE and ULAE.

Maturity is measured in months from the start of the Accident Year.

Net means the retained portion of premiums written or losses paid and incurred. Net Premium equals Gross Premium less Ceded Premium and Net Losses equals Gross Losses less Ceded Losses.

Paid Losses are claim amounts paid to insureds or ceding companies.

Report Year / Claims Made Year refers to the year in which a claim is reported to Endurance. All years referred to are years ending December 31^st.

Triangle is a cross tabulation of data usually showing financial quantities in respect of periods of exposure (e.g. Accident Years), each evaluated at regular intervals (maturities).

Unallocated Loss Adjustment Expense or ULAE is an assessment of the internal expenses required to settle the current claims.

Ultimate Loss and LAE are the total of all expected settlement amounts, whether paid or reserved together with any associated settlement expenses and is the estimated total amount of

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2014 Global Loss Triangles

loss at the measurement date. For the purposes of this report, Ultimate Loss & LAE is calculated by adding: Paid Loss & ALAE, Case Reserves, Additional Case Reserves, IBNR (inclusive of Additional Event Reserves), Paid ULAE, and ULAE Reserves.

Ultimate Loss and LAE Ratio is the ratio of Ultimate Loss and LAE amounts to Earned Premium, which shows the relationship between expected losses and the associated premiums that are received related to those losses.

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2014 Global Loss Triangles

IV. TRIANGLE CLASS DETAILS

a) Insurance Agriculture – Agriculture

The agriculture insurance triangle class is comprised of multi-peril crop insurance (a business that interacts heavily with the U.S. federal government’s crop reinsurance program), crop hail, livestock risk protection and other agriculture risk management products. The protections offered provide coverage for yield and revenue losses resulting from weather related perils, such as drought and hail, as well as losses stemming from commodity price movements. The majority of this triangle class is multi-peril crop insurance.

b) Insurance Casualty and Other Specialty - High Attaching Excess of Loss Casualty

The high attaching excess of loss casualty insurance triangle class represents two of the three commercial casualty insurance businesses underwritten by Endurance’s Bermuda operating subsidiary. The Healthcare Liability Insurance book comprises approximately 54% of the inception to date gross earned premium for this triangle group, while the Excess Casualty Insurance book comprises the remaining 46%. The businesses are as follows:

Healthcare Liability Insurance – Third party excess liability coverage for hospitals in the United States written on both a direct insurance basis and as reinsurance to captive insurance companies. Clients are predominantly multi-hospital systems, academic medical centers and specialty hospitals such as pediatric hospitals.

Excess Casualty Insurance – Third-party excess liability coverage for a wide range of industry groups. Clients are typically Fortune 1000 companies in a variety of industries, including but not limited to chemical manufacturers; medical products; pharmaceuticals; construction, including home builders and owner controlled insurance programs; transportation, including commuter and freight rail, and trucking; premises exposures; and manufacturing. Approximately 56% of the inception to date earned premium for this business was written on claims made or occurrence reported forms. Business written on these forms typically have faster development than similar business written on the more standard occurrence forms, which are used for most excess casualty insurance written in the United States. Section V provides more detail concerning this matter.

c) Insurance Casualty and Other Specialty – United States Sourced Casualty

The United States sourced casualty insurance triangle class comprises U.S. commercial liability insurance underwritten by certain of Endurance’s U.S. insurance operating subsidiaries. The largest product in this triangle class based upon gross earned premium is excess casualty, with the remainder comprising primary casualty, contract binding operations, healthcare liability, and surety bond. The inception to date gross earned premium for this triangle class can be broken down approximately as follows: excess casualty 50%, primary casualty 22%, contract binding operations 16%, healthcare 9%, and surety 3%.

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Excess Casualty Insurance – Endurance’s United States sourced excess casualty product targets clients, typically below the Fortune 500 level, that include contractors, manufacturers, real estate, financial institutions, transportation, and public entities. Participations are generally on the second or third excess of loss layers. In 2013, Endurance added E&S excess liability coverage through a network of appointed wholesale brokers across a broad spectrum of industries, from construction to manufacturing and retail.

Primary Casualty Insurance – This business unit typically provides general liability coverage for middle market commercial exposures.

Contract Binding Operations – This business unit provides property and general liability coverages for small to medium-sized risks through a binding authority surplus lines agency network across the United States. Only the casualty exposures are included in this triangle class.

Healthcare Liability Insurance – The healthcare liability business unit provides a range of specialized excess professional liability products to community based hospitals as well as large physicians’ groups.

Surety Bond – The surety bond business unit provides a range of surety products to general, trade and heavy contractors.

d) Insurance Casualty and Other Specialty – Workers’ Compensation

The workers’ compensation insurance triangle class was primarily ground up workers’ compensation insurance in niche markets in California. Target clients were small and medium sized businesses that were written through local production sources utilizing web-based systems.

The Company exited the California workers’ compensation insurance business during the first quarter of 2009.

e) Insurance Professional Lines – Professional Lines

The professional liability insurance triangle class includes directors & officers liability, errors & omissions, employment practice liability, fiduciary liability, fidelity, and pollution liability business underwritten by Endurance’s Bermuda and United States subsidiaries. This class is comprised of four business units:

Commercial Management Liability - This business unit provides a full complement of management and professional liability products, including director & officers liability and employment practices liability coverage, for large to mid-sized companies, professional firms and healthcare systems.

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Financial Institutions – This business unit writes a wide range of specialized insurance solutions for banks, insurance companies, hedge funds, private equity funds, investment advisors, mutual funds, and other financial services companies.

Endurance Pro – This business unit insures a wide range of professional lines exposures throughout the U.S. with a focus on law firms, insurance organizations, technology services, architect and engineering firms, securities broker/dealers and miscellaneous classes.

Pollution Liability Insurance – The pollution liability business unit provides general liability, contractor’s pollution liability, and professional liability coverage for environmental engineers and contractors throughout the U.S. A smaller portion of this book provides site pollution coverage.

f) Insurance Property, Marine and Energy – International Sourced Property and Energy

This triangle class includes the commercial property insurance and facultative reinsurance business underwritten by Endurance’s Bermuda and U.K. operating subsidiaries. Also, this triangle class includes energy insurance, which the Company commenced writing through its U.K. subsidiary in 2014. The Company ceased underwriting property insurance in its Bermuda subsidiary in 2006. The growth of this business in 2014 is due to the commencement of Endurance’s U.K. based Global Property and Energy businesses.

g) Insurance Property, Marine and Energy – United States Sourced Property and Marine

The United States sourced property insurance triangle class includes Property E&S, Commercial Property, Inland Marine, Ocean Marine, and the Contract Binding Operation businesses underwritten by Endurance’s U.S. insurance operating subsidiaries.

Prior to 2014, approximately 80% of the inception to date gross earned premium for this triangle class covered named peril catastrophe protection and difference in conditions coverage for earthquake, wind and flood for commercial occupancies throughout the United States. In 2014, that business comprised approximately 50% of the gross earned premium.

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h) Reinsurance Catastrophe – Catastrophe

The catastrophe reinsurance triangle class includes property and workers’ compensation catastrophe reinsurance, which are described in more detail below:

Endurance’s property catastrophe business reinsures ceding company clients’ exposures to catastrophic events such as tropical cyclones including hurricanes and typhoons, earthquakes and tsunamis, floods, thunderstorms including tornados and hailstorms, fire, as well as terror attacks on a treaty basis. Coverage typically applies only when a catastrophic event impacts more than one risk or insured. Endurance has established a worldwide portfolio of reinsurance contracts, including coverage in the Americas, Europe, Africa, Asia, and Oceania. Endurance reinsures predominantly on an indemnity excess of loss basis, although Endurance also provides pro rata coverage for certain types of events primarily related to catastrophes. In addition, coverage can be based on either an industry loss or physical trigger basis. This business is underwritten in the Company’s Bermuda and U.K. subsidiaries and its Singapore and Zurich branches.

Endurance’s workers’ compensation catastrophe reinsurance consists of the reinsurance of U.S. workers’ compensation writers against multi-life events. The major exposures are earthquake, transport, explosion, and terrorism related losses. This business is underwritten in our Bermuda operating subsidiary.

i) Reinsurance Property – Property

The property reinsurance triangle class contains international and U.S. per risk excess of loss and proportional treaty business underwritten in Endurance’s U.S. and U.K. subsidiaries and its Singapore and Zurich branches.

Endurance’s property per risk treaty reinsurance covers portfolios of individual property risks such as buildings, contents, equipment and business interruption that are protected by primary insurers. These risks are assumed on a treaty basis. Endurance underwrites personal, commercial and industrial lines, but the years shown in this report are predominantly commercial and industrial exposures. Endurance underwrites pro rata of primary, pro rata of excess and traditional excess of loss business. All excess of loss agreements have risk limits in place and, with a limited number of exceptions; all treaties either have occurrence limits or limited reinstatement rights.

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2014 Global Loss Triangles

j) Reinsurance Casualty – Casualty Motor

The casualty motor reinsurance triangle class includes treaty reinsurance of U.S. and international ceding companies underwriting motor business. Since accident year 2009, the international business is comprised largely of excess of loss protections. The U.S. business is a mix of proportional and excess of loss coverages. For both the international and U.S. books, the exposure is largely third party liability. This business is underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches. Accident year loss ratios for 2009 to 2013 were impacted by UK motor excess of loss business, which had exposure to an increase in periodic payment order claims. In mid-year 2013, the Company ceased writing UK Motor excess of loss business.

k) Reinsurance Casualty – Casualty Other

The casualty other reinsurance triangle class includes third party liability exposures from ceding companies on a treaty basis and comprises most casualty exposures including, general liability, public liability, products liability, umbrella, clash, warranty, excess casualty and political risk. This triangle class includes both frequency and severity-exposed contracts covering risk underwritten on both an occurrence and claims made basis. This business is underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches.

l) Reinsurance Casualty – Workers’ Compensation

The workers’ compensation reinsurance triangle class includes coverage provided in niche markets in the United States. Endurance writes traditional working layer workers’ compensation reinsurance on either an excess of loss or a proportional basis. Coverage is typically provided on a per person/per occurrence basis. Approximately 90% of the gross premium for this class was earned prior to 2008 and that business was largely comprised of ground up exposures reinsured on a pro-rata basis. The vast majority of this business was underwritten in our U.S. subsidiary, with a small portion written in our Bermuda operating subsidiary.

m) Reinsurance Casualty – Professional Liability

The professional liability reinsurance triangle class contains the reinsurance treaties covering the following classes of business: directors & officers liability, errors & omissions, employment practices liability, fidelity, medical malpractice, and fiduciary liability for commercial and financial institutions. The underlying business is written almost exclusively on a claims made basis. Business in this triangle class is written on either an excess of loss or a proportional basis. The vast majority of this business was underwritten in our U.S. subsidiary, but a portion of this business was written in our Bermuda and U.K. subsidiaries as well as by our Zurich branch.

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n) Reinsurance Other Specialty – Aerospace & Marine

Endurance’s aerospace & marine reinsurance triangle class includes proportional and non-proportional treaty reinsurance for airline hull and liability, aircraft manufacturers’ products liability and general aviation risks. Also included in this triangle class is proportional treaty reinsurance for satellite launch and in-orbit coverage.

The marine products included in the aerospace and marine reinsurance triangle class contain a wide range of marine and energy business underwritten on both a proportional and non-proportional basis by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches.

o) Reinsurance Other Specialty – Agriculture

Endurance’s agriculture reinsurance products specialize in risks associated with the production of food and fiber on a global basis underwritten through traditional treaty reinsurance, proportional and aggregate stop loss, as well as custom risk transfer mechanisms. The protections offered provide coverage for yield and revenue losses resulting from weather related perils such as drought and hail as well as losses stemming from commodity price movements.

In 2007 and prior, this class was comprised entirely of business written in our U.S. subsidiary. Starting in 2008, the Company commenced underwriting in its U.K. operating subsidiary. In 2014, the business was underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches.

p) Reinsurance Other Specialty – Surety and Trade Credit

The surety and trade credit reinsurance triangle class is largely comprised of U.S. surety programs established on either a direct or brokered basis. Reinsured products include contract surety, commercial surety, and fidelity. Endurance’s business partners in connection with these products include national account writers, regional companies and specialty operations. Endurance underwrites surety reinsurance on both a proportional and excess of loss basis. Endurance’s surety reinsurance business is underwritten in our U.S. subsidiary.

The Company’s trade credit and surety, and political risk reinsurance business is underwritten in its Zurich branch. A small amount of this business is also written in the Bermuda and U.K. operating subsidiaries and the Singapore branch.

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q) Reinsurance Other Specialty – Miscellaneous

This triangle class includes a wide variety of personal accident, political risk, fidelity, surety, warranty, and mortgage insurance. This business was predominantly written in the Company’s Bermuda, U.S. and U.K. subsidiaries. The political risk and surety business included in this triangle class were written prior to the 2012 inception of the Company’s Zurich based trade credit and surety business.

For accident years 2004 and prior, this class included a substantial amount of excess liability and excess workers compensation business written by the Company’s Self Insured Risk business. That operation ceased writing business in 2003; consequently, the loss development patterns indicated for accident years 2004 and prior are not appropriate for estimating ultimate losses for accident years 2005 and later.

V. OVERVIEW OF RESERVING METHODOLOGY

In order to estimate Endurance’s reserve for losses and loss expenses, management uses information either (i) developed from internal or independent external sources, or (ii) pricing information created by Endurance or provided to Endurance by insureds, reinsureds, and brokers at the time individual contracts and policies are bound. In addition, management uses commercially available risk analysis models, contract by contract review by our underwriting teams and to a limited extent, overall market share assumptions to estimate our loss and loss expense reserves related to specific loss events. When the applicable information has been obtained, Endurance uses a variety of actuarial methods to estimate the ultimate losses and loss expenses incurred by Endurance in connection with business it has underwritten and thus, the applicable reserve for losses and loss expenses.

While management does not at this time include an explicit or implicit provision for uncertainty in its reserve for losses and loss expenses, certain of Endurance’s business lines are by their nature subject to additional uncertainties, including Endurance’s casualty, professional, property, catastrophe, and other specialty lines in the Reinsurance business segment and Endurance’s casualty and professional lines in the Insurance business segment, which are discussed in detail above. In addition, Endurance’s Reinsurance business segment is subject to additional factors which add to the uncertainty of estimating loss and loss expense reserves. Time lags in the reporting of losses can also introduce further ambiguity to the process of estimating loss and loss expense reserves.

Certain aspects of Endurance’s casualty and professional lines in the Reinsurance business segment and the casualty and professional lines in the Insurance business segment complicate the process of estimating loss reserves. These include the lack of long-term historical data for losses of the same type intended to be covered by the policies and contracts written by Endurance, and the expectation that a portion of losses in excess of Endurance’s attachment levels in many of its contracts will be low in frequency and high in severity, limiting the usefulness of claims

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2014 Global Loss Triangles

experience of other insurers and reinsurers for similar claims. In addition, a portion of Endurance’s casualty line in its Insurance business segment that is underwritten in Bermuda includes policy forms that vary from more traditional policy forms. The primary difference in the casualty policy form used by Endurance’s Bermuda subsidiary from more traditional policy forms relates to the coverage being provided on an occurrence reported basis instead of the typical occurrence or claims-made basis used in traditional policy forms. The occurrence reported policy forms typically cover occurrences causing unexpected and unintended personal injury or property damage to third parties arising from events or conditions that commence at or subsequent to an inception date and prior to the expiration of the policy, provided that proper notice is given during the term of the policy or the discovery period.

The inherent uncertainty of estimating Endurance’s loss and loss expense reserves for its Reinsurance business segment can be greater principally due to the following:

(i)

the lag between the time claims are reported to the ceding company and the time they are reported through one or more reinsurance broker intermediaries to Endurance;

(ii)

the differing reserving practices among ceding companies;

(iii)

the diversity of loss development patterns among different types of reinsurance treaties or contracts; and

(iv)

Endurance’s need to rely on its ceding companies for loss information.

In addition to the factors creating uncertainty in Endurance’s estimate of loss and loss expense reserves, Endurance’s estimated reserve for losses and loss expenses can change over time because of unexpected changes in the external environment. Potential changing external factors include:

•

changes in the inflation rate for goods and services related to the covered damages;

•

changes in the general economic environment that could cause unanticipated changes in claim frequency or severity;

•

changes in the litigation environment regarding the representation of plaintiffs and potential plaintiffs;

•

changes in the judicial and/or arbitration environment regarding the interpretation of policy and contract provisions relating to the determination of coverage and/or the amount of damages awarded for certain types of claims;

•

changes in the social environment regarding the general attitude of juries in the determination of liability and damages;

•

changes in the legislative environment regarding the definition of damages;

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2014 Global Loss Triangles

•

new types of injuries caused by new types of injurious activities or exposures; and

•

in the case of assumed reinsurance, changes in ceding company case reserving and reporting patterns.

Endurance’s estimates of reserves for losses and loss expenses can also change over time because of changes in internal company operations. Potential changing internal factors include:

•

alterations in claims handling procedures;

•

growth in new lines of business where exposure and loss development patterns are not well established; or

•

changes in the quality of risk selection or pricing in the underwriting process.

Due to the inherent complexity of the assumptions used in establishing Endurance’s loss and loss expense reserve estimates, final claim settlements made by Endurance may vary significantly from the present estimates, particularly when those settlements may not occur until well into the future.

For a more detailed discussion of the Company’s reserving methodology and an analysis of the potential variability in reserves for losses and loss expenses, please see the Company’s most recent Annual Report on Form 10-K as filed with the SEC.

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VI. RECONCILIATIONS

Reconciliation of Gross Unpaid Loss and LAE

The following table reconciles the reserves for losses and loss expenses as of December 31, 2014 as reported in Endurance’s financial statements prepared in accordance with GAAP to the reserves for losses and loss expenses published in the triangles (all amounts in millions of U.S. dollars, on a gross basis):


Consolidated triangles unpaid loss and LAE	$	3,863.8

Deposit accounting reserves		(15.3	)

Impact of audit premium provision		(4.5	)

Foreign exchange and other		2.8

Adjusted unpaid loss and LAE	$	3,846.9

Reserves for losses and loss expenses
Per December 31, 2014 GAAP Financial Statements	$	3,846.9

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2014 Global Loss Triangles

Reconciliation of Calendar Year Loss Emergence

The following table reconciles the calendar year 2014 development of losses and loss adjustment expenses as of December 31, 2014 as reported in Endurance’s financial statements prepared in accordance with GAAP to the development of losses and loss adjustment expenses published in the triangles (all amounts in millions of U.S. dollars).


Calendar year gross loss & ALAE emergence per triangles	($	232.3	)

Plus calendar year emergence on ULAE		0.0

Plus emergence on contracts subject to deposit accounting		(0.4	)

Plus misc. emergence due to foreign exchange & other*		9.5

Plus favorable emergence on ceded loss & LAE		(10.6	)

Adjusted Calendar Year Emergence	($	233.8	)

Calendar Year Emergence per December 31, 2014
GAAP Financial Statements	($	233.8	)

Please note that the negative amount above indicates favorable development on prior year losses.

*	A majority of the miscellaneous effect is due to the impact of premium adjustments and the level of aggregation used to compute the prior year development within the global loss triangles.

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Consolidated Total

Consolidated Total

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		3,349,309		1,195,097		33,573		4,334		90,220		1,180		1,922		1,326,326		40	%
2005		1,800,098		1,565,961		50,853		3,229		48,601		3,140		1,582		1,673,366		93	%
2006		1,897,426		645,176		42,897		2,600		55,835		2,337		1,886		750,732		40	%
2007		1,772,718		740,582		42,040		6,500		72,137		11,162		2,687		875,106		49	%
2008		2,172,191		1,387,722		103,480		3,512		97,902		20,512		4,104		1,617,231		74	%
2009		2,089,124		1,030,648		76,046		7,022		126,869		18,723		4,637		1,263,946		61	%
2010		2,034,889		835,246		73,003		9,776		182,980		15,299		5,961		1,122,266		55	%
2011		2,381,470		1,979,068		177,342		12,787		241,221		14,608		10,004		2,435,030		102	%
2012		2,499,642		1,670,819		158,006		13,640		344,264		7,852		12,477		2,207,058		88	%
2013		2,632,716		1,464,355		195,668		11,865		418,647		3,832		14,508		2,108,875		80	%
2014		2,646,580		669,577		377,152		15,661		684,311		1,986		20,064		1,768,750		67	%

Total		25,276,164		13,184,250		1,330,061		90,926		2,362,986		100,630		79,832		17,148,686		68	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		47,376		10,784		9		—		162		—		—		10,955		23	%
2005		28,530		14,144		339		—		951		—		—		15,434		54	%
2006		117,886		26,229		4,008		—		4,575		—		—		34,812		30	%
2007		203,306		37,466		2,215		—		8,677		—		—		48,359		24	%
2008		423,623		306,389		518		—		9,441		—		—		316,348		75	%
2009		436,976		291,898		9,988		—		20,645		—		—		322,531		74	%
2010		308,155		92,977		6,160		—		28,465		—		—		127,602		41	%
2011		440,139		624,331		21,671		102		48,018		—		—		694,121		158	%
2012		504,356		646,311		5,620		590		66,622		—		—		719,143		143	%
2013		597,755		626,672		6,942		793		74,463		—		—		708,870		119	%
2014		787,437		232,394		154,810		1,143		194,396		—		—		582,743		74	%

Total		3,895,538		2,909,595		212,280		2,628		456,414		—		—		3,580,917		92	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		3,301,933		1,184,313		33,564		4,334		90,058		1,180		1,922		1,315,371		40	%
2005		1,771,568		1,551,817		50,513		3,229		47,650		3,140		1,582		1,657,932		94	%
2006		1,779,540		618,948		38,889		2,600		51,260		2,337		1,886		715,920		40	%
2007		1,569,412		703,116		39,824		6,500		63,459		11,162		2,687		826,748		53	%
2008		1,748,568		1,081,333		102,962		3,512		88,461		20,512		4,104		1,300,884		74	%
2009		1,652,148		738,750		66,059		7,022		106,225		18,723		4,637		941,415		57	%
2010		1,726,733		742,269		66,843		9,776		154,516		15,299		5,961		994,663		58	%
2011		1,941,331		1,354,737		155,671		12,686		193,203		14,608		10,004		1,740,909		90	%
2012		1,995,286		1,024,508		152,386		13,050		277,642		7,852		12,477		1,487,915		75	%
2013		2,034,961		837,683		188,726		11,072		344,183		3,832		14,508		1,400,005		69	%
2014		1,859,143		437,183		222,343		14,517		489,915		1,986		20,064		1,186,008		64	%

Total		21,380,626		10,274,655		1,117,781		88,298		1,906,572		100,630		79,832		13,567,769		63	%

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 1, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Consolidated Total

Consolidated Total

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		350,124		653,085		814,303		933,724		1,011,163		1,069,741		1,117,646		1,148,960		1,179,541		1,189,504		1,195,097
2005		298,559		867,778		1,190,905		1,348,785		1,442,660		1,490,896		1,510,733		1,532,508		1,556,057		1,565,961
2006		65,129		307,392		411,360		493,034		543,713		577,660		617,277		632,098		645,176
2007		71,941		315,707		413,144		558,610		622,879		674,553		706,402		740,582
2008		489,780		933,342		1,075,658		1,150,134		1,223,609		1,326,190		1,387,722
2009		467,575		732,924		832,127		891,517		985,899		1,030,648
2010		291,767		551,023		651,696		768,193		835,246
2011		1,179,888		1,680,121		1,878,034		1,979,068
2012		919,957		1,579,370		1,670,819
2013		924,820		1,464,355
2014		669,577

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		712,531		1,011,010		1,111,277		1,157,579		1,191,436		1,209,718		1,201,659		1,220,515		1,230,215		1,238,580		1,233,004
2005		960,353		1,447,131		1,530,845		1,590,759		1,624,726		1,599,463		1,602,754		1,608,095		1,615,165		1,620,043
2006		202,828		461,732		530,933		586,539		622,300		671,633		675,161		675,255		690,673
2007		205,858		501,018		619,995		693,530		732,355		768,792		780,777		789,121
2008		953,304		1,125,632		1,284,945		1,364,803		1,423,906		1,456,949		1,494,714
2009		748,530		894,113		942,737		1,003,367		1,085,436		1,113,717
2010		545,139		752,362		829,652		891,278		918,025
2011		1,701,471		1,989,915		2,103,185		2,169,197
2012		1,596,315		1,801,097		1,842,465
2013		1,381,498		1,671,888
2014		1,062,390

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		1,864,378		1,711,641		1,604,954		1,583,778		1,535,584		1,492,721		1,417,535		1,400,475		1,356,248		1,336,596		1,323,224
2005		1,837,084		1,907,124		1,836,212		1,807,157		1,793,368		1,740,901		1,714,157		1,689,142		1,680,666		1,668,643
2006		965,780		907,905		859,933		831,793		810,313		805,958		776,903		749,465		746,508
2007		963,686		956,078		954,410		937,127		911,603		915,343		872,757		861,258
2008		1,644,771		1,542,139		1,605,464		1,600,535		1,604,358		1,576,674		1,592,616
2009		1,344,898		1,318,509		1,263,295		1,263,323		1,260,979		1,240,586
2010		1,302,216		1,210,279		1,169,315		1,139,603		1,101,005
2011		2,467,422		2,453,708		2,467,222		2,410,411
2012		2,349,339		2,260,692		2,186,729
2013		2,133,134		2,090,535
2014		1,746,701

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 1, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Consolidated Total

Consolidated Total

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		56.4	%		51.8	%		48.6	%		47.3	%		45.9	%		44.6	%		42.3	%		41.8	%		40.5	%		39.9	%		39.5	%
2005		100.0	%		103.7	%		102.4	%		100.8	%		99.9	%		96.9	%		95.4	%		94.0	%		93.5	%		92.7	%
2006		51.9	%		47.9	%		45.4	%		44.0	%		42.9	%		42.7	%		41.1	%		39.7	%		39.3	%
2007		54.1	%		53.5	%		53.2	%		52.5	%		51.2	%		51.4	%		49.5	%		48.6	%
2008		75.8	%		71.0	%		73.8	%		73.6	%		73.7	%		72.9	%		73.3	%
2009		64.4	%		63.0	%		60.6	%		60.6	%		60.6	%		59.4	%
2010		63.9	%		59.5	%		57.6	%		56.2	%		54.1	%
2011		104.1	%		103.6	%		103.7	%		101.2	%
2012		94.2	%		90.6	%		87.5	%
2013		81.4	%		79.4	%
2014		66.0	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		3,313,265			3,348,753			3,344,346			3,347,720			3,347,676			3,349,959			3,350,981			3,350,519			3,350,810			3,350,673			3,349,309
2005		1,781,298			1,797,609			1,801,270			1,802,615			1,804,224			1,800,145			1,799,721			1,800,059			1,798,999			1,800,098
2006		1,851,598			1,887,590			1,894,546			1,897,423			1,896,554			1,895,972			1,896,417			1,896,634			1,897,426
2007		1,762,859			1,765,402			1,760,824			1,761,970			1,762,351			1,763,212			1,772,240			1,772,718
2008		2,149,688			2,137,889			2,137,700			2,149,815			2,149,877			2,171,854			2,172,191
2009		2,050,045			2,054,452			2,055,502			2,055,411			2,089,027			2,089,124
2010		1,996,733			2,003,460			2,001,349			2,033,431			2,034,889
2011		2,345,986			2,356,735			2,378,364			2,381,470
2012		2,462,533			2,492,996			2,499,642
2013		2,599,623			2,632,716
2014		2,646,580

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		1,864,378			(152,737	)		(106,686	)		(21,176	)		(48,194	)		(42,864	)		(75,186	)		(17,059	)		(44,227	)		(19,652	)		(13,372	)		(541,154	)
2005		1,837,084			70,039			(70,912	)		(29,055	)		(13,789	)		(52,467	)		(26,744	)		(25,015	)		(8,475	)		(12,023	)					(168,441	)
2006		965,780			(57,875	)		(47,972	)		(28,140	)		(21,480	)		(4,355	)		(29,055	)		(27,438	)		(2,957	)								(219,272	)
2007		963,686			(7,608	)		(1,668	)		(17,283	)		(25,525	)		3,740			(42,587	)		(11,499	)											(102,429	)
2008		1,644,771			(102,632	)		63,325			(4,928	)		3,823			(27,684	)		15,942															(52,155	)
2009		1,344,898			(26,389	)		(55,214	)		28			(2,344	)		(20,393	)																	(104,311	)
2010		1,302,216			(91,937	)		(40,963	)		(29,712	)		(38,598	)																				(201,211	)
2011		2,467,422			(13,713	)		13,513			(56,810	)																							(57,011	)
2012		2,349,339			(88,646	)		(73,963	)																										(162,610	)
2013		2,133,134			(42,599	)																													(42,599	)
2014		1,746,701

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(152,737	)		(36,647	)		(149,963	)		(132,829	)		(189,093	)		(129,479	)		(225,763	)		(145,382	)		(233,026	)		(256,273	)		(1,651,192	)

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 1, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Agriculture

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		13,413		—		—		—		—		—		—		—		0	%
2008		610,185		592,474		—		—		—		—		—		592,474		97	%
2009		599,813		530,026		—		—		—		—		—		530,026		88	%
2010		564,234		336,025		—		—		—		—		—		336,025		60	%
2011		847,048		1,105,662		—		—		130		—		—		1,105,792		131	%
2012		885,139		1,200,934		99		—		3,113		—		—		1,204,146		136	%
2013		966,095		1,178,587		427		—		3,826		—		—		1,182,840		122	%
2014		873,555		580,281		222,045		—		65,552		—		—		867,877		99	%

Total		5,359,483		5,523,989		222,570		—		72,621		—		—		5,819,180		109	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		7,725		—		—		—		—		—		—		—		0	%
2008		253,728		278,640		—		—		—		—		—		278,640		110	%
2009		268,099		248,661		—		—		—		—		—		248,661		93	%
2010		166,349		56,017		—		—		—		—		—		56,017		34	%
2011		282,434		597,744		—		—		117		—		—		597,862		212	%
2012		336,266		628,049		79		—		2,642		—		—		630,770		188	%
2013		392,557		616,541		255		—		2,887		—		—		619,683		158	%
2014		402,153		228,078		144,969		—		43,154		—		—		416,201		103	%

Total		2,109,311		2,653,730		145,304		—		48,800		—		—		2,847,834		135	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		5,688		—		—		—		—		—		—		—		0	%
2008		356,458		313,834		—		—		—		—		—		313,834		88	%
2009		331,714		281,365		—		—		—		—		—		281,365		85	%
2010		397,885		280,008		—		—		—		—		—		280,008		70	%
2011		564,614		507,918		—		—		12		—		—		507,930		90	%
2012		548,873		572,885		20		—		471		—		—		573,376		104	%
2013		573,537		562,046		172		—		939		—		—		563,157		98	%
2014		471,402		352,202		77,075		—		22,398		—		—		451,676		96	%

Total		3,250,172		2,870,259		77,267		—		23,821		—		—		2,971,346		91	%

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 2, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Agriculture

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		—		—		—		—		—		—		—		—		—
2007		28		505		1,467		13,216		—		—		—		—
2008		339,001		587,514		597,530		592,317		592,425		592,474		592,474
2009		402,835		523,951		528,783		530,388		530,026		530,026
2010		222,620		334,129		334,744		334,438		336,025
2011		897,889		1,101,196		1,103,651		1,105,662
2012		788,015		1,213,199		1,200,934
2013		834,238		1,178,587
2014		580,281

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		75		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		—		—		—		163		—		—		—		—		—
2007		724		505		1,467		13,226		—		—		—		—
2008		586,040		601,083		598,096		592,430		592,538		592,604		592,474
2009		571,689		533,684		529,366		531,247		530,104		530,026
2010		328,705		336,464		335,280		334,601		336,025
2011		1,098,453		1,102,233		1,103,925		1,105,662
2012		1,177,678		1,222,823		1,201,033
2013		1,081,660		1,179,014
2014		802,325

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		—		—		—		—		—		—		—		—		—
2007		11,963		505		1,467		13,226		—		—		—		—
2008		656,056		613,150		610,094		592,430		592,538		592,604		592,474
2009		588,691		534,134		529,723		532,499		533,483		530,026
2010		402,433		338,069		337,209		335,727		336,025
2011		1,148,248		1,111,444		1,107,039		1,105,792
2012		1,227,976		1,228,939		1,204,146
2013		1,152,354		1,182,840
2014		867,877

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 2, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Agriculture

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2007		89.2	%		3.8	%		10.9	%		98.6	%		0.0	%		0.0	%		0.0	%		0.0	%
2008		107.5	%		100.5	%		100.0	%		97.1	%		97.1	%		97.1	%		97.1	%
2009		98.1	%		89.1	%		88.3	%		88.8	%		88.9	%		88.4	%
2010		71.3	%		59.9	%		59.8	%		59.5	%		59.6	%
2011		135.6	%		131.2	%		130.7	%		130.5	%
2012		138.7	%		138.8	%		136.0	%
2013		119.3	%		122.4	%
2014		99.4	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		—			—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—			—			—
2006		—			—			—			—			—			—			—			—			—
2007		13,413			13,413			13,413			13,413			13,413			13,413			13,413			13,413
2008		610,185			598,185			598,185			610,185			610,185			610,185			610,185
2009		600,073			599,813			599,813			599,813			599,813			599,813
2010		564,234			564,234			564,234			564,234			564,234
2011		847,048			847,048			847,048			847,048
2012		885,139			885,139			885,139
2013		966,095			966,095
2014		873,555

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132		Total Development
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—		—
2005		—			—			—			—			—			—			—			—			—			—					—
2006		—			—			—			—			—			—			—			—			—								—
2007		11,963			(11,458	)		962			11,759			(13,226	)		—			—			—											(11,963	)
2008		656,056			(42,906	)		(3,056	)		(17,664	)		107			67			(130	)													(63,582	)
2009		588,691			(54,557	)		(4,411	)		2,776			983			(3,457	)																(58,665	)
2010		402,433			(64,364	)		(860	)		(1,482	)		298																				(66,408	)
2011		1,148,248			(36,803	)		(4,405	)		(1,247	)																						(42,456	)
2012		1,227,976			963			(24,793	)																									(23,830	)
2013		1,152,354			30,486																													30,486
2014		867,877

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014		Total Development
		N/A			—			—			—			(11,458	)		(41,944	)		(45,855	)		(99,664	)		(34,780	)		(3,874	)		1,157		(236,418	)

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 2, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

High Attaching Excess of Loss Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		382,547		12,525		—		—		13,905		93			209		26,731		7	%
2005		205,860		10,941		25,024		—		13,238		329			574		50,107		24	%
2006		199,923		37,317		—		—		16,787		88			252		54,443		27	%
2007		172,436		23,117		73		—		17,536		2,132			264		43,122		25	%
2008		146,411		40,002		10,020		—		22,569		1,952			489		75,031		51	%
2009		139,612		20,460		26		—		32,137		1,764			482		54,869		39	%
2010		147,366		82,986		1,188		—		59,521		3,398			911		148,004		100	%
2011		144,116		452		83,500		—		58,891		67			2,136		145,046		101	%
2012		138,799		737		34,840		—		72,329		76			1,608		109,589		79	%
2013		136,160		3,633		30,199		—		60,899		(273	)		1,366		95,824		70	%
2014		125,656		11		51		—		70,590		1			1,060		71,712		57	%

Total		1,938,885		232,180		184,919		—		438,400		9,628			9,350		874,478		45	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—			—		—		0	%
2005		180		—		—		—		65		—			—		65		36	%
2006		170		—		—		—		31		—			—		31		18	%
2007		3,728		—		—		—		527		—			—		527		14	%
2008		5,526		—		—		—		581		—			—		581		11	%
2009		14,807		4,167		13		—		3,901		—			—		8,081		55	%
2010		23,175		22,740		23		—		11,304		—			—		34,068		147	%
2011		31,005		105		17,500		—		18,087		—			—		35,691		115	%
2012		40,233		268		163		—		26,790		—			—		27,221		68	%
2013		39,192		41		23		—		24,067		—			—		24,131		62	%
2014		56,428		3		34		—		31,843		—			—		31,880		56	%

Total		214,444		27,324		17,756		—		117,196		—			—		162,276		76	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		382,547		12,525		—		—		13,905		93			209		26,731		7	%
2005		205,680		10,941		25,024		—		13,173		329			574		50,041		24	%
2006		199,753		37,317		—		—		16,756		88			252		54,412		27	%
2007		168,708		23,117		73		—		17,009		2,132			264		42,595		25	%
2008		140,884		40,002		10,020		—		21,988		1,952			489		74,450		53	%
2009		124,805		16,293		13		—		28,235		1,764			482		46,789		37	%
2010		124,191		60,246		1,165		—		48,217		3,398			911		113,937		92	%
2011		113,111		347		66,000		—		40,804		67			2,136		109,355		97	%
2012		98,565		468		34,677		—		45,539		76			1,608		82,367		84	%
2013		96,968		3,592		30,175		—		36,832		(273	)		1,366		71,693		74	%
2014		69,228		8		17		—		38,746		1			1,060		39,832		58	%

Total		1,724,441		204,856		167,163		—		321,205		9,628			9,350		712,202		41	%

Exhibit 3, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

High Attaching Excess of Loss Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		18		19		22		22		1,731		1,731		3,457		3,466		12,506		12,512		12,525
2005		2,780		2,737		7,711		8,041		8,470		10,158		10,311		10,379		10,554		10,941
2006		25		6,681		8,833		35,366		35,366		35,405		35,415		37,317		37,317
2007		—		20		2,348		18,728		21,914		22,825		23,049		23,117
2008		12,263		9,987		14,874		14,878		14,984		39,996		40,002
2009		12		69		18,564		19,474		19,811		20,460
2010		44		483		25,809		64,386		82,986
2011		—		30		219		452
2012		35		443		737
2013		4		3,633
2014		11

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		5,018		5,019		772		772		1,759		1,731		3,506		6,506		12,506		12,513		12,525
2005		5,780		10,787		12,761		29,541		42,616		35,211		35,356		35,393		35,595		35,965
2006		5,525		15,548		24,411		35,390		35,390		35,440		37,440		37,317		37,317
2007		2,000		2,520		2,498		18,877		23,766		23,003		23,150		23,190
2008		12,513		17,237		45,644		45,146		50,271		50,022		50,021
2009		12		20,689		19,063		20,609		20,547		20,486
2010		25,544		78,094		79,384		89,107		84,174
2011		—		1,062		58,261		83,952
2012		194		28,800		35,576
2013		4		33,832
2014		62

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		247,159		214,115		192,346		166,612		138,828		117,221		71,278		54,998		42,694		31,935		26,429
2005		152,500		150,630		140,309		122,380		114,324		91,788		74,212		66,476		53,494		49,203
2006		155,455		149,492		132,833		121,567		97,763		82,591		76,662		61,353		54,103
2007		126,241		109,673		90,682		91,929		81,729		70,107		49,974		40,726
2008		108,763		98,683		123,175		109,119		102,988		79,587		72,590
2009		82,965		102,958		95,740		86,607		66,457		52,623
2010		135,464		169,892		162,938		158,630		143,695
2011		95,702		96,720		145,890		142,843
2012		93,780		108,635		107,906
2013		92,009		94,730
2014		70,651

Diagonals as of 12/31

Exhibit 3, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

High Attaching Excess of Loss Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		64.6	%		56.0	%		50.3	%		43.6	%		36.3	%		30.6	%		18.6	%		14.4	%		11.2	%		8.3	%		6.9	%
2005		74.1	%		73.2	%		68.2	%		59.4	%		55.5	%		44.6	%		36.0	%		32.3	%		26.0	%		23.9	%
2006		77.8	%		74.8	%		66.4	%		60.8	%		48.9	%		41.3	%		38.3	%		30.7	%		27.1	%
2007		73.2	%		63.6	%		52.6	%		53.3	%		47.4	%		40.7	%		29.0	%		23.6	%
2008		74.3	%		67.4	%		84.1	%		74.5	%		70.3	%		54.4	%		49.6	%
2009		59.4	%		73.7	%		68.6	%		62.0	%		47.6	%		37.7	%
2010		91.9	%		115.3	%		110.6	%		107.6	%		97.5	%
2011		66.4	%		67.1	%		101.2	%		99.1	%
2012		67.6	%		78.3	%		77.7	%
2013		67.6	%		69.6	%
2014		56.2	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		384,048			382,585			382,585			382,545			382,545			382,547			382,547			382,547			382,547			382,547			382,547
2005		205,798			205,265			205,096			204,894			204,915			204,914			205,860			205,860			205,860			205,860
2006		200,617			200,785			200,412			200,445			200,443			199,847			199,923			199,923			199,923
2007		173,365			172,731			172,714			172,712			172,362			172,436			172,436			172,436
2008		146,605			146,534			146,526			146,526			146,526			146,411			146,411
2009		139,898			139,943			139,939			139,939			139,609			139,612
2010		147,811			147,522			147,518			147,363			147,366
2011		144,128			144,133			144,114			144,116
2012		138,776			138,794			138,799
2013		136,176			136,160
2014		125,656

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		247,159			(33,044	)		(21,769	)		(25,734	)		(27,784	)		(21,607	)		(45,943	)		(16,280	)		(12,304	)		(10,759	)		(5,506	)		(220,730	)
2005		152,500			(1,869	)		(10,321	)		(17,929	)		(8,056	)		(22,536	)		(17,575	)		(7,736	)		(12,982	)		(4,290	)					(103,296	)
2006		155,455			(5,963	)		(16,658	)		(11,266	)		(23,804	)		(15,172	)		(5,928	)		(15,309	)		(7,250	)								(101,351	)
2007		126,241			(16,567	)		(18,991	)		1,246			(10,200	)		(11,622	)		(20,132	)		(9,249	)											(85,515	)
2008		108,763			(10,080	)		24,491			(14,056	)		(6,131	)		(23,400	)		(6,997	)														(36,173	)
2009		82,965			19,993			(7,218	)		(9,134	)		(20,150	)		(13,834	)																	(30,343	)
2010		135,464			34,428			(6,954	)		(4,307	)		(14,935	)																				8,232
2011		95,702			1,018			49,170			(3,046	)																							47,141
2012		93,780			14,854			(729	)																										14,125
2013		92,009			2,721																														2,721
2014		70,651

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(33,044	)		(23,638	)		(42,018	)		(78,939	)		(70,000	)		(46,552	)		(46,073	)		(58,792	)		(43,016	)		(63,115	)		(505,189	)

Diagonals as of 12/31

Exhibit 3, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

United States Sourced Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		6,146		225		26		—		1,033		123		58		1,466		24	%
2006		34,859		33,878		3,058		—		6,083		765		419		44,203		127	%
2007		53,932		23,099		2,807		—		10,119		1,672		634		38,331		71	%
2008		67,706		36,113		1,454		—		14,401		2,819		832		55,619		82	%
2009		88,577		58,626		7,899		—		24,224		4,547		1,550		96,845		109	%
2010		97,764		20,393		9,885		—		31,233		1,796		1,990		65,297		67	%
2011		132,156		56,989		22,334		—		59,206		4,427		3,871		146,827		111	%
2012		161,392		37,548		16,744		—		65,466		2,166		4,061		125,986		78	%
2013		166,698		10,143		9,810		—		87,140		634		5,062		112,789		68	%
2014		193,168		2,715		3,163		—		110,098		138		6,142		122,255		63	%

Total		1,002,398		279,728		77,181		—		409,003		19,088		24,618		809,618		81	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		4,338		168		20		—		733		—		—		921		21	%
2006		25,277		24,349		2,204		—		4,356		—		—		30,910		122	%
2007		37,081		15,799		2,163		—		6,909		—		—		24,871		67	%
2008		36,897		19,135		490		—		7,994		—		—		27,619		75	%
2009		41,861		28,283		3,125		—		11,413		—		—		42,822		102	%
2010		40,832		1,963		1,685		—		12,469		—		—		16,118		39	%
2011		40,167		8,475		2,904		—		20,608		—		—		31,987		80	%
2012		39,225		8,582		2,220		—		20,005		—		—		30,807		79	%
2013		38,566		193		2,013		—		24,451		—		—		26,656		69	%
2014		76,382		111		339		—		47,266		—		—		47,715		62	%

Total		380,626		107,059		17,162		—		156,204		—		—		280,425		74	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		1,807		57		7		—		300		123		58		544		30	%
2006		9,582		9,528		854		—		1,727		765		419		13,293		139	%
2007		16,851		7,300		644		—		3,210		1,672		634		13,460		80	%
2008		30,809		16,978		964		—		6,407		2,819		832		28,000		91	%
2009		46,716		30,342		4,774		—		12,811		4,547		1,550		54,024		116	%
2010		56,932		18,430		8,200		—		18,764		1,796		1,990		49,179		86	%
2011		91,990		48,514		19,430		—		38,598		4,427		3,871		114,840		125	%
2012		122,167		28,966		14,525		—		45,461		2,166		4,061		95,179		78	%
2013		128,132		9,950		7,798		—		62,689		634		5,062		86,134		67	%
2014		116,786		2,604		2,824		—		62,832		138		6,142		74,540		64	%

Total		621,772		172,669		60,019		—		252,799		19,088		24,618		529,193		85	%

Exhibit 4, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

United States Sourced Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		14		25		110		138		225
2006		29		163		9,741		12,760		15,933		19,032		25,422		28,141		33,878
2007		63		662		1,647		4,565		6,797		13,070		17,278		23,099
2008		335		1,407		4,839		9,959		13,804		20,813		36,113
2009		223		32,511		35,842		44,212		55,991		58,626
2010		438		2,858		7,975		14,498		20,393
2011		2,815		14,318		29,070		56,989
2012		3,008		19,763		37,548
2013		2,543		10,143
2014		2,715

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		25		58		141		176		252
2006		445		12,990		13,939		15,828		19,319		35,616		36,733		36,702		36,935
2007		1,031		2,318		6,290		9,252		14,216		28,582		24,180		25,906
2008		1,882		4,097		9,562		18,907		25,514		27,858		37,567
2009		11,808		36,874		46,914		57,698		66,094		66,525
2010		2,087		7,563		20,836		26,630		30,278
2011		8,689		42,540		61,959		79,323
2012		9,953		37,651		54,293
2013		6,578		19,953
2014		5,877

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		4,707		5,024		4,085		3,519		2,771		2,440		1,782		1,543		1,371		1,285
2006		29,342		37,659		35,344		30,052		31,411		45,303		45,234		43,559		43,019
2007		41,299		37,908		32,610		29,962		30,109		42,824		36,130		36,025
2008		50,782		42,689		43,064		44,357		46,586		45,314		51,968
2009		67,883		90,813		92,821		95,006		94,832		90,749
2010		69,721		68,903		74,080		68,662		61,511
2011		98,451		115,857		136,287		138,530
2012		122,263		120,993		119,758
2013		115,785		107,093
2014		115,975

Diagonals as of 12/31

Exhibit 4, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

United States Sourced Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		76.6	%		81.8	%		66.5	%		57.3	%		45.1	%		39.7	%		29.0	%		25.1	%		22.3	%		20.9	%
2006		84.2	%		108.0	%		101.4	%		86.2	%		90.1	%		130.0	%		129.8	%		125.0	%		123.4	%
2007		76.6	%		70.3	%		60.5	%		55.6	%		55.8	%		79.4	%		67.0	%		66.8	%
2008		75.0	%		63.1	%		63.6	%		65.5	%		68.8	%		66.9	%		76.8	%
2009		76.6	%		102.5	%		104.8	%		107.3	%		107.1	%		102.5	%
2010		71.3	%		70.5	%		75.8	%		70.2	%		62.9	%
2011		74.5	%		87.7	%		103.1	%		104.8	%
2012		75.8	%		75.0	%		74.2	%
2013		69.5	%		64.2	%
2014		60.0	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—
2005		6,119			6,146			6,146			6,146			6,146			6,146			6,146			6,146			6,146			6,146
2006		34,671			34,811			34,856			34,855			34,855			34,855			34,859			34,859			34,859
2007		53,507			53,793			53,979			54,008			53,932			53,932			53,932			53,932
2008		66,658			67,465			67,760			67,726			67,706			67,706			67,706
2009		87,135			88,605			88,657			88,571			88,579			88,577
2010		96,701			97,857			97,898			97,767			97,764
2011		128,773			131,149			132,691			132,156
2012		152,699			162,406			161,392
2013		160,321			166,698
2014		193,168

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—			—
2005		4,707			317			(939	)		(566	)		(748	)		(331	)		(658	)		(239	)		(172	)		(86	)					(3,422	)
2006		29,342			8,317			(2,316	)		(5,292	)		1,359			13,892			(69	)		(1,675	)		(540	)								13,677
2007		41,299			(3,392	)		(5,298	)		(2,648	)		147			12,715			(6,693	)		(106	)											(5,275	)
2008		50,782			(8,093	)		375			1,293			2,229			(1,272	)		6,654															1,186
2009		67,883			22,929			2,009			2,185			(175	)		(4,083	)																	22,865
2010		69,721			(818	)		5,178			(5,418	)		(7,151	)																				(8,209	)
2011		98,451			17,407			20,430			2,242																								40,079
2012		122,263			(1,270	)		(1,235	)																										(2,505	)
2013		115,785			(8,692	)																													(8,692	)
2014		115,975

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			—			317			7,378			(6,274	)		(19,430	)		21,685			15,865			39,405			3,754			(12,997	)		49,703

Diagonals as of 12/31

Exhibit 4, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

Workers Compensation

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR			PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—			—		—			—		—			—			—		—		0	%
2005		—			—		—			—		—			—			—		—		0	%
2006		29,073			11,943		1,240			—		1,034			(4	)		119		14,332		49	%
2007		202,024			117,839		13,938			—		12,670			275			824		145,546		72	%
2008		255,794			186,884		19,609			—		26,536			984			1,044		235,056		92	%
2009		123,819			96,050		26,135			—		12,530			1,233			505		136,453		110	%
2010		1,761			1,210		353			—		275			891			7		2,735		155	%
2011		—			7		—			—		—			0			—		7		0	%
2012		—			—		—			—		—			—			—		—		0	%
2013		—			—		—			—		—			—			—		—		0	%
2014		—			—		—			—		—			—			—		—		0	%

Total		612,471			413,933		61,273			—		53,045			3,379			2,499		534,128		87	%

Ceded

Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR			PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—			—		—			—		—			—			—		—		0	%
2005		—			—		—			—		—			—			—		—		0	%
2006		755			—		1,803			—		—			—			—		1,803		239	%
2007		17,272			—		—			—		1,000			—			—		1,000		6	%
2008		26,814			—		—			—		215			—			—		215		1	%
2009		15,985			61		6,637			—		2,326			—			—		9,025		56	%
2010		1,797			—		—			—		543			—			—		543		30	%
2011		—			—		—			—		—			—			—		—		0	%
2012		—			—		—			—		—			—			—		—		0	%
2013		—			—		—			—		—			—			—		—		0	%
2014		—			—		—			—		—			—			—		—		0	%

Total		62,623			61		8,440			—		4,084			—			—		12,585		20	%

Net

Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR			PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—			—		—			—		—			—			—		—		0	%
2005		—			—		—			—		—			—			—		—		0	%
2006		28,318			11,943		(563	)		—		1,034			(4	)		119		12,529		44	%
2007		184,752			117,839		13,938			—		11,670			275			824		144,546		78	%
2008		228,979			186,884		19,609			—		26,321			984			1,044		234,841		103	%
2009		107,834			95,989		19,497			—		10,204			1,233			505		127,428		118	%
2010		(35	)		1,210		353			—		(268	)		891			7		2,192		-6198	%
2011		—			7		—			—		—			0			—		7		0	%
2012		—			—		—			—		—			—			—		—		0	%
2013		—			—		—			—		—			—			—		—		0	%
2014		—			—		—			—		—			—			—		—		0	%

Total		549,848			413,872		52,832			—		48,961			3,379			2,499		521,543		95	%

Exhibit 5, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

Workers Compensation

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		321		6,581		6,698		9,045		10,527		12,251		13,537		11,913		11,943
2007		9,027		38,427		63,513		81,913		97,121		109,252		112,580		117,839
2008		23,720		70,730		109,635		141,756		168,712		178,254		186,884
2009		14,752		35,823		50,495		61,498		87,811		96,050
2010		272		461		583		1,070		1,210
2011		—		—		—		7
2012		—		—		—
2013		—		—
2014		—

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		1,797		16,724		10,238		11,854		12,464		14,053		15,171		13,092		13,183
2007		17,365		68,463		90,710		107,482		121,577		130,913		129,916		131,777
2008		76,641		120,368		161,624		192,035		208,749		202,239		206,492
2009		44,300		70,132		83,913		87,921		112,835		122,185
2010		630		808		856		1,481		1,562
2011		—		—		—		7
2012		—		—		—
2013		—		—
2014		—

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		17,793		21,319		16,409		17,172		18,901		16,540		17,166		15,085		14,217
2007		120,160		121,024		123,882		133,478		141,677		151,644		152,035		144,447
2008		161,143		176,285		192,250		224,536		227,733		235,102		233,028
2009		93,794		106,174		103,656		104,536		122,207		134,715
2010		1,462		1,159		1,146		1,506		1,837
2011		—		—		—		—
2012		—		—		—
2013		—		—
2014		—

Diagonals as of 12/31

Exhibit 5, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

Workers Compensation

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		61.2	%		73.3	%		56.4	%		59.1	%		65.0	%		56.9	%		59.0	%		51.9	%		48.9	%
2007		59.5	%		59.9	%		61.3	%		66.1	%		70.1	%		75.1	%		75.3	%		71.5	%
2008		63.0	%		68.9	%		75.2	%		87.8	%		89.0	%		91.9	%		91.1	%
2009		75.8	%		85.7	%		83.7	%		84.4	%		98.7	%		108.8	%
2010		83.0	%		65.8	%		65.1	%		85.5	%		104.3	%
2011		0.0	%		0.0	%		0.0	%		0.0	%
2012		0.0	%		0.0	%		0.0	%
2013		0.0	%		0.0	%
2014		0.0	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—			—			—
2006		27,909			29,430			29,134			29,053			29,083			29,080			29,080			29,080			29,073
2007		207,462			207,672			202,093			201,820			202,018			202,018			202,018			202,024
2008		261,296			256,395			255,389			255,757			255,758			255,769			255,794
2009		125,412			123,853			123,778			123,795			123,814			123,819
2010		1,766			1,761			1,761			1,761			1,761
2011		—			—			—			—
2012		—			—			—
2013		—			—
2014		—

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—			—			—						—
2006		17,793			3,526			(4,910	)		763			1,730			(2,362	)		627			(2,082	)		(868	)								(3,576	)
2007		120,160			865			2,857			9,596			8,198			9,967			391			(7,588	)											24,287
2008		161,143			15,141			15,965			32,286			3,197			7,369			(2,074	)														71,885
2009		93,794			12,380			(2,518	)		879			17,671			12,508																		40,921
2010		1,462			(304	)		(13	)		360			331																					375
2011		—			—			—			—																								—
2012		—			—			—																											—
2013		—			—																														—
2014		—

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			—			—			3,526			(4,045	)		18,761			39,672			35,301			14,657			23,709			2,310			133,891

Diagonals as of 12/31

Exhibit 5, Page 3


Valuation Date: December 31, 2014		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.55925 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines
Insurance Professional Lines

ITD SUMMARY

Gross


Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		70,600		12,949		79		—		532		121		9		13,690		19	%
2005		53,472		12,494		22		—		820		3		13		13,351		25	%
2006		66,737		17,173		10,033		—		1,567		284		174		29,232		44	%
2007		81,252		114,182		155		—		6,576		2,656		113		123,681		152	%
2008		103,289		77,300		46,872		—		9,094		4,154		924		138,343		134	%
2009		176,859		82,068		10,393		—		20,606		6,431		958		120,455		68	%
2010		180,693		59,284		14,377		—		29,396		3,989		1,254		108,301		60	%
2011		170,264		36,973		11,156		—		42,902		3,384		1,681		96,096		56	%
2012		172,011		21,362		18,681		—		77,051		1,214		3,362		121,670		71	%
2013		145,560		11,458		6,198		—		74,038		472		2,744		94,910		65	%
2014		203,682		855		1,487		—		118,902		87		5,039		126,371		62	%

Total		1,424,420		446,098		119,453		—		381,484		22,795		16,270		986,101		69	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		955		42		—		—		154		—		—		196		21	%
2005		290		—		—		—		42		—		—		42		14	%
2006		253		810		0		—		7		—		—		817		323	%
2007		6,752		3,927		10		—		213		—		—		4,150		61	%
2008		16,197		4,705		5		—		604		—		—		5,314		33	%
2009		25,435		8,995		199		—		2,579		—		—		11,773		46	%
2010		25,940		11,821		4,379		—		3,602		—		—		19,801		76	%
2011		24,638		4,732		117		—		8,377		—		—		13,226		54	%
2012		30,397		99		2,580		—		15,278		—		—		17,957		59	%
2013		37,346		376		298		—		21,248		—		—		21,921		59	%
2014		105,422		107		467		—		61,667		—		—		62,241		59	%

Total		273,625		35,614		8,054		—		113,769		—		—		157,437		58	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		69,646		12,907		79		—		377		121		9		13,494		19	%
2005		53,181		12,494		22		—		779		3		13		13,310		25	%
2006		66,485		16,363		10,033		—		1,560		284		174		28,415		43	%
2007		74,500		110,254		145		—		6,363		2,656		113		119,532		160	%
2008		87,092		72,594		46,867		—		8,490		4,154		924		133,029		153	%
2009		151,425		73,073		10,194		—		18,027		6,431		958		108,682		72	%
2010		154,753		47,463		9,999		—		25,794		3,989		1,254		88,499		57	%
2011		145,626		32,241		11,040		—		34,524		3,384		1,681		82,870		57	%
2012		141,614		21,263		16,101		—		61,774		1,214		3,362		103,714		73	%
2013		108,215		11,083		5,900		—		52,791		472		2,744		72,989		67	%
2014		98,260		748		1,020		—		57,235		87		5,039		64,130		65	%

Total		1,150,796		410,484		111,399		—		267,715		22,795		16,270		828,663		72	%

Exhibit 6, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Professional Lines

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		49		186		3,783		4,107		4,116		9,183		12,803		12,883		12,943		12,949
2005		0		7		318		9		9		12,372		12,479		12,487		12,488		12,494
2006		17		29		29		33		130		570		15,936		17,120		17,173
2007		11		474		824		60,979		88,477		98,720		104,583		114,182
2008		—		641		11,341		12,203		13,440		53,721		77,300
2009		370		4,470		24,255		28,427		64,308		82,068
2010		1,242		11,264		16,565		46,168		59,284
2011		2,013		5,603		22,310		36,973
2012		1,762		12,661		21,362
2013		1,953		11,458
2014		855

Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		1,133		3,436		7,056		7,357		7,388		12,439		13,086		13,156		13,098		13,028
2005		5,000		5,007		5,295		5,009		5,009		12,415		12,500		12,487		12,512		12,516
2006		1,517		29		29		116		145		16,073		15,936		17,165		27,206
2007		11		20,474		80,959		88,592		98,594		103,933		114,788		114,337
2008		100		1,825		32,520		53,195		74,451		105,667		124,171
2009		4,378		25,172		29,901		42,718		81,812		92,461
2010		9,153		18,258		22,034		56,710		73,662
2011		6,211		10,052		30,518		48,129
2012		4,008		22,794		40,043
2013		4,070		17,656
2014		2,342

Ultimate Loss
& ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		48,344		42,643		37,131		35,826		26,119		18,368		13,420		13,506		13,363		13,120		13,559
2005		41,123		36,781		33,401		23,578		17,527		19,626		13,713		12,504		12,514		13,336
2006		50,132		43,069		36,321		24,321		18,540		28,345		19,203		18,518		28,773
2007		57,860		122,456		167,004		132,816		132,182		130,413		117,865		120,913
2008		75,465		71,329		98,426		104,769		118,465		115,581		133,265
2009		116,553		132,877		115,917		117,520		122,479		113,067
2010		122,497		116,269		109,655		110,208		103,058
2011		118,459		110,367		110,502		91,031
2012		120,356		117,610		117,095
2013		96,196		91,694
2014		121,245

Diagonals as of 12/31

Exhibit 6, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Professional Lines

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		68.5	%		60.4	%		52.6	%		50.7	%		37.0	%		26.0	%		19.0	%		19.1	%		18.9	%		18.6	%		19.2	%
2005		76.9	%		68.8	%		62.5	%		44.1	%		32.8	%		36.7	%		25.6	%		23.4	%		23.4	%		24.9	%
2006		75.1	%		64.5	%		54.4	%		36.4	%		27.8	%		42.5	%		28.8	%		27.7	%		43.1	%
2007		71.2	%		150.7	%		205.5	%		163.5	%		162.7	%		160.5	%		145.1	%		148.8	%
2008		73.1	%		69.1	%		95.3	%		101.4	%		114.7	%		111.9	%		129.0	%
2009		65.9	%		75.1	%		65.5	%		66.4	%		69.3	%		63.9	%
2010		67.8	%		64.3	%		60.7	%		61.0	%		57.0	%
2011		69.6	%		64.8	%		64.9	%		53.5	%
2012		70.0	%		68.4	%		68.1	%
2013		66.1	%		63.0	%
2014		59.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		71,070			70,605			70,600			70,600			70,600			70,600			70,600			70,600			70,600			70,600			70,600
2005		53,258			53,472			53,472			53,472			53,472			53,472			53,472			53,472			53,472			53,472
2006		66,390			66,403			66,403			66,403			66,403			66,403			66,403			66,737			66,737
2007		71,951			71,968			72,183			72,183			72,183			72,183			81,252			81,252
2008		79,901			80,941			80,908			80,905			80,905			103,289			103,289
2009		141,501			141,717			141,694			141,670			176,859			176,859
2010		143,635			143,555			143,538			180,693			180,693
2011		140,311			140,848			170,271			170,264
2012		142,898			172,009			172,011
2013		145,611			145,560
2014		203,682

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		48,344			(5,701	)		(5,513	)		(1,305	)		(9,706	)		(7,751	)		(4,948	)		86			(143	)		(243	)		439			(34,785	)
2005		41,123			(4,342	)		(3,380	)		(9,823	)		(6,051	)		2,100			(5,914	)		(1,209	)		9			823						(27,787	)
2006		50,132			(7,063	)		(6,749	)		(12,000	)		(5,781	)		9,805			(9,142	)		(685	)		10,256									(21,359	)
2007		57,860			64,596			44,548			(34,188	)		(634	)		(1,769	)		(12,548	)		3,048												63,053
2008		75,465			(4,136	)		27,097			6,344			13,696			(2,884	)		17,684															57,800
2009		116,553			16,324			(16,960	)		1,602			4,959			(9,412	)																	(3,486	)
2010		122,497			(6,228	)		(6,614	)		553			(7,150	)																				(19,440	)
2011		118,459			(8,092	)		135			(19,471	)																							(27,428	)
2012		120,356			(2,745	)		(515	)																										(3,261	)
2013		96,196			(4,502	)																													(4,502	)
2014		121,245

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(5,701	)		(9,855	)		(11,747	)		38,318			14,610			603			(13,501	)		(11,672	)		(13,448	)		(8,801	)		(21,194	)

Diagonals as of 12/31

Exhibit 6, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

International Sourced Property and Energy

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		199,447			60,048		—			—		—		51			—		60,099		30	%
2005		93,968			151,001		—			—		—		330			—		151,331		161	%
2006		55,254			35,728		8			—		—		116			0		35,852		65	%
2007		46,581			39,575		39			—		226		443			4		40,287		86	%
2008		49,488			27,209		14			—		831		509			13		28,576		58	%
2009		33,105			10,957		40			—		223		27			4		11,252		34	%
2010		1,140			175		81			—		16		(29	)		1		245		21	%
2011		906			341		7			—		164		(97	)		3		417		46	%
2012		529			16		2			—		72		(6	)		1		85		16	%
2013		358			0		3			—		90		0			1		94		26	%
2014		30,913			1,549		8,589			—		8,504		422			498		19,562		63	%

Total		511,689			326,600		8,783			—		10,127		1,766			525		347,800		68	%

Ceded

Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		4,414			2,459		0			—		—		—			—		2,459		56	%
2005		1,547			—		—			—		—		—			—		—		0	%
2006		6,263			90		—			—		—		—			—		90		1	%
2007		15,612			13,874		—			—		25		—			—		13,899		89	%
2008		17,448			1,818		5			—		45		—			—		1,868		11	%
2009		15,063			1,259		13			—		169		—			—		1,440		10	%
2010		1,326			114		49			—		8		—			—		171		13	%
2011		451			171		3			—		84		—			—		259		57	%
2012		261			8		1			—		37		—			—		46		17	%
2013		173			0		1			—		45		—			—		47		27	%
2014		15,279			462		2,983			—		3,680		—			—		7,126		47	%

Total		77,838			20,255		3,055			—		4,092		—			—		27,403		35	%

Net

Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		195,032			57,589		(0	)		—		—		51			—		57,640		30	%
2005		92,421			151,001		—			—		—		330			—		151,331		164	%
2006		48,991			35,639		8			—		—		116			0		35,762		73	%
2007		30,969			25,701		39			—		202		443			4		26,389		85	%
2008		32,040			25,392		9			—		786		509			13		26,708		83	%
2009		18,042			9,699		28			—		55		27			4		9,812		54	%
2010		(186	)		61		33			—		8		(29	)		1		74		-40	%
2011		455			169		3			—		80		(97	)		3		159		35	%
2012		268			8		1			—		35		(6	)		1		39		15	%
2013		186			0		1			—		44		0			1		47		25	%
2014		15,633			1,086		5,606			—		4,825		422			498		12,437		80	%

Total		433,851			306,345		5,727			—		6,034		1,766			525		320,398		74	%

Exhibit 7, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

International Sourced Property and Energy

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		16,965		39,239		46,611		51,557		56,203		60,312		61,075		61,311		61,291		61,277		60,048
2005		24,227		88,335		136,014		154,065		151,244		151,836		151,970		152,049		150,995		151,001
2006		9,277		25,322		34,924		35,178		35,489		35,670		35,677		35,728		35,728
2007		11,695		26,604		38,608		38,953		39,584		39,592		39,593		39,575
2008		8,511		20,630		24,370		25,244		27,133		27,200		27,209
2009		7,418		10,329		11,060		10,957		10,956		10,957
2010		0		13		37		174		175
2011		23		60		332		341
2012		—		15		16
2013		—		0
2014		1,549

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		44,667		65,579		66,372		66,003		69,877		68,869		62,024		61,738		61,362		61,278		60,048
2005		146,210		167,929		160,863		159,149		152,637		152,343		152,355		152,071		151,011		151,001
2006		39,907		35,905		35,964		35,958		35,821		35,778		35,708		35,742		35,736
2007		31,804		41,932		39,474		39,234		39,679		39,639		39,616		39,614
2008		30,545		27,523		27,120		28,031		27,455		27,229		27,223
2009		13,170		12,730		12,604		11,128		10,999		10,998
2010		267		283		164		245		257
2011		171		598		340		347
2012		60		17		17
2013		3		3
2014		10,138

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		81,489		67,755		66,749		66,391		70,122		68,992		62,622		61,993		61,859		61,595		60,048
2005		214,867		170,357		165,283		163,945		157,202		157,330		152,996		152,239		151,999		151,001
2006		55,088		38,404		38,008		37,968		37,750		35,998		35,853		35,777		35,736
2007		42,480		42,374		39,901		39,941		40,314		40,065		40,429		39,840
2008		43,563		30,358		28,271		28,988		28,515		28,476		28,055
2009		18,203		13,332		13,397		12,064		11,882		11,221
2010		1,160		1,382		303		307		272
2011		849		874		815		511
2012		320		157		90
2013		170		93
2014		18,642

Diagonals as of 12/31

Exhibit 7, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

International Sourced Property and Energy

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		40.9	%		34.0	%		33.5	%		33.3	%		35.2	%		34.6	%		31.4	%		31.1	%		31.0	%		30.9	%		30.1	%
2005		228.7	%		181.3	%		175.9	%		174.5	%		167.3	%		167.4	%		162.8	%		162.0	%		161.8	%		160.7	%
2006		99.7	%		69.5	%		68.8	%		68.7	%		68.3	%		65.1	%		64.9	%		64.7	%		64.7	%
2007		91.2	%		91.0	%		85.7	%		85.7	%		86.5	%		86.0	%		86.8	%		85.5	%
2008		88.0	%		61.3	%		57.1	%		58.6	%		57.6	%		57.5	%		56.7	%
2009		55.0	%		40.3	%		40.5	%		36.4	%		35.9	%		33.9	%
2010		101.7	%		121.2	%		26.6	%		26.9	%		23.9	%
2011		93.8	%		96.5	%		90.0	%		56.5	%
2012		60.5	%		29.6	%		17.0	%
2013		47.3	%		25.9	%
2014		60.3	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		199,952			199,030			199,195			199,170			199,232			199,423			199,430			199,443			199,447			199,447			199,447
2005		94,273			93,821			93,675			93,761			93,940			93,946			93,944			93,952			93,953			93,968
2006		55,423			54,720			54,819			54,974			55,236			55,235			55,233			55,235			55,254
2007		45,339			46,291			46,489			46,518			46,519			46,533			46,561			46,581
2008		49,832			49,589			49,617			49,472			49,483			49,488			49,488
2009		33,384			33,127			33,127			33,107			33,105			33,105
2010		1,154			1,151			1,139			1,140			1,140
2011		883			898			906			906
2012		515			529			529
2013		347			358
2014		30,913

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		81,489			(13,734	)		(1,006	)		(358	)		3,731			(1,130	)		(6,371	)		(629	)		(134	)		(264	)		(1,547	)		(21,441	)
2005		214,867			(44,510	)		(5,074	)		(1,338	)		(6,743	)		128			(4,333	)		(757	)		(240	)		(998	)					(63,866	)
2006		55,088			(16,685	)		(396	)		(39	)		(219	)		(1,752	)		(145	)		(77	)		(41	)								(19,353	)
2007		42,480			(106	)		(2,473	)		40			373			(249	)		364			(588	)											(2,639	)
2008		43,563			(13,205	)		(2,087	)		717			(473	)		(40	)		(421	)														(15,508	)
2009		18,203			(4,871	)		65			(1,333	)		(182	)		(661	)																	(6,982	)
2010		1,160			222			(1,079	)		4			(34	)																				(887	)
2011		849			25			(59	)		(304	)																							(338	)
2012		320			(163	)		(67	)																										(230	)
2013		170			(77	)																													(77	)
2014		18,642

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(13,734	)		(45,515	)		(22,117	)		1,891			(23,590	)		(13,380	)		(5,337	)		(4,145	)		(656	)		(4,739	)		(131,322	)

Diagonals as of 12/31

Exhibit 7, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

United States Sourced Property and Marine

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		10,419		7,195		—		—		—		67		—		7,261		70	%
2006		80,425		2,184		—		—		—		72		—		2,256		3	%
2007		96,997		2,058		—		—		—		497		—		2,555		3	%
2008		84,211		6,806		0		—		22		1,067		1		7,895		9	%
2009		105,147		6,157		—		—		132		1,352		5		7,646		7	%
2010		124,836		12,287		217		—		325		1,230		15		14,074		11	%
2011		116,422		29,735		4,323		—		366		3,295		88		37,808		32	%
2012		77,780		36,963		10,496		—		331		906		195		48,891		63	%
2013		63,477		7,329		1,219		—		596		448		58		9,649		15	%
2014		84,466		11,144		8,185		—		7,063		527		531		27,450		32	%

Total		844,179		121,857		24,441		—		8,834		9,459		893		165,485		20	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		6,808		4,123		—		—		—		—		—		4,123		61	%
2006		66,817		980		—		—		—		—		—		980		1	%
2007		89,288		976		—		—		—		—		—		976		1	%
2008		46,220		1,848		0		—		0		—		—		1,848		4	%
2009		47,846		433		—		—		61		—		—		494		1	%
2010		37,934		115		3		—		172		—		—		290		1	%
2011		44,288		3,926		780		—		196		—		—		4,902		11	%
2012		30,137		2,445		—		—		164		—		—		2,609		9	%
2013		20,069		64		104		—		106		—		—		274		1	%
2014		30,555		813		1,437		—		1,377		—		—		3,627		12	%

Total		419,962		15,724		2,323		—		2,075		—		—		20,122		5	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		3,611		3,071		—		—		—		67		—		3,138		87	%
2006		13,607		1,204		—		—		—		72		—		1,276		9	%
2007		7,709		1,082		—		—		—		497		—		1,579		20	%
2008		37,991		4,958		0		—		22		1,067		1		6,047		16	%
2009		57,300		5,724		—		—		71		1,352		5		7,152		12	%
2010		86,902		12,172		214		—		153		1,230		15		13,784		16	%
2011		72,134		25,809		3,543		—		170		3,295		88		32,906		46	%
2012		47,643		34,518		10,496		—		167		906		195		46,282		97	%
2013		43,408		7,265		1,115		—		490		448		58		9,376		22	%
2014		53,911		10,330		6,749		—		5,686		527		531		23,823		44	%

Total		424,218		106,133		22,118		—		6,760		9,459		893		145,363		34	%

Exhibit 8, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

United States Sourced Property and Marine

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		376		3,761		4,036		5,247		5,823		7,061		7,061		7,061		7,061		7,195
2006		428		1,161		1,691		2,280		2,184		2,184		2,184		2,184		2,184
2007		350		2,328		2,791		2,058		2,058		2,058		2,058		2,058
2008		3,849		6,145		6,638		6,738		6,747		6,761		6,806
2009		4,329		5,883		6,068		6,012		6,013		6,157
2010		5,481		11,159		12,017		12,120		12,287
2011		9,834		22,333		25,462		29,735
2012		10,103		36,962		36,963
2013		2,902		7,329
2014		11,144

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		4,074		6,109		7,513		6,848		7,153		7,061		7,061		7,061		7,061		7,195
2006		1,122		2,442		2,531		2,587		2,217		2,184		2,184		2,184		2,184
2007		978		2,821		2,841		2,058		2,058		2,058		2,058		2,058
2008		6,112		6,791		6,702		6,765		6,748		6,788		6,806
2009		7,498		6,338		6,208		6,150		6,013		6,157
2010		12,153		12,319		12,532		12,568		12,504
2011		32,657		37,093		35,759		34,058
2012		47,416		47,851		47,459
2013		5,525		8,548
2014		19,329

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		10,242		6,657		7,608		6,888		7,153		7,063		7,061		7,061		7,061		7,195
2006		13,407		4,613		2,946		2,661		2,222		2,184		2,184		2,184		2,184
2007		11,498		4,348		3,245		2,125		2,058		2,058		2,058		2,058
2008		18,306		8,907		7,171		6,893		6,789		6,819		6,828
2009		19,142		8,199		6,954		6,478		6,187		6,289
2010		28,401		15,080		14,163		13,138		12,829
2011		50,251		40,868		36,769		34,424
2012		55,604		49,071		47,790
2013		12,753		9,144
2014		26,392

Diagonals as of 12/31

Exhibit 8, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

United States Sourced Property and Marine

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		98.3	%		63.9	%		73.0	%		66.1	%		68.7	%		67.8	%		67.8	%		67.8	%		67.8	%		69.1	%
2006		16.7	%		5.7	%		3.7	%		3.3	%		2.8	%		2.7	%		2.7	%		2.7	%		2.7	%
2007		11.9	%		4.5	%		3.3	%		2.2	%		2.1	%		2.1	%		2.1	%		2.1	%
2008		21.7	%		10.6	%		8.5	%		8.2	%		8.1	%		8.1	%		8.1	%
2009		18.2	%		7.8	%		6.6	%		6.2	%		5.9	%		6.0	%
2010		22.8	%		12.1	%		11.3	%		10.5	%		10.3	%
2011		43.2	%		35.1	%		31.6	%		29.6	%
2012		71.5	%		63.1	%		61.4	%
2013		20.1	%		14.4	%
2014		31.2	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—
2005		10,321			10,384			10,388			10,391			10,419			10,419			10,419			10,419			10,419			10,419
2006		80,347			80,386			80,454			80,427			80,427			80,427			80,425			80,425			80,425
2007		97,111			97,010			96,997			96,997			96,997			96,997			96,997			96,997
2008		84,049			84,204			84,209			84,210			84,211			84,211			84,211
2009		105,204			105,152			105,148			105,147			105,147			105,147
2010		124,936			124,888			124,848			124,836			124,836
2011		116,452			116,460			116,432			116,422
2012		77,864			77,801			77,780
2013		63,401			63,477
2014		84,466

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—			—
2005		10,242			(3,585	)		951			(720	)		265			(90	)		(1	)		0			(0	)		133						(3,047	)
2006		13,407			(8,794	)		(1,667	)		(285	)		(439	)		(38	)		0			(0	)		—									(11,224	)
2007		11,498			(7,150	)		(1,103	)		(1,120	)		(67	)		0			(0	)		—												(9,440	)
2008		18,306			(9,399	)		(1,736	)		(278	)		(104	)		30			9															(11,479	)
2009		19,142			(10,943	)		(1,245	)		(476	)		(291	)		101																		(12,853	)
2010		28,401			(13,321	)		(916	)		(1,026	)		(309	)																				(15,572	)
2011		50,251			(9,383	)		(4,099	)		(2,345	)																							(15,826	)
2012		55,604			(6,533	)		(1,280	)																										(7,813	)
2013		12,753			(3,609	)																													(3,609	)
2014		26,392

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			—			(3,585	)		(7,843	)		(9,537	)		(10,522	)		(14,329	)		(14,950	)		(10,879	)		(11,918	)		(7,299	)		(90,862	)

Diagonals as of 12/31

Exhibit 8, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Catastrophe

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		628,695		140,781		708		76		—		318		12		141,895		23	%
2005		284,332		356,977		143		26		65		435		4		357,649		126	%
2006		287,246		29,129		91		—		124		10		3		29,356		10	%
2007		326,945		52,280		128		—		458		1,033		9		53,908		16	%
2008		319,395		187,335		439		150		627		5,503		18		194,071		61	%
2009		308,415		28,325		636		49		1,116		368		27		30,522		10	%
2010		314,917		69,542		12,962		888		1,797		15		235		85,439		27	%
2011		346,815		353,006		10,363		2,818		3,767		31		254		370,240		107	%
2012		366,670		89,483		7,734		7,899		6,950		96		339		112,501		31	%
2013		375,862		78,573		35,240		6,669		7,529		283		742		129,037		34	%
2014		345,700		13,066		31,842		8,108		15,976		169		839		69,999		20	%

Total		3,904,993		1,398,497		100,285		26,685		38,409		8,260		2,481		1,574,617		40	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		37,130		5,920		—		—		—		—		—		5,920		16	%
2005		6,223		6,115		—		—		—		—		—		6,115		98	%
2006		3,943		—		—		—		—		—		—		—		0	%
2007		16,355		—		—		—		—		—		—		—		0	%
2008		14,994		—		—		—		—		—		—		—		0	%
2009		4,969		—		—		—		—		—		—		—		0	%
2010		7,039		0		—		—		39		—		—		39		1	%
2011		12,473		9,022		365		102		117		—		—		9,606		77	%
2012		23,719		6,749		575		590		356		—		—		8,270		35	%
2013		62,077		9,446		4,245		793		464		—		—		14,948		24	%
2014		87,454		1,841		4,510		1,143		1,918		—		—		9,412		11	%

Total		276,376		39,093		9,695		2,628		2,895		—		—		54,311		20	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		591,565		134,861		708		76		—		318		12		135,975		23	%
2005		278,109		350,862		143		26		65		435		4		351,534		126	%
2006		283,303		29,129		91		—		124		10		3		29,356		10	%
2007		310,590		52,280		128		—		458		1,033		9		53,908		17	%
2008		304,401		187,335		439		150		627		5,503		18		194,071		64	%
2009		303,446		28,325		636		49		1,116		368		27		30,522		10	%
2010		307,877		69,542		12,962		888		1,758		15		235		85,400		28	%
2011		334,342		343,983		9,998		2,716		3,650		31		254		360,633		108	%
2012		342,952		82,734		7,159		7,309		6,594		96		339		104,231		30	%
2013		313,785		69,128		30,995		5,876		7,065		283		742		114,089		36	%
2014		258,247		11,225		27,332		6,964		14,058		169		839		60,586		23	%

Total		3,628,618		1,359,404		90,591		24,057		35,514		8,260		2,481		1,520,306		42	%

Exhibit 9, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Catastrophe

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		71,430		115,582		130,463		135,031		137,282		138,296		138,805		139,205		139,493		139,885		140,781
2005		140,049		267,489		324,909		347,638		361,680		353,780		352,129		352,391		357,256		356,977
2006		8,782		15,209		20,540		20,936		29,014		29,092		29,121		29,127		29,129
2007		17,663		48,889		50,864		51,721		51,976		52,082		52,244		52,280
2008		78,313		129,080		154,096		167,900		183,949		187,050		187,335
2009		13,885		23,940		27,068		28,048		28,248		28,325
2010		19,498		43,931		55,422		63,053		69,542
2011		181,048		291,126		338,254		353,006
2012		43,019		75,673		89,483
2013		28,309		78,573
2014		13,066

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		112,876		137,356		138,405		140,124		140,375		140,713		141,281		141,455		140,432		140,487		141,566
2005		292,259		372,969		373,423		373,206		370,966		358,426		355,369		354,710		357,892		357,146
2006		9,567		16,284		21,280		21,060		29,376		29,298		29,242		29,226		29,219
2007		58,366		61,528		55,550		54,974		53,675		52,826		52,632		52,408
2008		143,156		164,069		181,985		185,304		187,980		187,881		187,924
2009		29,662		30,559		29,917		29,580		29,221		29,010
2010		44,733		61,586		84,179		82,681		83,393
2011		343,077		372,100		369,216		366,187
2012		124,770		108,406		105,116
2013		108,077		120,483
2014		53,015

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		166,418		161,525		155,026		152,992		153,230		152,742		151,604		151,268		140,419		140,615		141,566
2005		347,360		439,168		375,683		379,988		380,491		367,935		365,406		362,571		366,587		357,211
2006		38,817		28,883		28,827		29,034		37,249		34,029		33,724		33,760		29,343
2007		97,200		72,393		59,772		58,824		57,249		56,350		56,205		52,866
2008		198,843		185,536		189,955		191,646		191,230		190,467		188,551
2009		51,776		38,981		32,321		31,629		31,307		30,126
2010		134,388		88,459		87,275		85,367		85,190
2011		395,188		388,798		373,651		369,954
2012		167,119		124,592		112,067
2013		155,803		128,012
2014		68,991

Diagonals as of 12/31

Exhibit 9, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Catastrophe

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		26.5	%		25.7	%		24.7	%		24.3	%		24.4	%		24.3	%		24.1	%		24.1	%		22.3	%		22.4	%		22.5	%
2005		122.2	%		154.5	%		132.1	%		133.6	%		133.8	%		129.4	%		128.5	%		127.5	%		128.9	%		125.6	%
2006		13.5	%		10.1	%		10.0	%		10.1	%		13.0	%		11.8	%		11.7	%		11.8	%		10.2	%
2007		29.7	%		22.1	%		18.3	%		18.0	%		17.5	%		17.2	%		17.2	%		16.2	%
2008		62.3	%		58.1	%		59.5	%		60.0	%		59.9	%		59.6	%		59.0	%
2009		16.8	%		12.6	%		10.5	%		10.3	%		10.2	%		9.8	%
2010		42.7	%		28.1	%		27.7	%		27.1	%		27.1	%
2011		113.9	%		112.1	%		107.7	%		106.7	%
2012		45.6	%		34.0	%		30.6	%
2013		41.5	%		34.1	%
2014		20.0	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		561,321			562,515			561,562			629,094			628,836			628,847			628,787			628,732			628,754			628,655			628,695
2005		268,671			247,356			288,478			286,525			284,817			284,677			284,782			285,007			284,315			284,332
2006		244,113			288,095			287,439			287,350			287,277			287,238			287,644			287,243			287,246
2007		338,498			328,164			327,374			327,193			327,168			327,218			326,939			326,945
2008		329,433			322,595			321,245			320,477			319,703			319,366			319,395
2009		311,065			310,514			309,177			308,657			308,290			308,415
2010		320,872			318,460			315,463			314,418			314,917
2011		353,055			349,277			345,571			346,815
2012		377,972			364,349			366,670
2013		365,831			375,862
2014		345,700

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		166,418			(4,893	)		(6,499	)		(2,034	)		238			(488	)		(1,138	)		(336	)		(10,849	)		196			951			(24,852	)
2005		347,360			91,808			(63,485	)		4,305			503			(12,556	)		(2,529	)		(2,835	)		4,016			(9,376	)					9,851
2006		38,817			(9,933	)		(56	)		207			8,214			(3,220	)		(305	)		36			(4,417	)								(9,474	)
2007		97,200			(24,807	)		(12,621	)		(947	)		(1,575	)		(899	)		(146	)		(3,338	)											(44,334	)
2008		198,843			(13,307	)		4,419			1,690			(416	)		(763	)		(1,916	)														(10,292	)
2009		51,776			(12,795	)		(6,660	)		(692	)		(322	)		(1,181	)																	(21,650	)
2010		134,388			(45,929	)		(1,184	)		(1,909	)		(177	)																				(49,198	)
2011		395,188			(6,391	)		(15,147	)		(3,697	)																							(25,234	)
2012		167,119			(42,527	)		(12,526	)																										(55,053	)
2013		155,803			(27,791	)																													(27,791	)
2014		68,991

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(4,893	)		85,309			(75,452	)		(20,320	)		(25,706	)		(14,802	)		(58,558	)		(23,570	)		(56,566	)		(63,467	)		(258,026	)

Diagonals as of 12/31

Exhibit 9, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Property

Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2004 & Prior		865,190		409,653			2,911		—		903		121			57		413,644			48	%
2005		427,335		490,794			2,852		—		1,633		526			67		495,873			116	%
2006		349,692		162,588			869		—		526		(100	)		21		163,904			47	%
2007		215,136		84,848			739		300		39		374			16		86,317			40	%
2008		187,009		88,217			735		240		—		1,053			15		90,260			48	%
2009		199,021		64,996			1,102		—		96		1,044			18		67,256			34	%
2010		227,772		111,221			5,520		212		72		1,577			87		118,689			52	%
2011		245,938		240,961			9,753		566		809		1,947			167		254,203			103	%
2012		305,618		164,139			29,665		618		2,984		1,360			499		199,265			65	%
2013		356,952		107,921			55,292		417		26,673		1,133			1,236		192,671			54	%
2014		297,094		34,054			65,751		1,432		55,812		379			1,845		159,273			54	%

Total		3,676,758		1,959,392			175,188		3,784		89,548		9,414			4,028		2,241,354			61	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2004 & Prior		613		(178	)		—		—		7		—			—		(171	)		-28	%
2005		46		9			—		—		—		—			—		9			20	%
2006		1,986		—			—		—		—		—			—		—			0	%
2007		3,608		—			—		—		—		—			—		—			0	%
2008		1,066		—			—		—		—		—			—		—			0	%
2009		—		—			—		—		—		—			—		—			0	%
2010		—		—			—		—		—		—			—		—			0	%
2011		—		—			—		—		—		—			—		—			0	%
2012		—		—			—		—		—		—			—		—			0	%
2013		3,771		—			—		—		—		—			—		—			0	%
2014		1,249		—			—		—		1		—			—		1			0	%

Total		12,339		(169	)		—		—		8		—			—		(161	)		-1	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2004 & Prior		864,577		409,831			2,911		—		896		121			57		413,815			48	%
2005		427,290		490,785			2,852		—		1,633		526			67		495,864			116	%
2006		347,706		162,588			869		—		526		(100	)		21		163,904			47	%
2007		211,528		84,848			739		300		39		374			16		86,317			41	%
2008		185,943		88,217			735		240		—		1,053			15		90,260			49	%
2009		199,021		64,996			1,102		—		96		1,044			18		67,256			34	%
2010		227,772		111,221			5,520		212		72		1,577			87		118,689			52	%
2011		245,938		240,961			9,753		566		809		1,947			167		254,203			103	%
2012		305,618		164,139			29,665		618		2,984		1,360			499		199,265			65	%
2013		353,180		107,921			55,292		417		26,673		1,133			1,236		192,671			55	%
2014		295,845		34,054			65,751		1,432		55,811		379			1,845		159,272			54	%

Total		3,664,418		1,959,561			175,188		3,784		89,539		9,414			4,028		2,241,515			61	%

Exhibit 10, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Property

Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		152,905		295,611		354,692		382,733		393,996		400,787		404,554		406,659		406,865		409,257		409,653
2005		99,710		294,027		402,119		446,488		469,563		473,467		478,222		483,894		490,504		490,794
2006		29,108		106,255		138,257		153,121		158,974		162,806		163,711		163,600		162,588
2007		15,915		55,975		74,102		82,645		83,738		84,073		84,721		84,848
2008		12,779		62,392		77,363		81,751		82,995		88,584		88,217
2009		14,510		49,371		59,605		63,898		65,648		64,996
2010		24,506		84,168		101,508		108,626		111,221
2011		49,916		154,019		227,872		240,961
2012		29,208		127,412		164,139
2013		31,064		107,921
2014		34,054

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		303,593		403,813		419,515		416,704		415,829		414,921		412,585		410,682		410,231		412,610		412,563
2005		316,547		477,279		505,092		504,951		498,941		488,692		490,947		494,336		495,725		493,646
2006		95,417		141,262		151,031		163,443		166,689		167,315		166,325		164,938		163,457
2007		36,870		88,418		86,106		85,436		85,698		85,347		85,796		85,887
2008		65,361		88,126		89,624		89,497		88,470		89,726		89,193
2009		35,155		66,045		67,653		67,752		67,280		66,098
2010		77,380		122,578		123,331		116,143		116,953
2011		137,380		263,730		257,723		251,280
2012		151,720		194,183		194,421
2013		109,416		163,630
2014		101,237

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		527,986		453,762		427,618		421,302		416,545		415,435		414,024		411,757		411,038		413,382		413,466
2005		516,081		507,986		511,198		503,739		498,892		488,969		492,337		495,069		496,608		495,279
2006		181,888		157,261		155,439		165,739		168,320		168,958		167,668		165,468		163,983
2007		90,063		95,890		87,930		86,824		85,938		85,302		85,807		85,926
2008		107,893		99,951		91,583		90,058		88,833		89,709		89,193
2009		95,349		77,333		69,672		68,742		67,476		66,194
2010		143,221		150,663		125,912		118,064		117,024
2011		272,285		289,334		266,290		252,089
2012		251,963		216,390		197,406
2013		203,629		190,303
2014		157,049

Diagonals as of 12/31

Exhibit 10, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Property

Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		61.0	%		52.4	%		49.4	%		48.7	%		48.1	%		48.0	%		47.9	%		47.6	%		47.5	%		47.8	%		47.8	%
2005		120.8	%		118.9	%		119.6	%		117.9	%		116.7	%		114.4	%		115.2	%		115.9	%		116.2	%		115.9	%
2006		52.0	%		45.0	%		44.5	%		47.4	%		48.1	%		48.3	%		47.9	%		47.3	%		46.9	%
2007		41.9	%		44.6	%		40.9	%		40.4	%		39.9	%		39.7	%		39.9	%		39.9	%
2008		57.7	%		53.4	%		49.0	%		48.2	%		47.5	%		48.0	%		47.7	%
2009		47.9	%		38.9	%		35.0	%		34.5	%		33.9	%		33.3	%
2010		62.9	%		66.1	%		55.3	%		51.8	%		51.4	%
2011		110.7	%		117.6	%		108.3	%		102.5	%
2012		82.4	%		70.8	%		64.6	%
2013		57.0	%		53.3	%
2014		52.9	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		847,191			857,676			857,208			862,570			865,791			865,679			865,978			865,304			865,302			865,172			865,190
2005		399,598			418,995			427,451			429,173			428,612			428,830			427,692			427,471			427,293			427,335
2006		328,703			344,099			349,499			349,842			349,840			349,937			349,930			349,903			349,692
2007		204,943			215,690			215,148			215,603			215,425			215,333			215,192			215,136
2008		178,059			186,777			187,152			187,120			187,105			187,045			187,009
2009		200,202			199,538			199,342			199,175			198,977			199,021
2010		223,466			228,089			228,022			227,485			227,772
2011		240,923			246,558			245,107			245,938
2012		297,773			303,379			305,618
2013		349,003			356,952
2014		297,094

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		527,986			(74,224	)		(26,143	)		(6,316	)		(4,758	)		(1,110	)		(1,411	)		(2,267	)		(719	)		2,344			84			(114,520	)
2005		516,081			(8,095	)		3,212			(7,459	)		(4,846	)		(9,923	)		3,368			2,732			1,539			(1,329	)					(20,802	)
2006		181,888			(24,627	)		(1,822	)		10,300			2,581			638			(1,290	)		(2,200	)		(1,485	)								(17,905	)
2007		90,063			5,828			(7,960	)		(1,106	)		(886	)		(636	)		505			119												(4,137	)
2008		107,893			(7,942	)		(8,368	)		(1,525	)		(1,225	)		876			(516	)														(18,701	)
2009		95,349			(18,016	)		(7,661	)		(930	)		(1,265	)		(1,282	)																	(29,154	)
2010		143,221			7,442			(24,751	)		(7,848	)		(1,039	)																				(26,197	)
2011		272,285			17,049			(23,044	)		(14,201	)																							(20,196	)
2012		251,963			(35,572	)		(18,985	)																										(54,557	)
2013		203,629			(13,326	)																													(13,326	)
2014		157,049

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(74,224	)		(34,239	)		(27,731	)		(8,211	)		(11,558	)		(36,244	)		(891	)		(9,770	)		(64,667	)		(51,960	)		(319,495	)

Diagonals as of 12/31

Exhibit 10, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Casualty Motor

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		113,906		58,407		821		—		1,761		4		39		61,031		54	%
2005		29,833		15,543		402		—		—		13		6		15,964		54	%
2006		23,669		18,220		197		—		11		411		3		18,842		80	%
2007		20,158		13,717		120		—		33		244		2		14,117		70	%
2008		14,045		6,681		98		—		75		148		3		7,004		50	%
2009		15,232		7,303		6,337		169		2,477		205		135		16,625		109	%
2010		32,388		22,716		5,657		499		5,664		854		177		35,567		110	%
2011		53,649		36,959		5,774		200		11,670		374		265		55,242		103	%
2012		59,515		31,595		8,994		163		15,808		643		374		57,578		97	%
2013		52,807		13,001		17,311		993		18,972		259		559		51,095		97	%
2014		45,584		5,486		5,425		95		21,573		69		406		33,055		73	%

Total		460,787		229,629		51,136		2,118		78,044		3,225		1,969		366,120		79	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		4,260		2,309		4		—		—		—		—		2,314		54	%
2005		2,910		1,548		14		—		—		—		—		1,562		54	%
2006		1,432		—		—		—		1		—		—		1		0	%
2007		182		—		—		—		—		—		—		—		0	%
2008		370		—		—		—		—		—		—		—		0	%
2009		107		—		—		—		23		—		—		23		21	%
2010		197		—		—		—		48		—		—		48		25	%
2011		590		—		—		—		142		—		—		142		24	%
2012		1,423		—		—		—		1,215		—		—		1,215		85	%
2013		1,433		—		—		—		713		—		—		713		50	%
2014		1,543		—		—		—		236		—		—		236		15	%

Total		14,447		3,857		18		—		2,378		—		—		6,253		43	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		109,647		56,098		816		—		1,761		4		39		58,718		54	%
2005		26,924		13,995		388		—		—		13		6		14,402		53	%
2006		22,237		18,220		197		—		10		411		3		18,841		85	%
2007		19,976		13,717		120		—		33		244		2		14,117		71	%
2008		13,675		6,681		98		—		75		148		3		7,004		51	%
2009		15,125		7,303		6,337		169		2,454		205		135		16,602		110	%
2010		32,191		22,716		5,657		499		5,615		854		177		35,519		110	%
2011		53,059		36,959		5,774		200		11,529		374		265		55,101		104	%
2012		58,092		31,595		8,994		163		14,593		643		374		56,363		97	%
2013		51,374		13,001		17,311		993		18,259		259		559		50,382		98	%
2014		44,041		5,486		5,425		95		21,336		69		406		32,818		75	%

Total		446,340		225,771		51,117		2,118		75,666		3,225		1,969		359,867		81	%

Exhibit 11, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Casualty Motor

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		28,289		38,661		47,444		52,254		55,222		57,170		57,612		57,925		58,098		58,223		58,407
2005		2,065		7,716		10,632		12,720		13,819		14,340		15,046		15,192		15,275		15,543
2006		2,949		10,272		14,011		15,967		17,194		17,788		17,979		18,108		18,220
2007		2,668		7,749		10,210		11,838		12,292		12,595		12,768		13,717
2008		1,174		4,245		5,940		6,663		6,417		6,648		6,681
2009		1,065		3,657		4,585		5,365		6,860		7,303
2010		6,791		17,613		20,565		22,136		22,716
2011		12,097		28,831		33,855		36,959
2012		15,695		28,619		31,595
2013		6,086		13,001
2014		5,486

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		43,164		52,617		54,736		58,507		58,603		58,427		58,238		58,280		58,249		58,524		59,228
2005		5,516		12,754		14,671		15,093		15,311		15,921		15,822		15,921		16,017		15,944
2006		4,378		18,485		19,872		20,098		19,350		19,035		18,637		18,443		18,417
2007		5,861		11,348		11,746		12,646		12,769		12,818		13,566		13,837
2008		2,609		7,007		8,071		7,373		6,847		6,837		6,778
2009		3,152		8,186		9,978		12,090		13,119		13,809
2010		10,013		23,573		26,407		28,011		28,872
2011		16,926		37,492		40,923		42,934
2012		21,421		38,493		40,752
2013		16,347		31,304
2014		11,006

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		74,503		70,113		77,792		77,945		75,207		73,512		73,395		73,197		71,294		60,943		60,988
2005		17,553		15,926		17,370		15,462		16,296		16,552		16,452		16,176		16,279		15,944
2006		18,007		21,918		22,317		22,054		20,736		20,818		19,979		18,576		18,428
2007		12,038		14,089		13,834		14,581		14,899		14,363		13,749		13,870
2008		7,826		8,770		8,865		7,860		7,346		7,203		6,854
2009		10,504		11,894		12,381		14,275		16,433		16,286
2010		23,669		29,706		31,304		34,912		34,536
2011		38,080		48,713		55,192		54,604
2012		51,130		57,610		56,560
2013		53,790		50,277
2014		32,579

Diagonals as of 12/31

Exhibit 11, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Casualty Motor

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		65.4	%		61.6	%		68.3	%		68.4	%		66.0	%		64.5	%		64.4	%		64.3	%		62.6	%		53.5	%		53.5	%
2005		58.8	%		53.4	%		58.2	%		51.8	%		54.6	%		55.5	%		55.1	%		54.2	%		54.6	%		53.4	%
2006		76.1	%		92.6	%		94.3	%		93.2	%		87.6	%		88.0	%		84.4	%		78.5	%		77.9	%
2007		59.7	%		69.9	%		68.6	%		72.3	%		73.9	%		71.3	%		68.2	%		68.8	%
2008		55.7	%		62.4	%		63.1	%		56.0	%		52.3	%		51.3	%		48.8	%
2009		69.0	%		78.1	%		81.3	%		93.7	%		107.9	%		106.9	%
2010		73.1	%		91.7	%		96.7	%		107.8	%		106.6	%
2011		71.0	%		90.8	%		102.9	%		101.8	%
2012		85.9	%		96.8	%		95.0	%
2013		101.9	%		95.2	%
2014		71.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		115,250			114,063			113,944			113,929			113,923			113,910			113,899			113,899			113,899			113,899			113,906
2005		27,964			29,900			29,828			29,824			29,819			29,829			29,829			29,826			29,826			29,833
2006		25,091			23,714			23,708			23,706			23,668			23,668			23,669			23,669			23,669
2007		20,553			20,248			20,219			20,159			20,159			20,158			20,158			20,158
2008		13,375			14,326			15,143			15,143			14,045			14,045			14,045
2009		15,620			16,808			16,810			15,232			15,232			15,232
2010		33,991			34,556			32,376			32,392			32,388
2011		55,966			53,752			53,636			53,649
2012		60,745			59,442			59,515
2013		53,691			52,807
2014		45,584

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		74,503			(4,389	)		7,679			152			(2,738	)		(1,694	)		(117	)		(198	)		(1,903	)		(10,351	)		45			(13,514	)
2005		17,553			(1,628	)		1,444			(1,908	)		834			256			(100	)		(276	)		103			(334	)					(1,609	)
2006		18,007			3,911			399			(263	)		(1,318	)		82			(839	)		(1,403	)		(148	)								421
2007		12,038			2,051			(255	)		747			318			(535	)		(614	)		121												1,832
2008		7,826			944			95			(1,005	)		(514	)		(144	)		(349	)														(973	)
2009		10,504			1,390			487			1,894			2,159			(148	)																	5,781
2010		23,669			6,037			1,598			3,607			(376	)																				10,867
2011		38,080			10,633			6,479			(588	)																							16,524
2012		51,130			6,479			(1,050	)																										5,430
2013		53,790			(3,513	)																													(3,513	)
2014		32,579

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(4,389	)		6,051			5,508			(2,197	)		(435	)		1,053			5,622			10,057			6,316			(6,339	)		21,247

Diagonals as of 12/31

Exhibit 11, Page 3


Valuation Date: December 31,2014		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.55925 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Other

ITD SUMMARY

Gross


Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		404,159		184,749		12,945		4,212		38,085		87		829		240,907		60	%
2005		198,438		82,193		8,392		2,375		18,577		176		440		112,153		57	%
2006		164,751		52,876		8,199		1,625		17,860		161		415		81,137		49	%
2007		113,233		52,747		10,396		3,420		15,905		699		446		83,613		74	%
2008		105,299		42,232		9,840		546		15,548		746		389		69,301		66	%
2009		110,477		47,881		9,082		2,237		22,235		898		503		82,837		75	%
2010		127,208		44,747		10,505		4,742		32,844		669		721		94,228		74	%
2011		132,309		38,579		15,521		5,179		40,500		331		918		101,027		76	%
2012		150,870		31,055		15,941		1,713		54,563		295		1,083		104,650		69	%
2013		165,938		18,676		20,345		2,150		68,622		191		1,367		111,351		67	%
2014		126,747		4,118		11,526		619		59,458		44		1,074		76,840		61	%

Total		1,799,428		599,854		132,692		28,819		384,198		4,298		8,186		1,158,045		64	%

Ceded

Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		—		—		—		—		—		—		—		—		0	%
2008		—		—		—		—		—		—		—		—		0	%
2009		346		—		—		—		169		—		—		169		49	%
2010		437		—		—		—		263		—		—		263		60	%
2011		404		—		—		—		212		—		—		212		53	%
2012		—		—		—		—		—		—		—		—		0	%
2013		—		—		—		—		—		—		—		—		0	%
2014		—		—		—		—		—		—		—		—		0	%

Total		1,186		—		—		—		643		—		—		643		54	%

Net

Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		404,159		184,749		12,945		4,212		38,085		87		829		240,907		60	%
2005		198,438		82,193		8,392		2,375		18,577		176		440		112,153		57	%
2006		164,751		52,876		8,199		1,625		17,860		161		415		81,137		49	%
2007		113,233		52,747		10,396		3,420		15,905		699		446		83,613		74	%
2008		105,299		42,232		9,840		546		15,548		746		389		69,301		66	%
2009		110,130		47,881		9,082		2,237		22,066		898		503		82,668		75	%
2010		126,771		44,747		10,505		4,742		32,581		669		721		93,966		74	%
2011		131,906		38,579		15,521		5,179		40,288		331		918		100,815		76	%
2012		150,870		31,055		15,941		1,713		54,563		295		1,083		104,650		69	%
2013		165,938		18,676		20,345		2,150		68,622		191		1,367		111,351		67	%
2014		126,747		4,118		11,526		619		59,458		44		1,074		76,840		61	%

Total		1,798,242		599,854		132,692		28,819		383,554		4,298		8,186		1,157,402		64	%

Exhibit 12, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Casualty Other

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		15,145		34,503		65,314		87,053		118,131		143,215		156,369		172,604		176,812		182,034		184,749
2005		3,462		13,919		23,017		38,819		50,227		57,423		62,505		70,523		77,269		82,193
2006		3,632		9,387		16,654		23,562		31,388		39,316		45,792		51,047		52,876
2007		1,396		7,378		13,917		23,218		36,896		43,120		49,532		52,747
2008		860		8,314		23,359		32,736		40,237		45,692		42,232
2009		1,919		16,062		24,337		39,451		47,642		47,881
2010		2,940		11,987		26,638		37,463		44,747
2011		4,927		15,542		28,659		38,579
2012		5,363		18,048		31,055
2013		7,203		18,676
2014		4,118

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		52,719		107,978		136,294		157,316		187,662		198,483		188,839		198,749		203,244		207,698		201,906
2005		11,535		25,603		46,488		58,057		74,372		77,732		79,886		85,809		88,280		92,960
2006		10,458		22,545		32,464		47,599		48,381		56,183		60,124		62,032		62,700
2007		8,922		20,209		38,330		48,447		56,636		64,664		67,397		66,563
2008		5,186		26,358		39,655		48,887		53,583		60,202		52,618
2009		8,706		31,605		40,963		54,234		61,689		59,200
2010		14,251		35,309		50,531		58,490		59,994
2011		17,681		41,655		51,035		59,279
2012		15,980		35,512		48,709
2013		21,777		41,171
2014		16,263

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		255,539		257,019		237,462		259,914		277,896		268,748		254,866		255,622		245,592		246,230		239,991
2005		120,021		99,978		116,299		114,229		119,749		117,286		110,651		109,253		106,441		111,537
2006		93,841		98,712		95,347		97,027		88,252		87,208		82,595		79,066		80,560
2007		72,344		74,617		77,761		84,561		85,857		84,142		79,899		82,468
2008		68,121		76,737		83,362		82,368		74,842		73,091		68,166
2009		76,116		87,655		85,042		85,724		85,003		81,436
2010		103,199		104,838		99,731		92,996		92,838
2011		106,118		102,924		98,140		99,779
2012		107,368		103,468		103,272
2013		111,169		109,793
2014		75,721

Diagonals as of 12/31

Exhibit 12, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Casualty Other

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		63.2	%		63.6	%		58.8	%		64.3	%		68.8	%		66.5	%		63.1	%		63.2	%		60.8	%		60.9	%		59.4	%
2005		60.5	%		50.4	%		58.6	%		57.6	%		60.3	%		59.1	%		55.8	%		55.1	%		53.6	%		56.2	%
2006		57.0	%		59.9	%		57.9	%		58.9	%		53.6	%		52.9	%		50.1	%		48.0	%		48.9	%
2007		63.9	%		65.9	%		68.7	%		74.7	%		75.8	%		74.3	%		70.6	%		72.8	%
2008		64.7	%		72.9	%		79.2	%		78.2	%		71.1	%		69.4	%		64.7	%
2009		68.9	%		79.3	%		77.0	%		77.6	%		76.9	%		73.7	%
2010		81.1	%		82.4	%		78.4	%		73.1	%		73.0	%
2011		80.2	%		77.8	%		74.2	%		75.4	%
2012		71.2	%		68.6	%		68.5	%
2013		67.0	%		66.2	%
2014		59.7	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		460,114			478,231			475,044			406,449			403,167			404,333			404,711			404,772			405,200			405,164			404,159
2005		242,647			245,412			199,855			200,592			202,737			202,381			202,437			202,946			203,203			198,438
2006		211,531			170,128			170,694			171,955			171,792			171,884			172,162			172,581			164,751
2007		130,510			122,492			122,190			123,535			123,515			122,578			122,907			113,233
2008		115,437			111,896			112,376			116,351			116,825			117,153			105,299
2009		118,093			117,392			122,410			123,253			122,631			110,477
2010		134,136			138,218			139,602			136,881			127,208
2011		139,082			145,304			140,983			132,309
2012		160,730			160,942			150,870
2013		176,487			165,938
2014		126,747

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		255,539			1,480			(19,557	)		22,452			17,982			(9,147	)		(13,883	)		756			(10,030	)		638			(6,239	)		(15,548	)
2005		120,021			(20,043	)		16,321			(2,070	)		5,520			(2,463	)		(6,635	)		(1,398	)		(2,812	)		5,096						(8,484	)
2006		93,841			4,871			(3,365	)		1,680			(8,775	)		(1,044	)		(4,612	)		(3,529	)		1,494									(13,280	)
2007		72,344			2,274			3,144			6,800			1,296			(1,715	)		(4,242	)		2,569												10,124
2008		68,121			8,616			6,626			(994	)		(7,526	)		(1,751	)		(4,924	)														45
2009		76,116			11,539			(2,613	)		682			(720	)		(3,568	)																	5,319
2010		103,199			1,639			(5,107	)		(6,735	)		(158	)																				(10,361	)
2011		106,118			(3,194	)		(4,784	)		1,638																								(6,340	)
2012		107,368			(3,901	)		(196	)																										(4,096	)
2013		111,169			(1,375	)																													(1,375	)
2014		75,721

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			1,480			(39,600	)		43,644			14,820			9,812			(157	)		(7,595	)		(32,901	)		(27,837	)		(5,662	)		(43,995	)

Diagonals as of 12/31

Exhibit 12, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Workers Compensation (Predominantly Ground Up Pro Rata)

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		32,360		12,820		3,808		45		9,173		26		195		26,067		81	%
2005		71,827		48,410		3,249		—		5,766		26		135		57,586		80	%
2006		128,277		51,148		5,179		—		6,962		57		182		63,528		50	%
2007		25,171		3,797		792		—		1,649		24		37		6,298		25	%
2008		1,468		1,037		—		—		151		4		2		1,194		81	%
2009		1,529		0		—		—		1,265		0		19		1,285		84	%
2010		5,600		193		1,225		458		3,243		3		74		5,196		93	%
2011		4,991		2,217		1,469		129		780		21		36		4,651		93	%
2012		5,412		637		542		675		2,939		5		62		4,862		90	%
2013		4,771		—		614		740		3,091		—		67		4,512		95	%
2014		7,277		13		1,674		185		4,879		0		101		6,853		94	%

Total		288,684		120,272		18,553		2,231		39,898		167		910		182,031		63	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		4		232		5		—		0		—		—		237		6278	%
2005		1,775		635		59		—		81		—		—		776		44	%
2006		2,784		—		—		—		99		—		—		99		4	%
2007		42		—		—		—		4		—		—		4		9	%
2008		—		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		—		0	%
2012		—		—		—		—		—		—		—		—		0	%
2013		—		—		—		—		—		—		—		—		0	%
2014		—		—		—		—		—		—		—		—		0	%

Total		4,604		867		64		—		184		—		—		1,116		24	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		32,357		12,588		3,803		45		9,172		26		195		25,830		80	%
2005		70,052		47,775		3,190		—		5,685		26		135		56,810		81	%
2006		125,494		51,148		5,179		—		6,863		57		182		63,429		51	%
2007		25,128		3,797		792		—		1,645		24		37		6,294		25	%
2008		1,468		1,037		—		—		151		4		2		1,194		81	%
2009		1,529		0		—		—		1,265		0		19		1,285		84	%
2010		5,600		193		1,225		458		3,243		3		74		5,196		93	%
2011		4,991		2,217		1,469		129		780		21		36		4,651		93	%
2012		5,412		637		542		675		2,939		5		62		4,862		90	%
2013		4,771		—		614		740		3,091		—		67		4,512		95	%
2014		7,277		13		1,674		185		4,879		0		101		6,853		94	%

Total		284,079		119,405		18,488		2,231		39,714		167		910		180,915		64	%

Exhibit 13, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Workers Compensation (Predominantly Ground Up Pro Rata)

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		189		1,608		3,705		4,699		6,252		8,359		8,852		9,958		11,288		11,521		12,820
2005		1,474		20,008		27,019		34,592		39,890		43,350		45,381		46,575		47,648		48,410
2006		2,781		21,080		29,847		36,252		40,591		44,491		47,162		49,357		51,148
2007		828		1,241		1,580		1,816		2,427		2,984		3,403		3,797
2008		—		—		—		—		—		—		1,037
2009		—		—		—		0		0		0
2010		—		51		134		183		193
2011		—		598		1,621		2,217
2012		—		355		637
2013		—		—
2014		13

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		3,984		9,462		13,019		13,919		14,904		14,549		14,999		15,463		16,138		17,289		16,674
2005		5,750		43,224		44,239		48,142		50,874		48,487		49,951		50,852		51,429		51,659
2006		6,769		30,412		36,108		40,105		47,404		50,605		53,773		55,488		56,326
2007		1,069		1,391		1,637		2,123		2,824		3,843		4,166		4,589
2008		—		—		—		—		—		—		1,037
2009		—		—		—		0		0		0
2010		1,163		1,254		1,306		1,416		1,876
2011		375		1,355		3,690		3,814
2012		327		1,347		1,855
2013		768		1,354
2014		1,873

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		23,877		26,730		28,495		28,805		28,625		27,307		26,679		25,963		24,556		25,520		25,846
2005		43,289		59,469		55,980		56,144		56,102		53,459		53,955		54,141		58,029		57,425
2006		58,221		64,961		56,027		52,933		56,994		58,246		59,967		63,414		63,289
2007		11,873		7,379		5,409		4,957		5,183		6,214		5,931		6,238
2008		981		981		981		677		1,191		1,188		1,188
2009		—		—		—		1,266		1,266		1,266
2010		5,561		5,242		4,782		4,720		5,119
2011		4,074		4,296		4,555		4,594
2012		4,421		4,424		4,794
2013		4,246		4,445
2014		6,751

Diagonals as of 12/31

Exhibit 13, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

Workers Compensation (Predominantly Ground Up Pro Rata)

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		73.8	%		82.6	%		88.1	%		89.0	%		88.5	%		84.4	%		82.4	%		80.2	%		75.9	%		78.9	%		79.9	%
2005		60.3	%		82.8	%		77.9	%		78.2	%		78.1	%		74.4	%		75.1	%		75.4	%		80.8	%		79.9	%
2006		45.4	%		50.6	%		43.7	%		41.3	%		44.4	%		45.4	%		46.7	%		49.4	%		49.3	%
2007		47.2	%		29.3	%		21.5	%		19.7	%		20.6	%		24.7	%		23.6	%		24.8	%
2008		66.8	%		66.8	%		66.8	%		46.1	%		81.1	%		80.9	%		80.9	%
2009		0.0	%		0.0	%		0.0	%		82.8	%		82.8	%		82.8	%
2010		99.3	%		93.6	%		85.4	%		84.3	%		91.4	%
2011		81.6	%		86.1	%		91.3	%		92.1	%
2012		81.7	%		81.7	%		88.6	%
2013		89.0	%		93.2	%
2014		92.8	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		36,348			34,543			34,695			34,684			34,698			34,713			34,717			34,717			34,727			34,727			32,360
2005		53,497			73,528			73,644			73,130			73,305			71,721			71,753			71,794			71,797			71,827
2006		122,779			131,198			129,112			129,188			128,225			128,244			128,257			128,259			128,277
2007		24,172			24,003			24,005			24,004			24,004			25,171			25,171			25,171
2008		300			300			300			300			1,468			1,468			1,468
2009		—			—			—			1,529			1,529			1,529
2010		3,628			3,969			5,557			5,600			5,600
2011		4,516			4,945			4,991			4,991
2012		5,015			5,347			5,412
2013		4,650			4,771
2014		7,277

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		23,877			2,853			1,765			310			(180	)		(1,318	)		(628	)		(716	)		(1,407	)		965			326			1,969
2005		43,289			16,180			(3,489	)		164			(42	)		(2,643	)		496			187			3,887			(604	)					14,136
2006		58,221			6,741			(8,934	)		(3,094	)		4,061			1,252			1,721			3,446			(125	)								5,068
2007		11,873			(4,494	)		(1,970	)		(452	)		226			1,031			(283	)		306												(5,636	)
2008		981			—			—			(304	)		513			(3	)		—															207
2009		—			—			—			1,266			0			(0	)																	1,266
2010		5,561			(319	)		(459	)		(62	)		399																					(442	)
2011		4,074			222			259			39																								520
2012		4,421			3			370																											373
2013		4,246			199																														199
2014		6,751

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			2,853			17,945			3,561			(13,444	)		(6,424	)		338			635			3,073			8,213			909			17,659

Diagonals as of 12/31

Exhibit 13, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Professional

Reinsurance Professional Liability

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		168,887		75,310		4,231		—		4,545		25		132		84,243		50	%
2005		107,991		33,746		4,183		625		2,744		67		113		41,478		38	%
2006		87,282		23,401		6,653		600		990		201		124		31,968		37	%
2007		76,130		35,289		4,880		2,075		4,788		315		176		47,523		62	%
2008		66,148		35,302		8,940		2,357		3,056		332		215		50,203		76	%
2009		68,860		32,008		8,843		3,990		4,708		295		263		50,107		73	%
2010		91,677		29,181		4,818		2,552		15,248		260		339		52,399		57	%
2011		71,134		13,699		6,591		3,288		16,820		143		400		40,941		58	%
2012		58,714		4,221		3,701		2,530		28,449		46		520		39,468		67	%
2013		71,695		2,194		2,910		1,044		40,698		27		670		47,543		66	%
2014		152,138		592		2,506		701		82,152		7		1,280		87,238		57	%

Total		1,020,657		284,944		58,256		19,761		204,200		1,719		4,233		573,112		56	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		—		—		—		—		—		—		—		—		0	%
2008		—		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		—		0	%
2012		—		—		—		—		—		—		—		—		0	%
2013		—		—		—		—		—		—		—		—		0	%
2014		—		—		—		—		—		—		—		—		0	%

Total		—		—		—		—		—		—		—		—		0	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		168,887		75,310		4,231		—		4,545		25		132		84,243		50	%
2005		107,991		33,746		4,183		625		2,744		67		113		41,478		38	%
2006		87,282		23,401		6,653		600		990		201		124		31,968		37	%
2007		76,130		35,289		4,880		2,075		4,788		315		176		47,523		62	%
2008		66,148		35,302		8,940		2,357		3,056		332		215		50,203		76	%
2009		68,860		32,008		8,843		3,990		4,708		295		263		50,107		73	%
2010		91,677		29,181		4,818		2,552		15,248		260		339		52,399		57	%
2011		71,134		13,699		6,591		3,288		16,820		143		400		40,941		58	%
2012		58,714		4,221		3,701		2,530		28,449		46		520		39,468		67	%
2013		71,695		2,194		2,910		1,044		40,698		27		670		47,543		66	%
2014		152,138		592		2,506		701		82,152		7		1,280		87,238		57	%

Total		1,020,657		284,944		58,256		19,761		204,200		1,719		4,233		573,112		56	%

Exhibit 14, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Professional

Reinsurance Professional Liability

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		2,165		9,584		18,293		37,322		49,531		60,997		67,976		72,485		74,349		74,949		75,310
2005		21		1,843		5,943		15,057		21,735		27,208		28,917		31,102		32,649		33,746
2006		128		1,082		2,833		6,821		12,360		16,929		19,733		21,503		23,401
2007		100		2,717		8,003		12,054		18,304		25,086		31,925		35,289
2008		300		3,066		8,510		15,287		25,102		30,422		35,302
2009		819		4,343		11,450		20,149		25,899		32,008
2010		1,467		7,125		14,523		22,886		29,181
2011		830		3,996		8,347		13,699
2012		444		1,680		4,221
2013		670		2,194
2014		592

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		13,972		37,981		73,878		73,351		75,656		83,387		81,656		79,864		79,923		79,897		79,541
2005		1,114		10,359		22,359		30,092		34,101		35,422		36,636		37,167		37,780		38,554
2006		997		7,753		12,752		18,317		24,768		28,761		29,036		29,435		30,654
2007		3,475		18,263		27,743		29,395		37,661		38,851		40,611		42,244
2008		1,911		16,039		29,708		40,099		43,726		43,900		46,599
2009		1,830		11,937		20,900		35,963		40,963		44,841
2010		3,451		15,080		24,601		34,292		36,552
2011		4,642		14,900		20,519		23,578
2012		1,911		5,187		10,452
2013		2,406		6,148
2014		3,799

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		116,558		113,508		110,127		98,003		86,203		90,861		87,907		86,006		85,258		84,565		84,086
2005		64,373		51,267		54,088		49,904		45,791		42,903		44,522		41,477		40,963		41,298
2006		53,026		48,483		45,667		41,964		38,737		34,038		32,058		31,655		31,643
2007		50,120		58,659		56,974		48,710		42,941		44,381		45,874		47,032
2008		45,363		47,215		50,745		49,582		50,475		48,565		49,655
2009		44,795		46,510		44,316		49,406		47,199		49,549
2010		59,261		60,487		62,694		59,496		51,800
2011		51,359		53,324		50,043		40,398
2012		41,164		39,142		38,901
2013		48,286		46,846
2014		85,950

Diagonals as of 12/31

Exhibit 14, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Professional

Reinsurance Professional Liability

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		69.0	%		67.2	%		65.2	%		58.0	%		51.0	%		53.8	%		52.1	%		50.9	%		50.5	%		50.1	%		49.8	%
2005		59.6	%		47.5	%		50.1	%		46.2	%		42.4	%		39.7	%		41.2	%		38.4	%		37.9	%		38.2	%
2006		60.8	%		55.5	%		52.3	%		48.1	%		44.4	%		39.0	%		36.7	%		36.3	%		36.3	%
2007		65.8	%		77.1	%		74.8	%		64.0	%		56.4	%		58.3	%		60.3	%		61.8	%
2008		68.6	%		71.4	%		76.7	%		75.0	%		76.3	%		73.4	%		75.1	%
2009		65.1	%		67.5	%		64.4	%		71.7	%		68.5	%		72.0	%
2010		64.6	%		66.0	%		68.4	%		64.9	%		56.5	%
2011		72.2	%		75.0	%		70.4	%		56.8	%
2012		70.1	%		66.7	%		66.3	%
2013		67.3	%		65.3	%
2014		56.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		167,701			170,216			169,975			168,895			168,688			169,030			168,860			168,883			168,742			168,846			168,887
2005		104,595			106,809			106,627			106,986			108,483			108,446			108,540			108,299			107,971			107,991
2006		84,254			87,510			87,440			88,447			87,644			87,683			87,591			87,378			87,282
2007		72,547			72,797			73,838			74,743			75,387			75,927			76,082			76,130
2008		66,688			69,717			69,641			66,332			66,503			66,403			66,148
2009		68,739			72,296			69,499			69,134			69,029			68,860
2010		94,385			91,439			91,509			91,325			91,677
2011		70,584			70,779			70,989			71,134
2012		56,775			58,026			58,714
2013		69,156			71,695
2014		152,138

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		116,558			(3,050	)		(3,381	)		(12,125	)		(11,799	)		4,658			(2,954	)		(1,901	)		(748	)		(693	)		(479	)		(32,472	)
2005		64,373			(13,106	)		2,821			(4,184	)		(4,114	)		(2,887	)		1,619			(3,045	)		(514	)		335						(23,075	)
2006		53,026			(4,542	)		(2,816	)		(3,703	)		(3,228	)		(4,699	)		(1,979	)		(403	)		(12	)								(21,382	)
2007		50,120			8,539			(1,685	)		(8,265	)		(5,768	)		1,439			1,494			1,158												(3,088	)
2008		45,363			1,852			3,530			(1,163	)		893			(1,909	)		1,090															4,292
2009		44,795			1,715			(2,193	)		5,090			(2,208	)		2,350																		4,754
2010		59,261			1,226			2,207			(3,198	)		(7,696	)																				(7,461	)
2011		51,359			1,965			(3,281	)		(9,645	)																							(10,961	)
2012		41,164			(2,022	)		(241	)																										(2,262	)
2013		48,286			(1,440	)																													(1,440	)
2014		85,950

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(3,050	)		(16,487	)		(13,846	)		(10,260	)		(2,991	)		(12,089	)		(12,880	)		5,822			(12,734	)		(14,579	)		(93,094	)

Diagonals as of 12/31

Exhibit 14, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Aerospace and Marine

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		285,837		136,426		2,712		—		17		31		41		139,226		49	%
2005		210,058		309,588		4,642		—		4,211		1,033		133		319,607		152	%
2006		199,807		74,810		4,854		—		3,103		269		119		83,155		42	%
2007		111,394		72,166		6,789		431		996		562		123		81,067		73	%
2008		78,852		36,960		4,613		49		2,916		456		114		45,109		57	%
2009		52,389		24,660		3,699		23		2,010		259		86		30,738		59	%
2010		50,890		22,266		3,613		245		0		251		58		26,433		52	%
2011		54,224		32,088		4,007		750		411		227		78		37,562		69	%
2012		56,214		19,554		7,904		114		3,637		161		175		31,545		56	%
2013		51,461		13,921		10,616		—		6,738		155		260		31,691		62	%
2014		57,969		6,580		10,231		4,519		21,032		76		537		42,974		74	%

Total		1,209,094		749,019		63,681		6,131		45,071		3,481		1,723		869,106		72	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		3,061		—		—		—		—		—		—		—		0	%
2007		3,595		2,522		—		—		—		—		—		2,522		70	%
2008		3,721		—		—		—		—		—		—		—		0	%
2009		2,239		—		—		—		—		—		—		—		0	%
2010		2,614		—		—		—		—		—		—		—		0	%
2011		1,919		—		—		—		—		—		—		—		0	%
2012		763		—		—		—		—		—		—		—		0	%
2013		12		—		—		—		—		—		—		—		0	%
2014		2,854		—		—		—		—		—		—		—		0	%

Total		20,779		2,522		—		—		—		—		—		2,522		12	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		285,837		136,426		2,712		—		17		31		41		139,226		49	%
2005		210,058		309,588		4,642		—		4,211		1,033		133		319,607		152	%
2006		196,746		74,810		4,854		—		3,103		269		119		83,155		42	%
2007		107,799		69,644		6,789		431		996		562		123		78,545		73	%
2008		75,131		36,960		4,613		49		2,916		456		114		45,109		60	%
2009		50,150		24,660		3,699		23		2,010		259		86		30,738		61	%
2010		48,275		22,266		3,613		245		0		251		58		26,433		55	%
2011		52,304		32,088		4,007		750		411		227		78		37,562		72	%
2012		55,451		19,554		7,904		114		3,637		161		175		31,545		57	%
2013		51,449		13,921		10,616		—		6,738		155		260		31,691		62	%
2014		55,114		6,580		10,231		4,519		21,032		76		537		42,974		78	%

Total		1,188,315		746,497		63,681		6,131		45,071		3,481		1,723		866,585		73	%

Exhibit 15, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Aerospace and Marine

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		47,058		87,564		107,356		123,136		128,978		132,257		133,403		134,813		135,738		136,175		136,426
2005		19,330		132,835		209,983		245,812		278,189		295,376		301,698		305,607		308,226		309,588
2006		6,416		23,208		41,602		54,138		63,750		69,896		73,648		74,328		74,810
2007		8,787		27,814		43,519		54,716		59,822		67,146		70,144		72,166
2008		7,048		20,636		27,083		31,292		35,358		35,928		36,960
2009		3,995		13,436		18,237		21,114		23,540		24,660
2010		4,564		13,548		19,053		21,363		22,266
2011		8,526		23,813		29,495		32,088
2012		4,605		14,322		19,554
2013		5,368		13,921
2014		6,580

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		94,395		137,782		145,391		150,529		146,471		145,572		142,725		140,836		139,163		139,173		139,137
2005		156,889		275,947		295,747		315,328		326,951		320,798		319,883		315,260		314,200		314,230
2006		22,026		54,781		79,077		81,132		85,299		85,422		81,304		79,746		79,664
2007		26,644		62,800		72,464		79,302		80,119		78,941		79,063		79,385
2008		19,366		35,741		42,837		43,367		43,610		42,189		41,622
2009		13,481		28,481		30,939		31,372		29,623		28,383
2010		11,429		24,168		26,213		26,383		26,124
2011		24,245		36,277		37,124		36,845
2012		14,252		24,929		27,573
2013		11,537		24,537
2014		21,330

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		175,795		164,132		150,822		152,448		147,368		148,312		145,869		145,138		141,082		140,142		139,154
2005		230,921		302,268		299,835		312,488		325,130		325,240		331,191		321,875		320,486		318,441
2006		90,053		82,945		89,005		85,790		89,170		92,267		88,903		85,670		82,766
2007		63,471		73,312		76,518		80,146		81,146		80,408		80,209		80,382
2008		53,817		50,251		53,616		44,650		46,856		45,986		44,539
2009		37,091		36,320		34,316		33,962		32,546		30,393
2010		32,094		30,168		27,382		26,810		26,124
2011		48,149		45,035		40,518		37,257
2012		40,965		40,441		31,210
2013		35,118		31,275
2014		42,362

Diagonals as of 12/31

Exhibit 15, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Aerospace and Marine

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		61.5	%		57.4	%		52.8	%		53.3	%		51.6	%		51.9	%		51.0	%		50.8	%		49.4	%		49.0	%		48.7	%
2005		109.9	%		143.9	%		142.7	%		148.8	%		154.8	%		154.8	%		157.7	%		153.2	%		152.6	%		151.6	%
2006		45.1	%		41.5	%		44.5	%		42.9	%		44.6	%		46.2	%		44.5	%		42.9	%		41.4	%
2007		57.0	%		65.8	%		68.7	%		71.9	%		72.8	%		72.2	%		72.0	%		72.2	%
2008		68.3	%		63.7	%		68.0	%		56.6	%		59.4	%		58.3	%		56.5	%
2009		70.8	%		69.3	%		65.5	%		64.8	%		62.1	%		58.0	%
2010		63.1	%		59.3	%		53.8	%		52.7	%		51.3	%
2011		88.8	%		83.1	%		74.7	%		68.7	%
2012		72.9	%		71.9	%		55.5	%
2013		68.2	%		60.8	%
2014		73.1	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		273,588			281,442			284,981			285,146			285,445			285,409			285,828			285,816			285,816			285,806			285,837
2005		226,073			212,844			213,138			213,766			213,211			210,838			210,104			209,950			209,691			210,058
2006		193,968			198,159			201,118			200,618			200,856			200,248			199,588			199,345			199,807
2007		111,054			113,656			113,434			111,906			111,897			111,662			111,269			111,394
2008		76,761			77,996			78,601			78,648			78,587			78,226			78,852
2009		49,939			51,956			52,243			52,411			52,110			52,389
2010		48,635			50,919			51,378			50,631			50,890
2011		52,707			54,514			53,962			54,224
2012		56,455			55,706			56,214
2013		49,615			51,461
2014		57,969

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		175,795			(11,662	)		(13,310	)		1,626			(5,080	)		944			(2,442	)		(732	)		(4,056	)		(940	)		(988	)		(36,640	)
2005		230,921			71,348			(2,433	)		12,653			12,641			110			5,951			(9,316	)		(1,389	)		(2,045	)					87,521
2006		90,053			(7,108	)		6,060			(3,215	)		3,379			3,097			(3,363	)		(3,233	)		(2,904	)								(7,286	)
2007		63,471			9,841			3,206			3,628			1,000			(738	)		(199	)		172												16,911
2008		53,817			(3,566	)		3,366			(8,966	)		2,206			(870	)		(1,447	)														(9,278	)
2009		37,091			(771	)		(2,004	)		(355	)		(1,416	)		(2,153	)																	(6,698	)
2010		32,094			(1,926	)		(2,786	)		(572	)		(686	)																				(5,970	)
2011		48,149			(3,114	)		(4,517	)		(3,262	)																							(10,892	)
2012		40,965			(525	)		(9,231	)																										(9,756	)
2013		35,118			(3,842	)																													(3,842	)
2014		42,362

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(11,662	)		58,037			(7,915	)		23,474			10,010			7,270			(3,579	)		(21,522	)		(13,659	)		(26,386	)		14,068

Diagonals as of 12/31

Exhibit 15, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Reinsurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		68		2		—		—		—		—		—		2		3	%
2005		37,822		28,361		—		—		—		0		—		28,361		75	%
2006		105,102		71,286		—		—		—		0		—		71,286		68	%
2007		135,951		86,007		—		—		—		142		—		86,149		63	%
2008		14,185		6,475		—		—		—		435		—		6,911		49	%
2009		10,712		4,310		0		—		—		42		0		4,353		41	%
2010		16,830		9,409		42		—		—		179		1		9,631		57	%
2011		15,242		19,482		69		—		43		318		2		19,914		131	%
2012		13,211		24,528		98		—		138		795		4		25,563		193	%
2013		8,822		5,867		209		—		610		316		12		7,014		80	%
2014		26,585		4,479		258		—		10,553		26		162		15,480		58	%

Total		384,529		260,206		677		—		11,345		2,254		180		274,662		71	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		842		—		—		—		—		—		—		—		0	%
2007		1,989		—		—		—		—		—		—		—		0	%
2008		472		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		—		0	%
2012		—		—		—		—		—		—		—		—		0	%
2013		49		—		—		—		6		—		—		6		13	%
2014		5,466		979		71		—		2,113		—		—		3,163		58	%

Total		8,817		979		71		—		2,120		—		—		3,169		36	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		68		2		—		—		—		—		—		2		3	%
2005		37,822		28,361		—		—		—		0		—		28,361		75	%
2006		104,260		71,286		—		—		—		0		—		71,286		68	%
2007		133,962		86,007		—		—		—		142		—		86,149		64	%
2008		13,713		6,475		—		—		—		435		—		6,911		50	%
2009		10,712		4,310		0		—		—		42		0		4,353		41	%
2010		16,830		9,409		42		—		—		179		1		9,631		57	%
2011		15,242		19,482		69		—		43		318		2		19,914		131	%
2012		13,211		24,528		98		—		138		795		4		25,563		193	%
2013		8,773		5,867		209		—		604		316		12		7,007		80	%
2014		21,119		3,501		188		—		8,440		26		162		12,317		58	%

Total		375,712		259,227		607		—		9,225		2,254		180		271,492		72	%

Exhibit 16, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Reinsurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		2		2		2		2		2		2		2		2		2		2
2005		3,462		28,260		28,293		28,375		28,358		28,360		28,360		28,361		28,361		28,361
2006		275		71,952		71,952		71,269		71,283		71,280		71,286		71,286		71,286
2007		26		85,438		86,049		85,997		85,977		85,999		85,999		86,007
2008		1,450		6,244		6,447		6,447		6,464		6,464		6,475
2009		403		4,268		4,310		4,310		4,310		4,310
2010		1,088		9,233		9,395		9,407		9,409
2011		8,998		12,767		19,459		19,482
2012		17,703		24,158		24,528
2013		2,552		5,867
2014		4,479

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		2		2		2		2		2		2		2		2		2		2
2005		4,397		28,322		28,293		28,375		28,358		28,360		28,360		28,361		28,361		28,361
2006		275		71,952		71,952		71,269		71,283		71,280		71,286		71,286		71,286
2007		26		85,438		86,049		85,997		85,977		85,999		85,999		86,007
2008		1,450		6,244		6,447		6,447		6,464		6,464		6,475
2009		483		4,268		4,310		4,310		4,310		4,310
2010		2,078		9,440		10,280		9,450		9,451
2011		9,194		18,972		19,680		19,551
2012		20,608		24,947		24,626
2013		3,458		6,076
2014		4,738

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		61		2		2		2		2		2		2		2		2		2		2
2005		32,848		27,960		28,276		28,389		28,372		28,372		28,361		28,361		28,361		28,361
2006		68,027		72,664		72,150		71,436		71,444		71,284		71,286		71,286		71,286
2007		106,493		85,552		86,106		86,051		86,001		85,999		85,999		86,007
2008		11,919		6,182		6,458		6,462		6,464		6,464		6,475
2009		8,810		4,307		4,310		4,310		4,310		4,310
2010		12,361		9,372		10,280		9,553		9,451
2011		14,324		19,740		19,751		19,595
2012		35,934		25,709		24,764
2013		9,265		6,686
2014		15,291

Diagonals as of 12/31

Exhibit 16, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Reinsurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		89.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
2005		86.8	%		73.9	%		74.8	%		75.1	%		75.0	%		75.0	%		75.0	%		75.0	%		75.0	%		75.0	%
2006		64.7	%		69.1	%		68.6	%		68.0	%		68.0	%		67.8	%		67.8	%		67.8	%		67.8	%
2007		78.3	%		62.9	%		63.3	%		63.3	%		63.3	%		63.3	%		63.3	%		63.3	%
2008		84.0	%		43.6	%		45.5	%		45.6	%		45.6	%		45.6	%		45.6	%
2009		82.2	%		40.2	%		40.2	%		40.2	%		40.2	%		40.2	%
2010		73.4	%		55.7	%		61.1	%		56.8	%		56.2	%
2011		94.0	%		129.5	%		129.6	%		128.6	%
2012		272.0	%		194.6	%		187.5	%
2013		105.0	%		75.8	%
2014		57.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		1,626			68			68			68			68			68			68			68			68			68			68
2005		37,217			38,317			37,853			37,819			37,821			37,822			37,822			37,822			37,822			37,822
2006		105,944			105,050			105,100			105,074			105,096			105,096			105,102			105,102			105,102
2007		131,990			135,909			135,949			135,946			135,912			135,951			135,951			135,951
2008		14,335			14,338			14,161			14,152			14,185			14,185			14,185
2009		11,419			10,623			10,712			10,712			10,712			10,712
2010		17,536			16,968			16,830			16,830			16,830
2011		14,364			15,233			15,242			15,242
2012		12,497			13,176			13,211
2013		8,505			8,822
2014		26,585

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		61			(59	)		0			—			—			—			—			(0	)		—			—			—			(59	)
2005		32,848			(4,888	)		316			113			(17	)		(0	)		(11	)		0			(0	)		—						(4,487	)
2006		68,027			4,637			(514	)		(714	)		8			(160	)		2			(0	)		—									3,259
2007		106,493			(20,941	)		554			(55	)		(50	)		(2	)		(0	)		8												(20,486	)
2008		11,919			(5,737	)		276			4			2			(0	)		12															(5,444	)
2009		8,810			(4,503	)		3			0			0			(0	)																	(4,499	)
2010		12,361			(2,989	)		909			(728	)		(102	)																				(2,910	)
2011		14,324			5,416			12			(157	)																							5,271
2012		35,934			(10,225	)		(945	)																										(11,169	)
2013		9,265			(2,579	)																													(2,579	)
2014		15,291

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(59	)		(4,888	)		4,953			(21,342	)		(5,914	)		(4,273	)		(3,204	)		6,326			(10,941	)		(3,764	)		(43,104	)

Diagonals as of 12/31

Exhibit 16, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Surety and Trade Credit

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		685		98		0		—		—		0		0		98		14	%
2005		37,064		16,020		1,699		—		156		9		28		17,913		48	%
2006		60,920		20,949		2,195		—		477		13		40		23,673		39	%
2007		59,713		15,560		773		—		809		34		24		17,200		29	%
2008		47,518		5,429		307		—		973		82		19		6,810		14	%
2009		36,229		8,948		1,506		235		1,232		113		45		12,079		33	%
2010		35,034		11,850		2,069		—		1,249		195		50		15,412		44	%
2011		33,269		10,701		1,955		—		1,829		104		57		14,646		44	%
2012		32,626		7,560		2,106		125		4,481		62		101		14,435		44	%
2013		49,996		12,636		4,954		—		11,695		168		250		29,703		59	%
2014		62,565		4,504		4,261		100		25,419		32		447		34,762		56	%

Total		455,618		114,255		21,825		460		48,321		810		1,059		186,730		41	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		4,414		1,545		247		—		29		—		—		1,821		41	%
2006		4,304		—		—		—		82		—		—		82		2	%
2007		77		368		43		—		1		—		—		412		537	%
2008		171		243		18		—		2		—		—		263		154	%
2009		219		39		—		—		5		—		—		44		20	%
2010		515		206		22		—		17		—		—		245		47	%
2011		1,770		156		2		—		77		—		—		235		13	%
2012		1,931		110		3		—		136		—		—		248		13	%
2013		2,509		12		3		—		477		—		—		492		20	%
2014		2,651		—		—		—		1,140		—		—		1,140		43	%

Total		18,561		2,678		339		—		1,965		—		—		4,982		27	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		685		98		0		—		—		0		0		98		14	%
2005		32,650		14,475		1,452		—		128		9		28		16,092		49	%
2006		56,615		20,949		2,195		—		395		13		40		23,591		42	%
2007		59,637		15,192		730		—		809		34		24		16,788		28	%
2008		47,347		5,187		289		—		971		82		19		6,547		14	%
2009		36,010		8,909		1,506		235		1,227		113		45		12,035		33	%
2010		34,518		11,644		2,047		—		1,232		195		50		15,168		44	%
2011		31,499		10,546		1,953		—		1,752		104		57		14,410		46	%
2012		30,695		7,450		2,103		125		4,346		62		101		14,187		46	%
2013		47,487		12,624		4,951		—		11,217		168		250		29,210		62	%
2014		59,913		4,504		4,261		100		24,278		32		447		33,622		56	%

Total		437,057		111,578		21,486		460		46,356		810		1,059		181,748		42	%

Exhibit 17, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Surety and Trade Credit

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12			24		36		48		60		72		84		96		108		120		132
2004 & Prior		—			—		76		81		94		98		107		107		98		98		98
2005		589			5,430		9,374		10,372		12,061		14,490		14,862		15,005		15,871		16,020
2006		397			8,209		12,912		15,468		18,685		20,112		19,834		20,503		20,949
2007		2,785			8,035		12,218		12,624		13,932		14,371		14,945		15,560
2008		(120	)		1,426		2,742		3,980		4,810		5,143		5,429
2009		281			3,560		6,218		6,964		7,585		8,948
2010		780			2,780		6,493		9,988		11,850
2011		796			5,347		8,875		10,701
2012		944			5,952		7,560
2013		1,884			12,636
2014		4,504

Case Incurred Loss & ALAE (incl ACRs)	12			24		36		48		60		72		84		96		108		120		132
2004 & Prior		—			102		85		82		386		389		110		108		98		98		98
2005		4,173			9,072		12,249		15,181		15,654		16,743		16,664		16,735		17,313		17,719
2006		2,061			13,819		18,447		20,782		23,550		23,752		21,425		21,619		23,144
2007		9,974			11,136		14,643		14,905		15,530		15,781		16,259		16,332
2008		135			2,072		4,398		6,242		6,394		6,239		5,736
2009		2,158			6,155		8,853		9,340		9,572		10,689
2010		1,835			5,300		11,364		12,710		13,919
2011		1,459			9,276		11,932		12,656
2012		5,936			8,050		9,791
2013		9,806			17,591
2014		8,865

Ultimate Loss & ALAE	12			24		36		48		60		72		84		96		108		120		132
2004 & Prior		423			340		177		132		440		419		134		136		113		104		98
2005		24,739			19,171		15,612		18,021		17,626		18,232		17,973		17,588		17,808		17,876
2006		27,960			25,282		23,822		24,978		28,530		26,047		22,778		22,539		23,620
2007		35,095			23,617		20,911		21,152		18,556		17,615		17,419		17,142
2008		23,216			14,485		9,177		8,965		8,532		7,725		6,709
2009		23,020			15,825		13,629		11,800		11,349		11,921
2010		18,280			14,073		14,271		14,839		15,168
2011		16,665			17,103		15,087		14,485
2012		20,894			16,728		14,272
2013		34,185			29,285
2014		34,284

Diagonals as of 12/31

Exhibit 17, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Surety and Trade Credit

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		61.7	%		49.7	%		25.9	%		19.2	%		64.2	%		61.1	%		19.5	%		19.9	%		16.5	%		15.2	%		14.4	%
2005		66.7	%		51.7	%		42.1	%		48.6	%		47.6	%		49.2	%		48.5	%		47.5	%		48.0	%		48.2	%
2006		45.9	%		41.5	%		39.1	%		41.0	%		46.8	%		42.8	%		37.4	%		37.0	%		38.8	%
2007		58.8	%		39.6	%		35.0	%		35.4	%		31.1	%		29.5	%		29.2	%		28.7	%
2008		48.9	%		30.5	%		19.3	%		18.9	%		18.0	%		16.3	%		14.1	%
2009		63.5	%		43.7	%		37.6	%		32.6	%		31.3	%		32.9	%
2010		52.2	%		40.2	%		40.7	%		42.4	%		43.3	%
2011		50.1	%		51.4	%		45.4	%		43.5	%
2012		64.0	%		51.3	%		43.7	%
2013		68.4	%		58.6	%
2014		54.8	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		579			595			678			684			677			683			683			684			684			684			685
2005		32,041			35,776			35,676			35,992			36,314			36,532			36,697			36,849			36,986			37,064
2006		54,398			57,048			58,140			58,885			59,544			59,953			60,371			60,714			60,920
2007		54,511			57,136			58,401			58,832			59,057			59,297			59,558			59,713
2008		47,730			47,230			46,983			47,015			47,181			47,403			47,518
2009		35,388			35,687			35,700			35,805			36,126			36,229
2010		35,075			34,585			34,374			34,773			35,034
2011		33,599			31,947			32,550			33,269
2012		33,587			32,563			32,626
2013		48,497			49,996
2014		62,565

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		423			(83	)		(163	)		(46	)		308			(21	)		(285	)		2			(23	)		(9	)		(6	)		(325	)
2005		24,739			(5,567	)		(3,559	)		2,409			(394	)		606			(259	)		(385	)		220			68						(6,863	)
2006		27,960			(2,678	)		(1,460	)		1,157			3,552			(2,483	)		(3,269	)		(240	)		1,081									(4,340	)
2007		35,095			(11,478	)		(2,706	)		242			(2,597	)		(940	)		(197	)		(277	)											(17,953	)
2008		23,216			(8,731	)		(5,308	)		(212	)		(433	)		(807	)		(1,015	)														(16,506	)
2009		23,020			(7,195	)		(2,196	)		(1,830	)		(451	)		572																		(11,099	)
2010		18,280			(4,207	)		198			568			329																					(3,112	)
2011		16,665			438			(2,015	)		(602	)																							(2,180	)
2012		20,894			(4,167	)		(2,455	)																										(6,622	)
2013		34,185			(4,900	)																													(4,900	)
2014		34,284

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(83	)		(5,730	)		(6,283	)		(10,222	)		(10,696	)		(8,388	)		(11,952	)		(6,245	)		(7,096	)		(7,206	)		(73,900	)

Diagonals as of 12/31

Exhibit 17, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Reinsurance Other Specialty - Miscellaneous

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident	Earned		Paid Loss		Case Reserves		Additional										Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		PaidULAE			ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		196,928		91,330		5,359		—			21,300		301			400		118,690		60	%
2005		25,532		2,473		219		203			356		3			12		3,267		13	%
2006		24,410		2,548		324		375			312		(7	)		15		3,567		15	%
2007		22,252		4,300		412		274			332		60			15		5,393		24	%
2008		21,187		11,265		540		170			1,103		267			27		13,373		63	%
2009		19,327		7,871		348		320			1,878		144			38		10,599		55	%
2010		14,779		1,760		490		181			2,098		20			42		4,590		31	%
2011		12,988		1,218		519		(143	)		2,931		37			50		4,612		36	%
2012		15,142		486		458		(196	)		5,951		32			93		6,824		45	%
2013		16,062		415		321		(147	)		7,430		20			114		8,153		51	%
2014		13,482		130		159		(98	)		6,749		9			102		7,051		52	%

Total		382,089		123,796		9,149		938			50,440		887			908		186,118		49	%

Ceded

Accident	Earned		Paid Loss		Case Reserves		Additional										Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		PaidULAE			ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		—		—		—		—			—		—			—		—		0	%
2005		—		—		—		—			—		—			—		—		0	%
2006		—		—		—		—			—		—			—		—		0	%
2007		—		—		—		—			—		—			—		—		0	%
2008		—		—		—		—			—		—			—		—		0	%
2009		—		—		—		—			—		—			—		—		0	%
2010		—		—		—		—			—		—			—		—		0	%
2011		—		—		—		—			—		—			—		—		0	%
2012		—		—		—		—			—		—			—		—		0	%
2013		—		—		—		—			—		—			—		—		0	%
2014		—		—		—		—			—		—			—		—		0	%

Total		—		—		—		—			—		—			—		—		0	%

Net

Accident	Earned		Paid Loss		Case Reserves		Additional										Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		PaidULAE			ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		196,928		91,330		5,359		—			21,300		301			400		118,690		60	%
2005		25,532		2,473		219		203			356		3			12		3,267		13	%
2006		24,410		2,548		324		375			312		(7	)		15		3,567		15	%
2007		22,252		4,300		412		274			332		60			15		5,393		24	%
2008		21,187		11,265		540		170			1,103		267			27		13,373		63	%
2009		19,327		7,871		348		320			1,878		144			38		10,599		55	%
2010		14,779		1,760		490		181			2,098		20			42		4,590		31	%
2011		12,988		1,218		519		(143	)		2,931		37			50		4,612		36	%
2012		15,142		486		458		(196	)		5,951		32			93		6,824		45	%
2013		16,062		415		321		(147	)		7,430		20			114		8,153		51	%
2014		13,482		130		159		(98	)		6,749		9			102		7,051		52	%

Total		382,089		123,796		9,149		938			50,440		887			908		186,118		49	%

Exhibit 18, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Reinsurance Other Specialty - Miscellaneous

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		15,960		30,661		40,140		56,052		59,634		62,400		76,252		77,622		90,120		90,627		91,330
2005		1,014		1,410		1,538		1,552		1,592		1,660		1,768		1,771		1,762		2,473
2006		565		800		838		838		843		838		839		839		2,548
2007		600		1,450		1,484		1,570		1,563		1,579		1,579		4,300
2008		299		883		889		984		1,032		1,040		11,265
2009		759		1,252		1,250		1,250		1,250		7,871
2010		37		221		233		233		1,760
2011		176		544		551		1,218
2012		53		107		486
2013		45		415
2014		130

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		38,143		52,187		59,371		73,214		72,556		75,209		83,255		93,745		95,710		95,911		96,689
2005		1,109		1,770		1,851		1,785		1,784		1,824		1,905		1,790		1,813		2,896
2006		567		801		838		838		843		838		839		839		3,246
2007		738		1,453		1,487		1,584		1,576		1,594		1,579		4,986
2008		299		1,051		953		1,077		1,107		1,104		11,975
2009		1,048		1,256		1,254		1,254		1,254		8,539
2010		268		283		357		360		2,431
2011		312		580		583		1,594
2012		81		107		748
2013		65		589
2014		191

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		146,228		139,996		121,206		123,407		115,000		110,800		115,733		120,889		118,979		118,442		117,989
2005		16,461		14,481		11,183		8,484		5,943		3,707		3,545		2,807		2,667		3,252
2006		14,725		12,239		9,471		7,096		4,294		2,103		1,642		1,556		3,558
2007		13,490		12,282		10,404		7,844		5,765		3,459		3,173		5,319
2008		12,712		10,631		8,271		7,174		4,975		2,793		13,078
2009		10,206		11,198		9,097		7,501		6,564		10,417
2010		9,046		6,520		6,190		4,670		4,528
2011		9,219		8,312		6,691		4,525
2012		8,081		6,785		6,698
2013		8,377		8,019
2014		6,940

Diagonals as of 12/31

Exhibit 18, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

Reinsurance Other Specialty - Miscellaneous

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		74.3	%		71.1	%		61.5	%		62.7	%		58.4	%		56.3	%		58.8	%		61.4	%		60.4	%		60.1	%		59.9	%
2005		64.5	%		56.7	%		43.8	%		33.2	%		23.3	%		14.5	%		13.9	%		11.0	%		10.4	%		12.7	%
2006		60.3	%		50.1	%		38.8	%		29.1	%		17.6	%		8.6	%		6.7	%		6.4	%		14.6	%
2007		60.6	%		55.2	%		46.8	%		35.3	%		25.9	%		15.5	%		14.3	%		23.9	%
2008		60.0	%		50.2	%		39.0	%		33.9	%		23.5	%		13.2	%		61.7	%
2009		52.8	%		57.9	%		47.1	%		38.8	%		34.0	%		53.9	%
2010		61.2	%		44.1	%		41.9	%		31.6	%		30.6	%
2011		71.0	%		64.0	%		51.5	%		34.8	%
2012		53.4	%		44.8	%		44.2	%
2013		52.2	%		49.9	%
2014		51.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		194,477			197,185			193,811			193,886			194,005			194,717			194,874			195,054			195,024			195,058			196,928
2005		19,226			19,585			19,943			20,144			20,212			20,173			20,226			20,245			20,245			25,532
2006		15,459			16,056			16,219			16,201			16,165			16,174			16,183			16,183			24,410
2007		11,932			12,430			12,398			12,398			12,402			12,404			12,404			22,252
2008		9,044			9,401			9,503			9,497			9,501			9,500			21,187
2009		6,974			7,426			7,454			7,462			7,463			19,327
2010		4,770			5,290			5,302			5,302			14,779
2011		3,594			3,890			3,873			12,988
2012		3,093			3,388			15,142
2013		2,237			16,062
2014		13,482

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		146,228			(6,232	)		(18,790	)		2,201			(8,407	)		(4,200	)		4,933			5,156			(1,910	)		(537	)		(453	)		(28,239	)
2005		16,461			(1,980	)		(3,298	)		(2,700	)		(2,541	)		(2,236	)		(162	)		(739	)		(140	)		585						(13,209	)
2006		14,725			(2,485	)		(2,768	)		(2,376	)		(2,801	)		(2,191	)		(462	)		(86	)		2,002									(11,167	)
2007		13,490			(1,208	)		(1,878	)		(2,560	)		(2,080	)		(2,306	)		(286	)		2,146												(8,171	)
2008		12,712			(2,082	)		(2,360	)		(1,096	)		(2,199	)		(2,182	)		10,285															366
2009		10,206			992			(2,100	)		(1,596	)		(937	)		3,853																		211
2010		9,046			(2,526	)		(330	)		(1,520	)		(142	)																				(4,517	)
2011		9,219			(907	)		(1,622	)		(2,165	)																							(4,694	)
2012		8,081			(1,296	)		(87	)																										(1,383	)
2013		8,377			(358	)																													(358	)
2014		6,940

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(6,232	)		(20,770	)		(3,582	)		(15,082	)		(13,077	)		(4,032	)		(4,998	)		(10,449	)		(8,605	)		15,666			(71,161	)

Diagonals as of 12/31

Exhibit 18, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		13,413		—		—		—		—		—		—		—		0	%
2008		610,185		592,474		—		—		—		—		—		592,474		97	%
2009		599,813		530,026		—		—		—		—		—		530,026		88	%
2010		564,234		336,025		—		—		—		—		—		336,025		60	%
2011		847,048		1,105,662		—		—		130		—		—		1,105,792		131	%
2012		885,139		1,200,934		99		—		3,113		—		—		1,204,146		136	%
2013		966,095		1,178,587		427		—		3,826		—		—		1,182,840		122	%
2014		873,555		580,281		222,045		—		65,552		—		—		867,877		99	%

Total		5,359,483		5,523,989		222,570		—		72,621		—		—		5,819,180		109	%

Ceded

Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		7,725		—		—		—		—		—		—		—		0	%
2008		253,728		278,640		—		—		—		—		—		278,640		110	%
2009		268,099		248,661		—		—		—		—		—		248,661		93	%
2010		166,349		56,017		—		—		—		—		—		56,017		34	%
2011		282,434		597,744		—		—		117		—		—		597,862		212	%
2012		336,266		628,049		79		—		2,642		—		—		630,770		188	%
2013		392,557		616,541		255		—		2,887		—		—		619,683		158	%
2014		402,153		228,078		144,969		—		43,154		—		—		416,201		103	%

Total		2,109,311		2,653,730		145,304		—		48,800		—		—		2,847,834		135	%

Net

Accident	Earned		Paid Loss		Case Reserves		Additional								Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		PaidULAE		ULAE Reserve		& LAE		& LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		5,688		—		—		—		—		—		—		—		0	%
2008		356,458		313,834		—		—		—		—		—		313,834		88	%
2009		331,714		281,365		—		—		—		—		—		281,365		85	%
2010		397,885		280,008		—		—		—		—		—		280,008		70	%
2011		564,614		507,918		—		—		12		—		—		507,930		90	%
2012		548,873		572,885		20		—		471		—		—		573,376		104	%
2013		573,537		562,046		172		—		939		—		—		563,157		98	%
2014		471,402		352,202		77,075		—		22,398		—		—		451,676		96	%

Total		3,250,172		2,870,259		77,267		—		23,821		—		—		2,971,346		91	%

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 19, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		—		—		—		—		—		—		—		—		—
2007		28		505		1,467		13,216		—		—		—		—
2008		339,001		587,514		597,530		592,317		592,425		592,474		592,474
2009		402,835		523,951		528,783		530,388		530,026		530,026
2010		222,620		334,129		334,744		334,438		336,025
2011		897,889		1,101,196		1,103,651		1,105,662
2012		788,015		1,213,199		1,200,934
2013		834,238		1,178,587
2014		580,281

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		75		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		—		—		—		163		—		—		—		—		—
2007		724		505		1,467		13,226		—		—		—		—
2008		586,040		601,083		598,096		592,430		592,538		592,604		592,474
2009		571,689		533,684		529,366		531,247		530,104		530,026
2010		328,705		336,464		335,280		334,601		336,025
2011		1,098,453		1,102,233		1,103,925		1,105,662
2012		1,177,678		1,222,823		1,201,033
2013		1,081,660		1,179,014
2014		802,325

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		—		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—		—		—
2006		—		—		—		—		—		—		—		—		—
2007		11,963		505		1,467		13,226		—		—		—		—
2008		656,056		613,150		610,094		592,430		592,538		592,604		592,474
2009		588,691		534,134		529,723		532,499		533,483		530,026
2010		402,433		338,069		337,209		335,727		336,025
2011		1,148,248		1,111,444		1,107,039		1,105,792
2012		1,227,976		1,228,939		1,204,146
2013		1,152,354		1,182,840
2014		867,877

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 19, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2007		89.2	%		3.8	%		10.9	%		98.6	%		0.0	%		0.0	%		0.0	%		0.0	%
2008		107.5	%		100.5	%		100.0	%		97.1	%		97.1	%		97.1	%		97.1	%
2009		98.1	%		89.1	%		88.3	%		88.8	%		88.9	%		88.4	%
2010		71.3	%		59.9	%		59.8	%		59.5	%		59.6	%
2011		135.6	%		131.2	%		130.7	%		130.5	%
2012		138.7	%		138.8	%		136.0	%
2013		119.3	%		122.4	%
2014		99.4	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—			—			—
2006		—			—			—			—			—			—			—			—			—
2007		13,413			13,413			13,413			13,413			13,413			13,413			13,413			13,413
2008		610,185			598,185			598,185			610,185			610,185			610,185			610,185
2009		600,073			599,813			599,813			599,813			599,813			599,813
2010		564,234			564,234			564,234			564,234			564,234
2011		847,048			847,048			847,048			847,048
2012		885,139			885,139			885,139
2013		966,095			966,095
2014		873,555

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		—			—			—			—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—			—			—						—
2006		—			—			—			—			—			—			—			—			—									—
2007		11,963			(11,458	)		962			11,759			(13,226	)		—			—			—												(11,963	)
2008		656,056			(42,906	)		(3,056	)		(17,664	)		107			67			(130	)														(63,582	)
2009		588,691			(54,557	)		(4,411	)		2,776			983			(3,457	)																	(58,665	)
2010		402,433			(64,364	)		(860	)		(1,482	)		298																					(66,408	)
2011		1,148,248			(36,803	)		(4,405	)		(1,247	)																							(42,456	)
2012		1,227,976			963			(24,793	)																										(23,830	)
2013		1,152,354			30,486																														30,486
2014		867,877

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			—			—			—			(11,458	)		(41,944	)		(45,855	)		(99,664	)		(34,780	)		(3,874	)		1,157			(236,418	)

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 19, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		382,547		12,525		—		—		13,905		93		209		26,731		7	%
2005		212,006		11,166		25,051		—		14,272		452		631		51,572		24	%
2006		263,854		83,138		4,297		—		23,904		849		789		112,977		43	%
2007		428,391		164,055		16,817		—		40,325		4,079		1,722		226,998		53	%
2008		469,910		262,999		31,082		—		63,506		5,755		2,364		365,706		78	%
2009		352,008		175,137		34,059		—		68,891		7,544		2,537		288,168		82	%
2010		246,891		104,589		11,426		—		91,029		6,085		2,907		216,036		88	%
2011		276,273		57,448		105,834		—		118,097		4,494		6,006		291,880		106	%
2012		300,191		38,285		51,584		—		137,795		2,242		5,669		235,574		78	%
2013		302,858		13,775		40,009		—		148,038		362		6,429		208,614		69	%
2014		318,824		2,726		3,213		—		180,687		139		7,202		193,967		61	%

Total		3,553,754		925,842		323,373		—		900,449		32,095		36,466		2,218,225		62	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		4,518		168		20		—		799		—		—		987		22	%
2006		26,202		24,349		4,007		—		4,387		—		—		32,744		125	%
2007		58,080		15,799		2,163		—		8,436		—		—		26,397		45	%
2008		69,237		19,135		490		—		8,790		—		—		28,415		41	%
2009		72,654		32,512		9,775		—		17,640		—		—		59,927		82	%
2010		65,803		24,704		1,708		—		24,316		—		—		50,728		77	%
2011		71,172		8,579		20,404		—		38,695		—		—		67,678		95	%
2012		79,459		8,851		2,383		—		46,794		—		—		58,028		73	%
2013		77,758		234		2,036		—		48,517		—		—		50,787		65	%
2014		132,810		113		373		—		79,109		—		—		79,596		60	%

Total		657,693		134,445		43,358		—		277,484		—		—		455,287		69	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		382,547		12,525		—		—		13,905		93		209		26,731		7	%
2005		207,488		10,998		25,031		—		13,473		452		631		50,586		24	%
2006		237,653		58,788		290		—		19,517		849		789		80,233		34	%
2007		370,311		148,256		14,655		—		31,889		4,079		1,722		200,601		54	%
2008		400,673		243,863		30,592		—		54,716		5,755		2,364		337,291		84	%
2009		279,355		142,625		24,284		—		51,250		7,544		2,537		228,240		82	%
2010		181,088		79,885		9,717		—		66,713		6,085		2,907		165,308		91	%
2011		205,101		48,869		85,431		—		79,402		4,494		6,006		224,202		109	%
2012		220,732		29,434		49,201		—		91,000		2,242		5,669		177,546		80	%
2013		225,099		13,542		37,973		—		99,521		362		6,429		157,827		70	%
2014		186,014		2,612		2,840		—		101,578		139		7,202		114,372		61	%

Total		2,896,061		791,397		280,015		—		622,965		32,095		36,466		1,762,938		61	%

Exhibit 20, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		18		19		22		22		1,731		1,731		3,457		3,466		12,506		12,512		12,525
2005		2,780		2,737		7,711		8,041		8,470		10,172		10,336		10,489		10,691		11,166
2006		374		13,425		25,271		57,172		61,827		66,688		74,374		77,371		83,138
2007		9,090		39,110		67,507		105,206		125,832		145,147		152,908		164,055
2008		36,318		82,125		129,348		166,593		197,500		239,064		262,999
2009		14,988		68,403		104,901		125,184		163,614		175,137
2010		754		3,802		34,367		79,954		104,589
2011		2,815		14,348		29,290		57,448
2012		3,044		20,205		38,285
2013		2,547		13,775
2014		2,726

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		5,018		5,019		772		772		1,759		1,731		3,506		6,506		12,506		12,513		12,525
2005		5,780		10,787		12,761		29,541		42,616		35,236		35,413		35,534		35,771		36,217
2006		7,766		45,262		48,587		63,072		67,173		85,109		89,343		87,111		87,435
2007		20,396		73,302		99,498		135,611		159,559		182,498		177,246		180,873
2008		91,036		141,702		216,830		256,088		284,533		280,119		294,081
2009		56,120		127,696		149,890		166,228		199,475		209,196
2010		28,262		86,465		101,075		117,218		116,014
2011		8,689		43,602		120,220		163,283
2012		10,147		66,451		89,869
2013		6,582		53,785
2014		5,939

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		247,159		214,115		192,346		166,612		138,828		117,221		71,278		54,998		42,694		31,935		26,429
2005		157,207		155,655		144,394		125,899		117,095		94,228		75,994		68,019		54,865		50,488
2006		202,589		208,470		184,586		168,791		148,076		144,434		139,063		119,997		111,339
2007		287,700		268,605		247,174		255,369		253,514		264,574		238,140		221,197
2008		320,689		317,657		358,489		378,012		377,307		360,003		357,586
2009		244,643		299,945		292,218		286,149		283,495		278,087
2010		206,647		239,953		238,164		228,798		207,044
2011		194,153		212,577		282,177		281,373
2012		216,043		229,627		227,664
2013		207,794		201,823
2014		186,626

Diagonals as of 12/31

Exhibit 20, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Casualty and Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		64.6	%		56.0	%		50.3	%		43.6	%		36.3	%		30.6	%		18.6	%		14.4	%		11.2	%		8.3	%		6.9	%
2005		74.2	%		73.4	%		68.1	%		59.4	%		55.2	%		44.4	%		35.8	%		32.1	%		25.9	%		23.8	%
2006		76.8	%		79.0	%		69.9	%		64.0	%		56.1	%		54.7	%		52.7	%		45.5	%		42.2	%
2007		67.1	%		62.7	%		57.7	%		59.6	%		59.2	%		61.8	%		55.6	%		51.6	%
2008		68.2	%		67.6	%		76.3	%		80.4	%		80.3	%		76.6	%		76.1	%
2009		69.5	%		85.2	%		83.0	%		81.3	%		80.5	%		79.0	%
2010		83.8	%		97.2	%		96.5	%		92.7	%		83.9	%
2011		70.2	%		76.9	%		102.1	%		101.8	%
2012		71.9	%		76.5	%		75.8	%
2013		68.6	%		66.6	%
2014		58.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		384,048			382,585			382,585			382,545			382,545			382,547			382,547			382,547			382,547			382,547			382,547
2005		211,918			211,410			211,242			211,040			211,060			211,060			212,006			212,006			212,006			212,006
2006		263,198			265,026			264,402			264,353			264,381			263,783			263,862			263,862			263,854
2007		434,334			434,196			428,786			428,540			428,312			428,386			428,386			428,391
2008		474,560			470,394			469,675			470,009			469,990			469,885			469,910
2009		352,445			352,402			352,374			352,305			352,003			352,008
2010		246,278			247,139			247,177			246,891			246,891
2011		272,901			275,282			276,805			276,273
2012		291,475			301,201			300,191
2013		296,497			302,858
2014		318,824

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		247,159			(33,044	)		(21,769	)		(25,734	)		(27,784	)		(21,607	)		(45,943	)		(16,280	)		(12,304	)		(10,759	)		(5,506	)		(220,730	)
2005		157,207			(1,552	)		(11,260	)		(18,496	)		(8,804	)		(22,868	)		(18,233	)		(7,975	)		(13,154	)		(4,377	)					(106,719	)
2006		202,589			5,881			(23,884	)		(15,795	)		(20,715	)		(3,642	)		(5,371	)		(19,066	)		(8,658	)								(91,250	)
2007		287,700			(19,095	)		(21,431	)		8,195			(1,855	)		11,060			(26,434	)		(16,942	)											(66,503	)
2008		320,689			(3,032	)		40,832			19,523			(705	)		(17,304	)		(2,417	)														36,897
2009		244,643			55,302			(7,727	)		(6,069	)		(2,654	)		(5,408	)																	33,444
2010		206,647			33,306			(1,789	)		(9,366	)		(21,755	)																				397
2011		194,153			18,424			69,600			(804	)																							87,220
2012		216,043			13,584			(1,964	)																										11,620
2013		207,794			(5,971	)																													(5,971	)
2014		186,626

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(33,044	)		(23,321	)		(31,113	)		(89,259	)		(70,669	)		14,804			5,092			(4,730	)		(15,553	)		(73,802	)		(321,594	)

Diagonals as of 12/31

Exhibit 20, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		70,600		12,949		79		—		532		121		9		13,690		19	%
2005		53,472		12,494		22		—		820		3		13		13,351		25	%
2006		66,737		17,173		10,033		—		1,567		284		174		29,232		44	%
2007		81,252		114,182		155		—		6,576		2,656		113		123,681		152	%
2008		103,289		77,300		46,872		—		9,094		4,154		924		138,343		134	%
2009		176,859		82,068		10,393		—		20,606		6,431		958		120,455		68	%
2010		180,693		59,284		14,377		—		29,396		3,989		1,254		108,301		60	%
2011		170,264		36,973		11,156		—		42,902		3,384		1,681		96,096		56	%
2012		172,011		21,362		18,681		—		77,051		1,214		3,362		121,670		71	%
2013		145,560		11,458		6,198		—		74,038		472		2,744		94,910		65	%
2014		203,682		855		1,487		—		118,902		87		5,039		126,371		62	%

Total		1,424,420		446,098		119,453		—		381,484		22,795		16,270		986,101		69	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		955		42		—		—		154		—		—		196		21	%
2005		290		—		—		—		42		—		—		42		14	%
2006		253		810		0		—		7		—		—		817		323	%
2007		6,752		3,927		10		—		213		—		—		4,150		61	%
2008		16,197		4,705		5		—		604		—		—		5,314		33	%
2009		25,435		8,995		199		—		2,579		—		—		11,773		46	%
2010		25,940		11,821		4,379		—		3,602		—		—		19,801		76	%
2011		24,638		4,732		117		—		8,377		—		—		13,226		54	%
2012		30,397		99		2,580		—		15,278		—		—		17,957		59	%
2013		37,346		376		298		—		21,248		—		—		21,921		59	%
2014		105,422		107		467		—		61,667		—		—		62,241		59	%

Total		273,625		35,614		8,054		—		113,769		—		—		157,437		58	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		69,646		12,907		79		—		377		121		9		13,494		19	%
2005		53,181		12,494		22		—		779		3		13		13,310		25	%
2006		66,485		16,363		10,033		—		1,560		284		174		28,415		43	%
2007		74,500		110,254		145		—		6,363		2,656		113		119,532		160	%
2008		87,092		72,594		46,867		—		8,490		4,154		924		133,029		153	%
2009		151,425		73,073		10,194		—		18,027		6,431		958		108,682		72	%
2010		154,753		47,463		9,999		—		25,794		3,989		1,254		88,499		57	%
2011		145,626		32,241		11,040		—		34,524		3,384		1,681		82,870		57	%
2012		141,614		21,263		16,101		—		61,774		1,214		3,362		103,714		73	%
2013		108,215		11,083		5,900		—		52,791		472		2,744		72,989		67	%
2014		98,260		748		1,020		—		57,235		87		5,039		64,130		65	%

Total		1,150,796		410,484		111,399		—		267,715		22,795		16,270		828,663		72	%

Exhibit 21, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		49		186		3,783		4,107		4,116		9,183		12,803		12,883		12,943		12,949
2005		0		7		318		9		9		12,372		12,479		12,487		12,488		12,494
2006		17		29		29		33		130		570		15,936		17,120		17,173
2007		11		474		824		60,979		88,477		98,720		104,583		114,182
2008		—		641		11,341		12,203		13,440		53,721		77,300
2009		370		4,470		24,255		28,427		64,308		82,068
2010		1,242		11,264		16,565		46,168		59,284
2011		2,013		5,603		22,310		36,973
2012		1,762		12,661		21,362
2013		1,953		11,458
2014		855

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		—		1,133		3,436		7,056		7,357		7,388		12,439		13,086		13,156		13,098		13,028
2005		5,000		5,007		5,295		5,009		5,009		12,415		12,500		12,487		12,512		12,516
2006		1,517		29		29		116		145		16,073		15,936		17,165		27,206
2007		11		20,474		80,959		88,592		98,594		103,933		114,788		114,337
2008		100		1,825		32,520		53,195		74,451		105,667		124,171
2009		4,378		25,172		29,901		42,718		81,812		92,461
2010		9,153		18,258		22,034		56,710		73,662
2011		6,211		10,052		30,518		48,129
2012		4,008		22,794		40,043
2013		4,070		17,656
2014		2,342

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		48,344		42,643		37,131		35,826		26,119		18,368		13,420		13,506		13,363		13,120		13,559
2005		41,123		36,781		33,401		23,578		17,527		19,626		13,713		12,504		12,514		13,336
2006		50,132		43,069		36,321		24,321		18,540		28,345		19,203		18,518		28,773
2007		57,860		122,456		167,004		132,816		132,182		130,413		117,865		120,913
2008		75,465		71,329		98,426		104,769		118,465		115,581		133,265
2009		116,553		132,877		115,917		117,520		122,479		113,067
2010		122,497		116,269		109,655		110,208		103,058
2011		118,459		110,367		110,502		91,031
2012		120,356		117,610		117,095
2013		96,196		91,694
2014		121,245

Diagonals as of 12/31

Exhibit 21, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		68.5	%		60.4	%		52.6	%		50.7	%		37.0	%		26.0	%		19.0	%		19.1	%		18.9	%		18.6	%		19.2	%
2005		76.9	%		68.8	%		62.5	%		44.1	%		32.8	%		36.7	%		25.6	%		23.4	%		23.4	%		24.9	%
2006		75.1	%		64.5	%		54.4	%		36.4	%		27.8	%		42.5	%		28.8	%		27.7	%		43.1	%
2007		71.2	%		150.7	%		205.5	%		163.5	%		162.7	%		160.5	%		145.1	%		148.8	%
2008		73.1	%		69.1	%		95.3	%		101.4	%		114.7	%		111.9	%		129.0	%
2009		65.9	%		75.1	%		65.5	%		66.4	%		69.3	%		63.9	%
2010		67.8	%		64.3	%		60.7	%		61.0	%		57.0	%
2011		69.6	%		64.8	%		64.9	%		53.5	%
2012		70.0	%		68.4	%		68.1	%
2013		66.1	%		63.0	%
2014		59.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		71,070			70,605			70,600			70,600			70,600			70,600			70,600			70,600			70,600			70,600			70,600
2005		53,258			53,472			53,472			53,472			53,472			53,472			53,472			53,472			53,472			53,472
2006		66,390			66,403			66,403			66,403			66,403			66,403			66,403			66,737			66,737
2007		71,951			71,968			72,183			72,183			72,183			72,183			81,252			81,252
2008		79,901			80,941			80,908			80,905			80,905			103,289			103,289
2009		141,501			141,717			141,694			141,670			176,859			176,859
2010		143,635			143,555			143,538			180,693			180,693
2011		140,311			140,848			170,271			170,264
2012		142,898			172,009			172,011
2013		145,611			145,560
2014		203,682

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		48,344			(5,701	)		(5,513	)		(1,305	)		(9,706	)		(7,751	)		(4,948	)		86			(143	)		(243	)		439			(34,785	)
2005		41,123			(4,342	)		(3,380	)		(9,823	)		(6,051	)		2,100			(5,914	)		(1,209	)		9			823						(27,787	)
2006		50,132			(7,063	)		(6,749	)		(12,000	)		(5,781	)		9,805			(9,142	)		(685	)		10,256									(21,359	)
2007		57,860			64,596			44,548			(34,188	)		(634	)		(1,769	)		(12,548	)		3,048												63,053
2008		75,465			(4,136	)		27,097			6,344			13,696			(2,884	)		17,684															57,800
2009		116,553			16,324			(16,960	)		1,602			4,959			(9,412	)																	(3,486	)
2010		122,497			(6,228	)		(6,614	)		553			(7,150	)																				(19,440	)
2011		118,459			(8,092	)		135			(19,471	)																							(27,428	)
2012		120,356			(2,745	)		(515	)																										(3,261	)
2013		96,196			(4,502	)																													(4,502	)
2014		121,245

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			0
		N/A			(5,701	)		(9,855	)		(11,747	)		38,318			14,610			603			(13,501	)		(11,672	)		(13,448	)		(8,801	)		(21,194	)

Diagonals as of 12/31

Exhibit 21, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		199,447		60,048		—			—		—		51		—		60,099		30	%
2005		104,387		158,196		—			—		—		397		—		158,593		152	%
2006		135,679		37,912		8			—		—		188		0		38,107		28	%
2007		143,578		41,633		39			—		226		940		4		42,842		30	%
2008		133,699		34,015		14			—		853		1,576		13		36,472		27	%
2009		138,252		17,115		40			—		355		1,379		9		18,897		14	%
2010		125,976		12,463		298			—		340		1,201		17		14,319		11	%
2011		117,328		30,075		4,330			—		531		3,198		91		38,225		33	%
2012		78,309		36,979		10,498			—		403		899		196		48,976		63	%
2013		63,836		7,329		1,222			—		686		448		59		9,744		15	%
2014		115,379		12,692		16,775			—		15,567		949		1,029		47,012		41	%

Total		1,355,869		448,457		33,224			—		18,961		11,225		1,418		513,286		38	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		4,414		2,459		0			—		—		—		—		2,459		56	%
2005		8,354		4,123		—			—		—		—		—		4,123		49	%
2006		73,081		1,069		—			—		—		—		—		1,069		1	%
2007		104,900		14,850		—			—		25		—		—		14,875		14	%
2008		63,668		3,666		5			—		45		—		—		3,716		6	%
2009		62,909		1,692		13			—		229		—		—		1,934		3	%
2010		39,260		230		51			—		180		—		—		460		1	%
2011		44,739		4,097		783			—		280		—		—		5,160		12	%
2012		30,398		2,453		1			—		201		—		—		2,655		9	%
2013		20,242		64		105			—		151		—		—		321		2	%
2014		45,834		1,276		4,420			—		5,056		—		—		10,752		23	%

Total		497,800		35,980		5,378			—		6,167		—		—		47,525		10	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		195,032		57,589		(0	)		—		—		51		—		57,640		30	%
2005		96,033		154,072		—			—		—		397		—		154,469		161	%
2006		62,598		36,843		8			—		—		188		0		37,038		59	%
2007		38,677		26,783		39			—		202		940		4		27,968		72	%
2008		70,031		30,349		9			—		808		1,576		13		32,756		47	%
2009		75,343		15,423		28			—		126		1,379		9		16,963		23	%
2010		86,716		12,233		247			—		160		1,201		17		13,858		16	%
2011		72,589		25,978		3,547			—		251		3,198		91		33,064		46	%
2012		47,911		34,526		10,497			—		203		899		196		46,321		97	%
2013		43,594		7,265		1,117			—		535		448		59		9,423		22	%
2014		69,544		11,416		12,355			—		10,511		949		1,029		36,260		52	%

Total		858,069		412,478		27,845			—		12,794		11,225		1,418		465,761		54	%

Exhibit 22, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		16,965		39,239		46,611		51,557		56,203		60,312		61,075		61,311		61,291		61,277		60,048
2005		24,603		92,096		140,050		159,311		157,067		158,897		159,032		159,110		158,056		158,196
2006		9,705		26,483		36,615		37,458		37,673		37,854		37,861		37,911		37,912
2007		12,045		28,933		41,399		41,011		41,642		41,650		41,651		41,633
2008		12,360		26,775		31,009		31,981		33,880		33,961		34,015
2009		11,746		16,212		17,128		16,969		16,969		17,115
2010		5,481		11,172		12,055		12,294		12,463
2011		9,857		22,392		25,794		30,075
2012		10,103		36,977		36,979
2013		2,902		7,329
2014		12,692

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		44,667		65,579		66,372		66,003		69,877		68,869		62,024		61,738		61,362		61,278		60,048
2005		150,284		174,038		168,376		165,997		159,790		159,405		159,417		159,132		158,072		158,196
2006		41,029		38,347		38,495		38,545		38,038		37,962		37,892		37,926		37,919
2007		32,782		44,753		42,316		41,292		41,737		41,697		41,674		41,672
2008		36,656		34,315		33,821		34,796		34,203		34,017		34,030
2009		20,668		19,068		18,812		17,278		17,012		17,155
2010		12,420		12,602		12,695		12,813		12,761
2011		32,828		37,691		36,099		34,405
2012		47,476		47,868		47,477
2013		5,528		8,551
2014		29,467

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		81,489		67,755		66,749		66,391		70,122		68,992		62,622		61,993		61,859		61,595		60,048
2005		225,109		177,014		172,891		170,833		164,355		164,392		160,058		159,301		159,060		158,196
2006		68,496		43,017		40,954		40,629		39,972		38,182		38,037		37,961		37,919
2007		53,977		46,722		43,146		42,066		42,372		42,123		42,487		41,898
2008		61,869		39,266		35,442		35,881		35,305		35,295		34,883
2009		37,345		21,531		20,351		18,542		18,070		17,510
2010		29,561		16,461		14,466		13,445		13,101
2011		51,100		41,742		37,585		34,936
2012		55,924		49,227		47,880
2013		12,922		9,237
2014		45,034

Diagonals as of 12/31

Exhibit 22, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Property, Marine & Energy

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		40.9	%		34.0	%		33.5	%		33.3	%		35.2	%		34.6	%		31.4	%		31.1	%		31.0	%		30.9	%		30.1	%
2005		215.8	%		169.6	%		165.6	%		163.7	%		157.4	%		157.5	%		153.3	%		152.6	%		152.4	%		151.5	%
2006		50.6	%		31.6	%		30.1	%		29.9	%		29.5	%		28.1	%		28.0	%		28.0	%		27.9	%
2007		37.1	%		32.4	%		30.0	%		29.3	%		29.5	%		29.3	%		29.6	%		29.2	%
2008		46.4	%		29.4	%		26.5	%		26.8	%		26.4	%		26.4	%		26.1	%
2009		27.1	%		15.6	%		14.7	%		13.4	%		13.1	%		12.7	%
2010		23.5	%		13.1	%		11.5	%		10.7	%		10.4	%
2011		43.5	%		35.6	%		32.0	%		29.8	%
2012		71.4	%		62.9	%		61.1	%
2013		20.2	%		14.5	%
2014		39.0	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		199,952			199,030			199,195			199,170			199,232			199,423			199,430			199,443			199,447			199,447			199,447
2005		104,594			104,205			104,063			104,152			104,360			104,365			104,363			104,371			104,372			104,387
2006		135,770			135,106			135,273			135,400			135,663			135,661			135,657			135,659			135,679
2007		142,451			143,301			143,485			143,514			143,515			143,530			143,557			143,578
2008		133,881			133,793			133,826			133,682			133,694			133,699			133,699
2009		138,588			138,280			138,275			138,254			138,252			138,252
2010		126,090			126,040			125,987			125,976			125,976
2011		117,335			117,358			117,338			117,328
2012		78,380			78,330			78,309
2013		63,748			63,836
2014		115,379

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		81,489			(13,734	)		(1,006	)		(358	)		3,731			(1,130	)		(6,371	)		(629	)		(134	)		(264	)		(1,547	)		(21,441	)
2005		225,109			(48,095	)		(4,123	)		(2,058	)		(6,478	)		37			(4,335	)		(757	)		(240	)		(865	)					(66,913	)
2006		68,496			(25,479	)		(2,063	)		(325	)		(657	)		(1,790	)		(145	)		(77	)		(41	)								(30,576	)
2007		53,977			(7,255	)		(3,576	)		(1,080	)		306			(249	)		364			(588	)											(12,079	)
2008		61,869			(22,604	)		(3,824	)		439			(577	)		(10	)		(412	)														(26,987	)
2009		37,345			(15,814	)		(1,179	)		(1,809	)		(473	)		(560	)																	(19,835	)
2010		29,561			(13,099	)		(1,995	)		(1,022	)		(344	)																				(16,460	)
2011		51,100			(9,358	)		(4,157	)		(2,649	)																							(16,164	)
2012		55,924			(6,697	)		(1,347	)																										(8,044	)
2013		12,922			(3,686	)																													(3,686	)
2014		45,034

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(13,734	)		(49,100	)		(29,960	)		(7,646	)		(34,112	)		(27,708	)		(20,288	)		(15,024	)		(12,574	)		(12,038	)		(222,184	)

Diagonals as of 12/31

Exhibit 22, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		628,695		140,781		708		76		—		318		12		141,895		23	%
2005		284,332		356,977		143		26		65		435		4		357,649		126	%
2006		287,246		29,129		91		—		124		10		3		29,356		10	%
2007		326,945		52,280		128		—		458		1,033		9		53,908		16	%
2008		319,395		187,335		439		150		627		5,503		18		194,071		61	%
2009		308,415		28,325		636		49		1,116		368		27		30,522		10	%
2010		314,917		69,542		12,962		888		1,797		15		235		85,439		27	%
2011		346,815		353,006		10,363		2,818		3,767		31		254		370,240		107	%
2012		366,670		89,483		7,734		7,899		6,950		96		339		112,501		31	%
2013		375,862		78,573		35,240		6,669		7,529		283		742		129,037		34	%
2014		345,700		13,066		31,842		8,108		15,976		169		839		69,999		20	%

Total		3,904,993		1,398,497		100,285		26,685		38,409		8,260		2,481		1,574,617		40	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		37,130		5,920		—		—		—		—		—		5,920		16	%
2005		6,223		6,115		—		—		—		—		—		6,115		98	%
2006		3,943		—		—		—		—		—		—		—		0	%
2007		16,355		—		—		—		—		—		—		—		0	%
2008		14,994		—		—		—		—		—		—		—		0	%
2009		4,969		—		—		—		—		—		—		—		0	%
2010		7,039		0		—		—		39		—		—		39		1	%
2011		12,473		9,022		365		102		117		—		—		9,606		77	%
2012		23,719		6,749		575		590		356		—		—		8,270		35	%
2013		62,077		9,446		4,245		793		464		—		—		14,948		24	%
2014		87,454		1,841		4,510		1,143		1,918		—		—		9,412		11	%

Total		276,376		39,093		9,695		2,628		2,895		—		—		54,311		20	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		591,565		134,861		708		76		—		318		12		135,975		23	%
2005		278,109		350,862		143		26		65		435		4		351,534		126	%
2006		283,303		29,129		91		—		124		10		3		29,356		10	%
2007		310,590		52,280		128		—		458		1,033		9		53,908		17	%
2008		304,401		187,335		439		150		627		5,503		18		194,071		64	%
2009		303,446		28,325		636		49		1,116		368		27		30,522		10	%
2010		307,877		69,542		12,962		888		1,758		15		235		85,400		28	%
2011		334,342		343,983		9,998		2,716		3,650		31		254		360,633		108	%
2012		342,952		82,734		7,159		7,309		6,594		96		339		104,231		30	%
2013		313,785		69,128		30,995		5,876		7,065		283		742		114,089		36	%
2014		258,247		11,225		27,332		6,964		14,058		169		839		60,586		23	%

Total		3,628,618		1,359,404		90,591		24,057		35,514		8,260		2,481		1,520,306		42	%

Exhibit 23, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		71,430		115,582		130,463		135,031		137,282		138,296		138,805		139,205		139,493		139,885		140,781
2005		140,049		267,489		324,909		347,638		361,680		353,780		352,129		352,391		357,256		356,977
2006		8,782		15,209		20,540		20,936		29,014		29,092		29,121		29,127		29,129
2007		17,663		48,889		50,864		51,721		51,976		52,082		52,244		52,280
2008		78,313		129,080		154,096		167,900		183,949		187,050		187,335
2009		13,885		23,940		27,068		28,048		28,248		28,325
2010		19,498		43,931		55,422		63,053		69,542
2011		181,048		291,126		338,254		353,006
2012		43,019		75,673		89,483
2013		28,309		78,573
2014		13,066

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		112,876		137,356		138,405		140,124		140,375		140,713		141,281		141,455		140,432		140,487		141,566
2005		292,259		372,969		373,423		373,206		370,966		358,426		355,369		354,710		357,892		357,146
2006		9,567		16,284		21,280		21,060		29,376		29,298		29,242		29,226		29,219
2007		58,366		61,528		55,550		54,974		53,675		52,826		52,632		52,408
2008		143,156		164,069		181,985		185,304		187,980		187,881		187,924
2009		29,662		30,559		29,917		29,580		29,221		29,010
2010		44,733		61,586		84,179		82,681		83,393
2011		343,077		372,100		369,216		366,187
2012		124,770		108,406		105,116
2013		108,077		120,483
2014		53,015

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		166,418		161,525		155,026		152,992		153,230		152,742		151,604		151,268		140,419		140,615		141,566
2005		347,360		439,168		375,683		379,988		380,491		367,935		365,406		362,571		366,587		357,211
2006		38,817		28,883		28,827		29,034		37,249		34,029		33,724		33,760		29,343
2007		97,200		72,393		59,772		58,824		57,249		56,350		56,205		52,866
2008		198,843		185,536		189,955		191,646		191,230		190,467		188,551
2009		51,776		38,981		32,321		31,629		31,307		30,126
2010		134,388		88,459		87,275		85,367		85,190
2011		395,188		388,798		373,651		369,954
2012		167,119		124,592		112,067
2013		155,803		128,012
2014		68,991

Diagonals as of 12/31

Exhibit 23, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		26.5	%		25.7	%		24.7	%		24.3	%		24.4	%		24.3	%		24.1	%		24.1	%		22.3	%		22.4	%		22.5	%
2005		122.2	%		154.5	%		132.1	%		133.6	%		133.8	%		129.4	%		128.5	%		127.5	%		128.9	%		125.6	%
2006		13.5	%		10.1	%		10.0	%		10.1	%		13.0	%		11.8	%		11.7	%		11.8	%		10.2	%
2007		29.7	%		22.1	%		18.3	%		18.0	%		17.5	%		17.2	%		17.2	%		16.2	%
2008		62.3	%		58.1	%		59.5	%		60.0	%		59.9	%		59.6	%		59.0	%
2009		16.8	%		12.6	%		10.5	%		10.3	%		10.2	%		9.8	%
2010		42.7	%		28.1	%		27.7	%		27.1	%		27.1	%
2011		113.9	%		112.1	%		107.7	%		106.7	%
2012		45.6	%		34.0	%		30.6	%
2013		41.5	%		34.1	%
2014		20.0	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		561,321			562,515			561,562			629,094			628,836			628,847			628,787			628,732			628,754			628,655			628,695
2005		268,671			247,356			288,478			286,525			284,817			284,677			284,782			285,007			284,315			284,332
2006		244,113			288,095			287,439			287,350			287,277			287,238			287,644			287,243			287,246
2007		338,498			328,164			327,374			327,193			327,168			327,218			326,939			326,945
2008		329,433			322,595			321,245			320,477			319,703			319,366			319,395
2009		311,065			310,514			309,177			308,657			308,290			308,415
2010		320,872			318,460			315,463			314,418			314,917
2011		353,055			349,277			345,571			346,815
2012		377,972			364,349			366,670
2013		365,831			375,862
2014		345,700

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		166,418			(4,893	)		(6,499	)		(2,034	)		238			(488	)		(1,138	)		(336	)		(10,849	)		196			951			(24,852	)
2005		347,360			91,808			(63,485	)		4,305			503			(12,556	)		(2,529	)		(2,835	)		4,016			(9,376	)					9,851
2006		38,817			(9,933	)		(56	)		207			8,214			(3,220	)		(305	)		36			(4,417	)								(9,474	)
2007		97,200			(24,807	)		(12,621	)		(947	)		(1,575	)		(899	)		(146	)		(3,338	)											(44,334	)
2008		198,843			(13,307	)		4,419			1,690			(416	)		(763	)		(1,916	)														(10,292	)
2009		51,776			(12,795	)		(6,660	)		(692	)		(322	)		(1,181	)																	(21,650	)
2010		134,388			(45,929	)		(1,184	)		(1,909	)		(177	)																				(49,198	)
2011		395,188			(6,391	)		(15,147	)		(3,697	)																							(25,234	)
2012		167,119			(42,527	)		(12,526	)																										(55,053	)
2013		155,803			(27,791	)																													(27,791	)
2014		68,991

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(4,893	)		85,309			(75,452	)		(20,320	)		(25,706	)		(14,802	)		(58,558	)		(23,570	)		(56,566	)		(63,467	)		(258,026	)

Diagonals as of 12/31

Exhibit 23, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2004 & Prior		865,190		409,653			2,911		—		903		121			57		413,644			48	%
2005		427,335		490,794			2,852		—		1,633		526			67		495,873			116	%
2006		349,692		162,588			869		—		526		(100	)		21		163,904			47	%
2007		215,136		84,848			739		300		39		374			16		86,317			40	%
2008		187,009		88,217			735		240		—		1,053			15		90,260			48	%
2009		199,021		64,996			1,102		—		96		1,044			18		67,256			34	%
2010		227,772		111,221			5,520		212		72		1,577			87		118,689			52	%
2011		245,938		240,961			9,753		566		809		1,947			167		254,203			103	%
2012		305,618		164,139			29,665		618		2,984		1,360			499		199,265			65	%
2013		356,952		107,921			55,292		417		26,673		1,133			1,236		192,671			54	%
2014		297,094		34,054			65,751		1,432		55,812		379			1,845		159,273			54	%

Total		3,676,758		1,959,392			175,188		3,784		89,548		9,414			4,028		2,241,354			61	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2004 & Prior		613		(178	)		—		—		7		—			—		(171	)		-28	%
2005		46		9			—		—		—		—			—		9			20	%
2006		1,986		—			—		—		—		—			—		—			0	%
2007		3,608		—			—		—		—		—			—		—			0	%
2008		1,066		—			—		—		—		—			—		—			0	%
2009		—		—			—		—		—		—			—		—			0	%
2010		—		—			—		—		—		—			—		—			0	%
2011		—		—			—		—		—		—			—		—			0	%
2012		—		—			—		—		—		—			—		—			0	%
2013		3,771		—			—		—		—		—			—		—			0	%
2014		1,249		—			—		—		1		—			—		1			0	%

Total		12,339		(169	)		—		—		8		—			—		(161	)		-1	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2004 & Prior		864,577		409,831			2,911		—		896		121			57		413,815			48	%
2005		427,290		490,785			2,852		—		1,633		526			67		495,864			116	%
2006		347,706		162,588			869		—		526		(100	)		21		163,904			47	%
2007		211,528		84,848			739		300		39		374			16		86,317			41	%
2008		185,943		88,217			735		240		—		1,053			15		90,260			49	%
2009		199,021		64,996			1,102		—		96		1,044			18		67,256			34	%
2010		227,772		111,221			5,520		212		72		1,577			87		118,689			52	%
2011		245,938		240,961			9,753		566		809		1,947			167		254,203			103	%
2012		305,618		164,139			29,665		618		2,984		1,360			499		199,265			65	%
2013		353,180		107,921			55,292		417		26,673		1,133			1,236		192,671			55	%
2014		295,845		34,054			65,751		1,432		55,811		379			1,845		159,272			54	%

Total		3,664,418		1,959,561			175,188		3,784		89,539		9,414			4,028		2,241,515			61	%

Exhibit 24, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		152,905		295,611		354,692		382,733		393,996		400,787		404,554		406,659		406,865		409,257		409,653
2005		99,710		294,027		402,119		446,488		469,563		473,467		478,222		483,894		490,504		490,794
2006		29,108		106,255		138,257		153,121		158,974		162,806		163,711		163,600		162,588
2007		15,915		55,975		74,102		82,645		83,738		84,073		84,721		84,848
2008		12,779		62,392		77,363		81,751		82,995		88,584		88,217
2009		14,510		49,371		59,605		63,898		65,648		64,996
2010		24,506		84,168		101,508		108,626		111,221
2011		49,916		154,019		227,872		240,961
2012		29,208		127,412		164,139
2013		31,064		107,921
2014		34,054

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		303,593		403,813		419,515		416,704		415,829		414,921		412,585		410,682		410,231		412,610		412,563
2005		316,547		477,279		505,092		504,951		498,941		488,692		490,947		494,336		495,725		493,646
2006		95,417		141,262		151,031		163,443		166,689		167,315		166,325		164,938		163,457
2007		36,870		88,418		86,106		85,436		85,698		85,347		85,796		85,887
2008		65,361		88,126		89,624		89,497		88,470		89,726		89,193
2009		35,155		66,045		67,653		67,752		67,280		66,098
2010		77,380		122,578		123,331		116,143		116,953
2011		137,380		263,730		257,723		251,280
2012		151,720		194,183		194,421
2013		109,416		163,630
2014		101,237

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		527,986		453,762		427,618		421,302		416,545		415,435		414,024		411,757		411,038		413,382		413,466
2005		516,081		507,986		511,198		503,739		498,892		488,969		492,337		495,069		496,608		495,279
2006		181,888		157,261		155,439		165,739		168,320		168,958		167,668		165,468		163,983
2007		90,063		95,890		87,930		86,824		85,938		85,302		85,807		85,926
2008		107,893		99,951		91,583		90,058		88,833		89,709		89,193
2009		95,349		77,333		69,672		68,742		67,476		66,194
2010		143,221		150,663		125,912		118,064		117,024
2011		272,285		289,334		266,290		252,089
2012		251,963		216,390		197,406
2013		203,629		190,303
2014		157,049

Diagonals as of 12/31

Exhibit 24, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		61.0	%		52.4	%		49.4	%		48.7	%		48.1	%		48.0	%		47.9	%		47.6	%		47.5	%		47.8	%		47.8	%
2005		120.8	%		118.9	%		119.6	%		117.9	%		116.7	%		114.4	%		115.2	%		115.9	%		116.2	%		115.9	%
2006		52.0	%		45.0	%		44.5	%		47.4	%		48.1	%		48.3	%		47.9	%		47.3	%		46.9	%
2007		41.9	%		44.6	%		40.9	%		40.4	%		39.9	%		39.7	%		39.9	%		39.9	%
2008		57.7	%		53.4	%		49.0	%		48.2	%		47.5	%		48.0	%		47.7	%
2009		47.9	%		38.9	%		35.0	%		34.5	%		33.9	%		33.3	%
2010		62.9	%		66.1	%		55.3	%		51.8	%		51.4	%
2011		110.7	%		117.6	%		108.3	%		102.5	%
2012		82.4	%		70.8	%		64.6	%
2013		57.0	%		53.3	%
2014		52.9	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		847,191			857,676			857,208			862,570			865,791			865,679			865,978			865,304			865,302			865,172			865,190
2005		399,598			418,995			427,451			429,173			428,612			428,830			427,692			427,471			427,293			427,335
2006		328,703			344,099			349,499			349,842			349,840			349,937			349,930			349,903			349,692
2007		204,943			215,690			215,148			215,603			215,425			215,333			215,192			215,136
2008		178,059			186,777			187,152			187,120			187,105			187,045			187,009
2009		200,202			199,538			199,342			199,175			198,977			199,021
2010		223,466			228,089			228,022			227,485			227,772
2011		240,923			246,558			245,107			245,938
2012		297,773			303,379			305,618
2013		349,003			356,952
2014		297,094

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		527,986			(74,224	)		(26,143	)		(6,316	)		(4,758	)		(1,110	)		(1,411	)		(2,267	)		(719	)		2,344			84			(114,520	)
2005		516,081			(8,095	)		3,212			(7,459	)		(4,846	)		(9,923	)		3,368			2,732			1,539			(1,329	)					(20,802	)
2006		181,888			(24,627	)		(1,822	)		10,300			2,581			638			(1,290	)		(2,200	)		(1,485	)								(17,905	)
2007		90,063			5,828			(7,960	)		(1,106	)		(886	)		(636	)		505			119												(4,137	)
2008		107,893			(7,942	)		(8,368	)		(1,525	)		(1,225	)		876			(516	)														(18,701	)
2009		95,349			(18,016	)		(7,661	)		(930	)		(1,265	)		(1,282	)																	(29,154	)
2010		143,221			7,442			(24,751	)		(7,848	)		(1,039	)																				(26,197	)
2011		272,285			17,049			(23,044	)		(14,201	)																							(20,196	)
2012		251,963			(35,572	)		(18,985	)																										(54,557	)
2013		203,629			(13,326	)																													(13,326	)
2014		157,049

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(74,224	)		(34,239	)		(27,731	)		(8,211	)		(11,558	)		(36,244	)		(891	)		(9,770	)		(64,667	)		(51,960	)		(319,495	)

Diagonals as of 12/31

Exhibit 24, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		550,426		255,976		17,574		4,258		49,018		117		1,063		328,006		60	%
2005		300,098		146,145		12,043		2,375		24,343		216		581		185,703		62	%
2006		316,697		122,244		13,574		1,625		24,833		630		600		163,507		52	%
2007		158,561		70,261		11,308		3,420		17,587		967		485		104,028		66	%
2008		120,813		49,950		9,938		546		15,774		898		394		77,500		64	%
2009		127,237		55,184		15,419		2,406		25,978		1,103		657		100,747		79	%
2010		165,196		67,657		17,388		5,698		41,750		1,526		973		134,991		82	%
2011		190,949		77,755		22,764		5,508		52,950		725		1,218		160,920		84	%
2012		215,797		63,287		25,478		2,550		73,310		944		1,520		167,090		77	%
2013		223,517		31,677		38,270		3,883		90,686		450		1,993		166,957		75	%
2014		179,608		9,618		18,625		899		85,910		114		1,582		116,747		65	%

Total		2,548,899		949,754		202,380		33,168		502,140		7,689		11,065		1,706,197		67	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		4,263		2,542		9		—		0		—		—		2,551		60	%
2005		4,684		2,183		73		—		81		—		—		2,337		50	%
2006		4,215		—		—		—		100		—		—		100		2	%
2007		224		—		—		—		4		—		—		4		2	%
2008		370		—		—		—		—		—		—		—		0	%
2009		453		—		—		—		192		—		—		192		42	%
2010		634		—		—		—		311		—		—		311		49	%
2011		994		—		—		—		354		—		—		354		36	%
2012		1,423		—		—		—		1,215		—		—		1,215		85	%
2013		1,433		—		—		—		713		—		—		713		50	%
2014		1,543		—		—		—		236		—		—		236		15	%

Total		20,238		4,725		82		—		3,206		—		—		8,012		40	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		546,162		253,434		17,565		4,258		49,018		117		1,063		325,455		60	%
2005		295,414		143,962		11,970		2,375		24,262		216		581		183,366		62	%
2006		312,482		122,244		13,574		1,625		24,734		630		600		163,407		52	%
2007		158,337		70,261		11,308		3,420		17,583		967		485		104,024		66	%
2008		120,443		49,950		9,938		546		15,774		898		394		77,500		64	%
2009		126,784		55,184		15,419		2,406		25,786		1,103		657		100,555		79	%
2010		164,562		67,657		17,388		5,698		41,440		1,526		973		134,681		82	%
2011		189,955		77,755		22,764		5,508		52,596		725		1,218		160,567		85	%
2012		214,374		63,287		25,478		2,550		72,095		944		1,520		165,875		77	%
2013		222,084		31,677		38,270		3,883		89,973		450		1,993		166,245		75	%
2014		178,064		9,618		18,625		899		85,673		114		1,582		116,511		65	%

Total		2,528,662		945,030		202,298		33,168		498,934		7,689		11,065		1,698,184		67	%

Exhibit 25, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		43,623		74,773		116,463		144,006		179,605		208,745		222,833		240,487		246,197		251,778		255,976
2005		7,001		41,643		60,668		86,131		103,936		115,113		122,931		132,290		140,192		146,145
2006		9,363		40,740		60,511		75,781		89,173		101,595		110,934		118,511		122,244
2007		4,891		16,368		25,707		36,871		51,615		58,700		65,703		70,261
2008		2,034		12,558		29,299		39,399		46,654		52,339		49,950
2009		2,984		19,719		28,922		44,816		54,502		55,184
2010		9,731		29,652		47,337		59,782		67,657
2011		17,024		44,970		64,135		77,755
2012		21,058		47,022		63,287
2013		13,288		31,677
2014		9,618

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		99,867		170,056		204,050		229,743		261,169		271,460		262,075		272,492		277,632		283,512		277,808
2005		22,800		81,581		105,398		121,293		140,556		142,141		145,660		152,582		155,726		160,563
2006		21,605		71,442		88,445		107,802		115,134		125,822		132,534		135,963		137,443
2007		15,852		32,949		51,713		63,216		72,230		81,325		85,130		84,989
2008		7,795		33,365		47,726		56,260		60,430		67,039		60,434
2009		11,858		39,791		50,941		66,324		74,809		73,009
2010		25,426		60,137		78,243		87,917		90,742
2011		34,982		80,502		95,647		106,027
2012		37,728		75,353		91,316
2013		38,893		73,829
2014		29,142

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		353,918		353,862		343,749		366,663		381,727		369,568		354,940		354,782		341,442		332,694		326,826
2005		180,863		175,373		189,649		185,835		192,147		187,297		181,058		179,570		180,748		184,906
2006		170,068		185,591		173,691		172,014		165,982		166,272		162,541		161,056		162,277
2007		96,255		96,085		97,004		104,099		105,939		104,719		99,580		102,576
2008		76,928		86,487		93,208		90,906		83,379		81,482		76,208
2009		86,621		99,549		97,423		101,264		102,702		98,987
2010		132,429		139,786		135,817		132,628		132,493
2011		148,272		155,932		157,887		158,977
2012		162,920		165,501		164,626
2013		169,205		164,515
2014		115,052

Diagonals as of 12/31

Exhibit 25, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		64.3	%		64.3	%		62.1	%		66.7	%		69.4	%		67.2	%		64.6	%		64.5	%		62.1	%		60.5	%		59.4	%
2005		60.3	%		57.5	%		63.3	%		62.0	%		64.0	%		62.4	%		60.3	%		59.8	%		60.1	%		61.6	%
2006		54.3	%		58.6	%		54.9	%		54.4	%		52.4	%		52.5	%		51.3	%		50.8	%		51.2	%
2007		61.1	%		61.1	%		61.9	%		66.5	%		67.7	%		66.5	%		63.2	%		64.7	%
2008		63.8	%		71.7	%		77.2	%		75.6	%		69.2	%		67.6	%		63.1	%
2009		68.9	%		79.2	%		77.5	%		79.4	%		80.4	%		77.8	%
2010		79.9	%		84.5	%		81.9	%		79.9	%		80.2	%
2011		77.6	%		81.4	%		82.3	%		83.3	%
2012		75.4	%		76.3	%		76.3	%
2013		75.4	%		73.6	%
2014		64.1	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		611,712			626,837			623,682			555,062			551,789			552,957			553,327			553,388			553,826			553,790			550,426
2005		324,107			348,841			303,327			303,546			305,861			303,932			304,019			304,567			304,827			300,098
2006		359,401			325,040			323,513			324,849			323,686			323,796			324,088			324,509			316,697
2007		175,236			166,743			166,415			167,699			167,679			167,907			168,236			158,561
2008		129,111			126,522			127,819			131,793			132,339			132,666			120,813
2009		133,713			134,199			139,220			140,014			139,391			127,237
2010		171,755			176,743			177,535			174,873			165,196
2011		199,563			204,001			199,609			190,949
2012		226,490			225,730			215,797
2013		234,828			223,517
2014		179,608

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		353,918			(56	)		(10,113	)		22,914			15,064			(12,159	)		(14,628	)		(158	)		(13,340	)		(8,749	)		(5,868	)		(27,092	)
2005		180,863			(5,491	)		14,277			(3,814	)		6,312			(4,850	)		(6,239	)		(1,488	)		1,178			4,158						4,043
2006		170,068			15,523			(11,900	)		(1,677	)		(6,032	)		290			(3,731	)		(1,485	)		1,221									(7,791	)
2007		96,255			(170	)		919			7,095			1,840			(1,219	)		(5,140	)		2,996												6,321
2008		76,928			9,559			6,721			(2,302	)		(7,527	)		(1,898	)		(5,274	)														(720	)
2009		86,621			12,928			(2,126	)		3,841			1,438			(3,716	)																	12,366
2010		132,429			7,357			(3,968	)		(3,189	)		(135	)																				64
2011		148,272			7,660			1,955			1,090																								10,705
2012		162,920			2,581			(875	)																										1,706
2013		169,205			(4,690	)																													(4,690	)
2014		115,052

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(56	)		(15,604	)		52,714			(821	)		2,953			1,234			(1,338	)		(19,771	)		(13,308	)		(11,092	)		(5,089	)

Diagonals as of 12/31

Exhibit 25, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Professional

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		168,887		75,310		4,231		—		4,545		25		132		84,243		50	%
2005		107,991		33,746		4,183		625		2,744		67		113		41,478		38	%
2006		87,282		23,401		6,653		600		990		201		124		31,968		37	%
2007		76,130		35,289		4,880		2,075		4,788		315		176		47,523		62	%
2008		66,148		35,302		8,940		2,357		3,056		332		215		50,203		76	%
2009		68,860		32,008		8,843		3,990		4,708		295		263		50,107		73	%
2010		91,677		29,181		4,818		2,552		15,248		260		339		52,399		57	%
2011		71,134		13,699		6,591		3,288		16,820		143		400		40,941		58	%
2012		58,714		4,221		3,701		2,530		28,449		46		520		39,468		67	%
2013		71,695		2,194		2,910		1,044		40,698		27		670		47,543		66	%
2014		152,138		592		2,506		701		82,152		7		1,280		87,238		57	%

Total		1,020,657		284,944		58,256		19,761		204,200		1,719		4,233		573,112		56	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		—		—		—		—		—		—		—		—		0	%
2008		—		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		—		0	%
2012		—		—		—		—		—		—		—		—		0	%
2013		—		—		—		—		—		—		—		—		0	%
2014		—		—		—		—		—		—		—		—		0	%

Total		—		—		—		—		—		—		—		—		0	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		168,887		75,310		4,231		—		4,545		25		132		84,243		50	%
2005		107,991		33,746		4,183		625		2,744		67		113		41,478		38	%
2006		87,282		23,401		6,653		600		990		201		124		31,968		37	%
2007		76,130		35,289		4,880		2,075		4,788		315		176		47,523		62	%
2008		66,148		35,302		8,940		2,357		3,056		332		215		50,203		76	%
2009		68,860		32,008		8,843		3,990		4,708		295		263		50,107		73	%
2010		91,677		29,181		4,818		2,552		15,248		260		339		52,399		57	%
2011		71,134		13,699		6,591		3,288		16,820		143		400		40,941		58	%
2012		58,714		4,221		3,701		2,530		28,449		46		520		39,468		67	%
2013		71,695		2,194		2,910		1,044		40,698		27		670		47,543		66	%
2014		152,138		592		2,506		701		82,152		7		1,280		87,238		57	%

Total		1,020,657		284,944		58,256		19,761		204,200		1,719		4,233		573,112		56	%

Exhibit 26, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Professional

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		2,165		9,584		18,293		37,322		49,531		60,997		67,976		72,485		74,349		74,949		75,310
2005		21		1,843		5,943		15,057		21,735		27,208		28,917		31,102		32,649		33,746
2006		128		1,082		2,833		6,821		12,360		16,929		19,733		21,503		23,401
2007		100		2,717		8,003		12,054		18,304		25,086		31,925		35,289
2008		300		3,066		8,510		15,287		25,102		30,422		35,302
2009		819		4,343		11,450		20,149		25,899		32,008
2010		1,467		7,125		14,523		22,886		29,181
2011		830		3,996		8,347		13,699
2012		444		1,680		4,221
2013		670		2,194
2014		592

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		13,972		37,981		73,878		73,351		75,656		83,387		81,656		79,864		79,923		79,897		79,541
2005		1,114		10,359		22,359		30,092		34,101		35,422		36,636		37,167		37,780		38,554
2006		997		7,753		12,752		18,317		24,768		28,761		29,036		29,435		30,654
2007		3,475		18,263		27,743		29,395		37,661		38,851		40,611		42,244
2008		1,911		16,039		29,708		40,099		43,726		43,900		46,599
2009		1,830		11,937		20,900		35,963		40,963		44,841
2010		3,451		15,080		24,601		34,292		36,552
2011		4,642		14,900		20,519		23,578
2012		1,911		5,187		10,452
2013		2,406		6,148
2014		3,799

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		116,558		113,508		110,127		98,003		86,203		90,861		87,907		86,006		85,258		84,565		84,086
2005		64,373		51,267		54,088		49,904		45,791		42,903		44,522		41,477		40,963		41,298
2006		53,026		48,483		45,667		41,964		38,737		34,038		32,058		31,655		31,643
2007		50,120		58,659		56,974		48,710		42,941		44,381		45,874		47,032
2008		45,363		47,215		50,745		49,582		50,475		48,565		49,655
2009		44,795		46,510		44,316		49,406		47,199		49,549
2010		59,261		60,487		62,694		59,496		51,800
2011		51,359		53,324		50,043		40,398
2012		41,164		39,142		38,901
2013		48,286		46,846
2014		85,950

Diagonals as of 12/31

Exhibit 26, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Professional

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		69.0	%		67.2	%		65.2	%		58.0	%		51.0	%		53.8	%		52.1	%		50.9	%		50.5	%		50.1	%		49.8	%
2005		59.6	%		47.5	%		50.1	%		46.2	%		42.4	%		39.7	%		41.2	%		38.4	%		37.9	%		38.2	%
2006		60.8	%		55.5	%		52.3	%		48.1	%		44.4	%		39.0	%		36.7	%		36.3	%		36.3	%
2007		65.8	%		77.1	%		74.8	%		64.0	%		56.4	%		58.3	%		60.3	%		61.8	%
2008		68.6	%		71.4	%		76.7	%		75.0	%		76.3	%		73.4	%		75.1	%
2009		65.1	%		67.5	%		64.4	%		71.7	%		68.5	%		72.0	%
2010		64.6	%		66.0	%		68.4	%		64.9	%		56.5	%
2011		72.2	%		75.0	%		70.4	%		56.8	%
2012		70.1	%		66.7	%		66.3	%
2013		67.3	%		65.3	%
2014		56.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		167,701			170,216			169,975			168,895			168,688			169,030			168,860			168,883			168,742			168,846			168,887
2005		104,595			106,809			106,627			106,986			108,483			108,446			108,540			108,299			107,971			107,991
2006		84,254			87,510			87,440			88,447			87,644			87,683			87,591			87,378			87,282
2007		72,547			72,797			73,838			74,743			75,387			75,927			76,082			76,130
2008		66,688			69,717			69,641			66,332			66,503			66,403			66,148
2009		68,739			72,296			69,499			69,134			69,029			68,860
2010		94,385			91,439			91,509			91,325			91,677
2011		70,584			70,779			70,989			71,134
2012		56,775			58,026			58,714
2013		69,156			71,695
2014		152,138

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		116,558			(3,050	)		(3,381	)		(12,125	)		(11,799	)		4,658			(2,954	)		(1,901	)		(748	)		(693	)		(479	)		(32,472	)
2005		64,373			(13,106	)		2,821			(4,184	)		(4,114	)		(2,887	)		1,619			(3,045	)		(514	)		335						(23,075	)
2006		53,026			(4,542	)		(2,816	)		(3,703	)		(3,228	)		(4,699	)		(1,979	)		(403	)		(12	)								(21,382	)
2007		50,120			8,539			(1,685	)		(8,265	)		(5,768	)		1,439			1,494			1,158												(3,088	)
2008		45,363			1,852			3,530			(1,163	)		893			(1,909	)		1,090															4,292
2009		44,795			1,715			(2,193	)		5,090			(2,208	)		2,350																		4,754
2010		59,261			1,226			2,207			(3,198	)		(7,696	)																				(7,461	)
2011		51,359			1,965			(3,281	)		(9,645	)																							(10,961	)
2012		41,164			(2,022	)		(241	)																										(2,262	)
2013		48,286			(1,440	)																													(1,440	)
2014		85,950

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(3,050	)		(16,487	)		(13,846	)		(10,260	)		(2,991	)		(12,089	)		(12,880	)		5,822			(12,734	)		(14,579	)		(93,094	)

Diagonals as of 12/31

Exhibit 26, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves			IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		483,518		227,856		8,071		—			21,317		333		441		258,017		53	%
2005		310,477		356,443		6,560		203			4,724		1,045		172		369,147		119	%
2006		390,238		169,592		7,372		375			3,891		275		175		181,680		47	%
2007		329,311		178,032		7,974		704			2,138		798		162		189,809		58	%
2008		161,742		60,130		5,460		219			4,993		1,241		160		72,202		45	%
2009		118,657		45,790		5,553		577			5,120		559		169		57,768		49	%
2010		117,533		45,284		6,215		426			3,347		645		150		56,066		48	%
2011		115,722		63,489		6,551		607			5,215		686		186		76,733		66	%
2012		117,193		52,128		10,566		43			14,207		1,050		372		78,367		67	%
2013		126,341		32,839		16,101		(147	)		26,473		658		636		76,560		61	%
2014		160,600		15,694		14,909		4,521			63,752		143		1,248		100,267		62	%

Total		2,431,330		1,247,277		95,333		7,528			155,176		7,432		3,871		1,516,616		62	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves			IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		—		—		—		—			—		—		—		—		0	%
2005		4,414		1,545		247		—			29		—		—		1,821		41	%
2006		8,206		—		—		—			82		—		—		82		1	%
2007		5,661		2,890		43		—			1		—		—		2,933		52	%
2008		4,363		243		18		—			2		—		—		263		6	%
2009		2,458		39		—		—			5		—		—		44		2	%
2010		3,130		206		22		—			17		—		—		245		8	%
2011		3,690		156		2		—			77		—		—		235		6	%
2012		2,694		110		3		—			136		—		—		248		9	%
2013		2,570		12		3		—			483		—		—		499		19	%
2014		10,971		979		71		—			3,254		—		—		4,303		39	%

Total		48,157		6,178		409		—			4,085		—		—		10,673		22	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves			IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		483,518		227,856		8,071		—			21,317		333		441		258,017		53	%
2005		306,063		354,897		6,313		203			4,695		1,045		172		367,326		120	%
2006		382,032		169,592		7,372		375			3,810		275		175		181,599		48	%
2007		323,651		175,143		7,931		704			2,137		798		162		186,876		58	%
2008		157,379		59,887		5,442		219			4,991		1,241		160		71,939		46	%
2009		116,199		45,751		5,553		577			5,115		559		169		57,724		50	%
2010		114,403		45,078		6,193		426			3,330		645		150		55,822		49	%
2011		112,032		63,333		6,548		607			5,137		686		186		76,498		68	%
2012		114,498		52,018		10,563		43			14,071		1,050		372		78,119		68	%
2013		123,771		32,827		16,098		(147	)		25,989		658		636		76,061		61	%
2014		149,628		14,715		14,839		4,521			60,498		143		1,248		95,963		64	%

Total		2,383,174		1,241,098		94,923		7,528			151,092		7,432		3,871		1,505,944		63	%

Exhibit 27, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		63,018		118,227		147,574		179,271		188,708		194,756		209,763		212,543		225,957		226,902		227,856
2005		24,395		167,935		249,187		286,111		320,199		339,887		346,687		350,743		354,220		356,443
2006		7,653		104,168		127,303		141,713		154,562		162,127		165,607		166,955		169,592
2007		12,197		122,737		143,270		154,907		161,294		169,095		172,667		178,032
2008		8,677		29,190		37,161		42,703		47,664		48,575		60,130
2009		5,438		22,515		30,016		33,637		36,686		45,790
2010		6,469		25,781		35,175		40,991		45,284
2011		18,495		42,471		58,381		63,489
2012		23,305		44,539		52,128
2013		9,848		32,839
2014		15,694

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		132,538		190,073		204,850		223,827		219,415		221,172		226,093		234,691		234,974		235,185		235,927
2005		166,568		315,111		338,140		360,670		372,747		367,725		366,812		362,146		361,687		363,206
2006		24,929		141,353		170,314		174,021		180,975		181,292		174,854		173,490		177,340
2007		37,382		160,827		174,643		181,788		183,202		182,315		182,900		186,711
2008		21,249		45,109		54,635		57,134		57,575		55,995		65,809
2009		17,170		40,160		45,357		46,276		44,760		51,921
2010		15,610		39,191		48,214		48,902		51,924
2011		35,210		65,105		69,319		70,647
2012		40,877		58,033		62,737
2013		24,865		48,792
2014		35,124

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		322,506		304,471		272,208		275,989		262,810		259,533		261,739		266,165		260,176		258,691		257,244
2005		304,968		363,881		354,907		367,381		377,070		375,551		381,069		370,630		369,322		367,930
2006		200,765		193,130		194,448		189,300		193,438		191,701		184,609		181,051		181,231
2007		218,548		194,763		193,938		195,194		191,468		187,482		186,800		188,849
2008		101,664		81,548		77,522		67,251		66,827		62,968		70,802
2009		79,126		67,649		61,353		57,573		54,769		57,041
2010		71,780		60,132		58,123		55,872		55,271
2011		88,358		90,190		82,048		75,862
2012		105,875		89,662		76,944
2013		86,945		75,265
2014		98,876

Diagonals as of 12/31

Exhibit 27, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		66.9	%		63.0	%		56.3	%		57.0	%		54.3	%		53.7	%		54.1	%		55.0	%		53.8	%		53.5	%		53.2	%
2005		100.0	%		118.8	%		116.2	%		120.4	%		123.7	%		123.0	%		124.7	%		121.3	%		120.8	%		118.5	%
2006		51.5	%		49.6	%		50.1	%		49.0	%		50.3	%		50.0	%		48.2	%		47.3	%		46.4	%
2007		66.5	%		59.5	%		59.4	%		60.1	%		59.2	%		58.3	%		58.0	%		57.3	%
2008		63.0	%		50.4	%		48.7	%		42.2	%		42.7	%		40.9	%		43.8	%
2009		68.4	%		56.9	%		52.3	%		49.7	%		47.5	%		48.1	%
2010		61.1	%		51.8	%		50.2	%		48.9	%		47.0	%
2011		76.4	%		79.5	%		72.7	%		65.6	%
2012		93.1	%		80.1	%		65.7	%
2013		70.8	%		59.6	%
2014		61.6	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		470,270			479,289			479,538			479,783			480,195			480,877			481,453			481,621			481,592			481,616			483,518
2005		314,558			306,522			306,610			307,721			307,559			305,365			304,848			304,867			304,745			310,477
2006		369,769			376,313			380,577			380,778			381,662			381,471			381,243			381,343			390,238
2007		309,487			319,131			320,183			319,082			319,268			319,314			319,182			329,311
2008		147,870			148,964			149,249			149,312			149,454			149,314			161,742
2009		103,720			105,693			106,109			106,389			106,411			118,657
2010		106,016			107,761			107,884			107,536			117,533
2011		104,265			105,584			105,627			115,722
2012		105,632			104,833			117,193
2013		108,854			126,341
2014		160,600

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		322,506			(18,035	)		(32,263	)		3,781			(13,179	)		(3,277	)		2,206			4,426			(5,989	)		(1,485	)		(1,447	)		(65,263	)
2005		304,968			58,913			(8,974	)		12,475			9,689			(1,520	)		5,519			(10,440	)		(1,308	)		(1,392	)					62,962
2006		200,765			(7,635	)		1,318			(5,148	)		4,138			(1,737	)		(7,092	)		(3,558	)		180									(19,534	)
2007		218,548			(23,786	)		(824	)		1,255			(3,726	)		(3,986	)		(681	)		2,048												(29,700	)
2008		101,664			(20,116	)		(4,026	)		(10,271	)		(424	)		(3,859	)		7,834															(30,862	)
2009		79,126			(11,476	)		(6,296	)		(3,781	)		(2,804	)		2,272																		(22,085	)
2010		71,780			(11,648	)		(2,010	)		(2,251	)		(601	)																				(16,509	)
2011		88,358			1,833			(8,142	)		(6,186	)																							(12,496	)
2012		105,875			(16,212	)		(12,718	)																										(28,930	)
2013		86,945			(11,680	)																													(11,680	)
2014		98,876

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(18,035	)		26,650			(12,828	)		(23,172	)		(19,676	)		(9,423	)		(23,733	)		(31,889	)		(40,301	)		(21,689	)		(174,097	)

Diagonals as of 12/31

Exhibit 27, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		652,594		85,521		79		—		14,436		266		218		100,520		15	%
2005		369,865		181,856		25,072		—		15,092		852		644		223,516		60	%
2006		466,271		138,222		14,338		—		25,471		1,321		964		180,316		39	%
2007		666,635		319,870		17,011		—		47,127		7,675		1,839		393,522		59	%
2008		1,317,084		966,788		77,968		—		73,452		11,486		3,301		1,132,995		86	%
2009		1,266,933		804,345		44,493		—		89,851		15,354		3,503		957,546		76	%
2010		1,117,794		512,361		26,101		—		120,765		11,276		4,178		674,680		60	%
2011		1,410,913		1,230,158		121,321		—		161,659		11,076		7,778		1,531,993		109	%
2012		1,435,650		1,297,560		80,862		—		218,363		4,355		9,227		1,610,367		112	%
2013		1,478,349		1,211,150		47,855		—		226,588		1,281		9,232		1,496,107		101	%
2014		1,511,440		596,554		243,520		—		380,709		1,175		13,270		1,235,227		82	%

Total		11,693,526		7,344,386		698,620		—		1,373,514		66,116		54,154		9,536,791		82	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		5,369		2,501		0		—		154		—		—		2,655		49	%
2005		13,163		4,292		20		—		840		—		—		5,152		39	%
2006		99,535		26,229		4,008		—		4,394		—		—		34,630		35	%
2007		177,458		34,576		2,172		—		8,673		—		—		45,422		26	%
2008		402,830		306,147		500		—		9,439		—		—		316,085		78	%
2009		429,096		291,859		9,988		—		20,448		—		—		322,295		75	%
2010		297,353		92,771		6,138		—		28,098		—		—		127,007		43	%
2011		422,982		615,153		21,304		—		47,470		—		—		683,926		162	%
2012		476,520		639,452		5,042		—		64,915		—		—		709,409		149	%
2013		527,904		617,214		2,694		—		72,803		—		—		692,711		131	%
2014		686,219		229,575		150,229		—		188,986		—		—		568,790		83	%

Total		3,538,429		2,859,769		202,094		—		446,220		—		—		3,508,083		99	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		647,225		83,021		79		—		14,282		266		218		97,865		15	%
2005		356,702		177,564		25,053		—		14,252		852		644		218,365		61	%
2006		366,736		111,994		10,331		—		21,077		1,321		964		145,686		40	%
2007		489,177		285,294		14,839		—		38,454		7,675		1,839		348,100		71	%
2008		914,254		660,641		77,468		—		64,013		11,486		3,301		816,910		89	%
2009		837,837		512,486		34,506		—		69,403		15,354		3,503		635,251		76	%
2010		820,442		419,589		19,963		—		92,668		11,276		4,178		547,673		67	%
2011		987,930		615,005		100,017		—		114,189		11,076		7,778		848,067		86	%
2012		959,130		658,108		75,820		—		153,448		4,355		9,227		900,958		94	%
2013		950,445		593,936		45,161		—		153,786		1,281		9,232		803,396		85	%
2014		825,220		366,979		93,290		—		191,722		1,175		13,270		666,437		81	%

Total		8,155,097		4,484,618		496,526		—		927,294		66,116		54,154		6,028,708		74	%

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 28, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		16,983		39,307		46,818		55,361		62,040		66,160		73,715		77,580		86,680		86,732		85,521
2005		27,383		94,841		148,079		167,361		165,547		181,441		181,847		182,087		181,236		181,856
2006		10,097		39,937		61,915		94,663		99,630		105,112		128,171		132,402		138,222
2007		21,174		69,021		111,198		220,412		255,951		285,517		299,142		319,870
2008		387,678		697,055		769,228		803,094		837,244		919,221		966,788
2009		429,939		613,036		675,067		700,968		774,916		804,345
2010		230,097		360,367		397,731		472,854		512,361
2011		912,574		1,143,539		1,181,044		1,230,158
2012		802,923		1,283,042		1,297,560
2013		841,640		1,211,150
2014		596,554

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		49,685		71,731		70,580		73,831		78,992		78,064		77,969		81,330		87,024		86,890		85,600
2005		161,065		189,832		186,433		200,547		207,416		207,057		207,330		207,154		206,356		206,928
2006		50,312		83,638		87,111		101,896		105,356		139,144		143,171		142,202		152,561
2007		53,913		139,034		224,240		278,721		299,890		328,127		333,708		336,881
2008		713,833		778,924		881,267		936,509		985,725		1,012,408		1,044,756
2009		652,855		705,620		727,969		757,472		828,403		848,838
2010		378,539		453,789		471,084		521,343		538,461
2011		1,146,181		1,193,578		1,290,761		1,351,479
2012		1,239,309		1,359,936		1,378,422
2013		1,097,841		1,259,005
2014		840,074

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		376,992		324,513		296,226		268,829		235,070		204,582		147,321		130,497		117,916		106,650		100,037
2005		423,439		369,450		350,687		320,310		298,977		278,246		249,765		239,824		226,439		222,020
2006		321,217		294,556		261,861		233,741		206,588		210,960		196,303		176,475		178,032
2007		411,500		438,288		458,792		443,477		428,068		437,109		398,491		384,008
2008		1,114,079		1,041,401		1,102,451		1,111,093		1,123,614		1,103,483		1,118,208
2009		987,232		988,487		958,210		954,710		957,526		938,689
2010		761,137		710,752		699,494		688,177		659,227
2011		1,511,959		1,476,130		1,537,303		1,513,131
2012		1,620,298		1,625,404		1,596,785
2013		1,469,267		1,485,594
2014		1,220,782

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 28, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Insurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		57.8	%		49.0	%		45.4	%		41.2	%		36.0	%		31.4	%		22.6	%		20.0	%		18.1	%		16.3	%		15.3	%
2005		107.5	%		99.9	%		94.8	%		86.6	%		80.9	%		75.3	%		67.5	%		64.8	%		61.2	%		60.0	%
2006		68.9	%		63.2	%		56.2	%		50.2	%		44.3	%		45.2	%		42.1	%		37.8	%		38.2	%
2007		61.5	%		64.5	%		66.9	%		65.2	%		62.9	%		64.3	%		59.8	%		57.6	%
2008		84.7	%		79.0	%		83.3	%		84.1	%		84.8	%		83.8	%		84.9	%
2009		78.3	%		78.1	%		75.9	%		75.6	%		75.6	%		74.1	%
2010		68.1	%		63.6	%		62.7	%		61.6	%		59.0	%
2011		108.1	%		105.5	%		109.0	%		107.2	%
2012		114.0	%		113.2	%		111.2	%
2013		99.5	%		100.5	%
2014		80.8	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		655,070			652,221			652,381			652,315			652,377			652,570			652,577			652,590			652,594			652,594			652,594
2005		369,770			369,087			368,777			368,664			368,892			368,897			369,841			369,849			369,849			369,865
2006		465,358			466,535			466,077			466,156			466,446			465,847			465,921			466,258			466,271
2007		662,148			662,878			657,868			657,651			657,424			657,512			666,609			666,635
2008		1,298,527			1,283,313			1,282,594			1,294,781			1,294,774			1,317,059			1,317,084
2009		1,232,607			1,232,212			1,232,156			1,232,042			1,266,927			1,266,933
2010		1,080,237			1,080,968			1,080,936			1,117,794			1,117,794
2011		1,377,595			1,380,536			1,411,462			1,410,913
2012		1,397,892			1,436,679			1,435,650
2013		1,471,950			1,478,349
2014		1,511,440

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		376,992			(52,479	)		(28,287	)		(27,397	)		(33,760	)		(30,488	)		(57,261	)		(16,824	)		(12,581	)		(11,265	)		(6,614	)		(276,955	)
2005		423,439			(53,989	)		(18,763	)		(30,377	)		(21,333	)		(20,730	)		(28,482	)		(9,941	)		(13,385	)		(4,419	)					(201,419	)
2006		321,217			(26,661	)		(32,696	)		(28,120	)		(27,153	)		4,373			(14,658	)		(19,828	)		1,556									(143,185	)
2007		411,500			26,788			20,504			(15,315	)		(15,409	)		9,041			(38,618	)		(14,483	)											(27,492	)
2008		1,114,079			(72,678	)		61,049			8,642			12,521			(20,131	)		14,725															4,128
2009		987,232			1,255			(30,277	)		(3,500	)		2,816			(18,837	)																	(48,542	)
2010		761,137			(50,385	)		(11,258	)		(11,317	)		(28,951	)																				(101,910	)
2011		1,511,959			(35,829	)		61,173			(24,172	)																							1,172
2012		1,620,298			5,106			(28,619	)																										(23,514	)
2013		1,469,267			16,327																														16,327
2014		1,220,782

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(52,479	)		(82,276	)		(72,820	)		(70,045	)		(132,115	)		(58,156	)		(128,361	)		(66,205	)		(45,449	)		(93,485	)		(801,391	)

Diagonals as of 12/31

Insurance - Agriculture gross is gross of FCIC cession

Exhibit 28, Page 3

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY

Gross


Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		2,696,715		1,109,576		33,494		4,334		75,783		914		1,704		1,225,806		45	%
2005		1,430,234		1,384,105		25,780		3,229		33,509		2,288		938		1,449,849		101	%
2006		1,431,156		506,954		28,559		2,600		30,364		1,016		923		570,415		40	%
2007		1,106,084		420,711		25,028		6,500		25,010		3,487		848		481,584		44	%
2008		855,107		420,934		25,512		3,512		24,450		9,026		802		484,236		57	%
2009		822,191		226,303		31,553		7,022		37,018		3,369		1,134		306,400		37	%
2010		917,095		322,885		46,903		9,776		62,215		4,023		1,783		447,585		49	%
2011		970,557		748,910		56,022		12,787		79,562		3,531		2,226		903,037		93	%
2012		1,063,992		373,258		77,144		13,640		125,901		3,496		3,250		596,691		56	%
2013		1,154,367		253,205		147,813		11,865		192,058		2,551		5,276		612,768		53	%
2014		1,135,140		73,023		133,633		15,661		303,602		811		6,793		533,523		47	%

Total		13,582,638		5,839,864		631,441		90,926		989,472		34,514		25,677		7,611,895		56	%

Ceded

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		42,007		8,283		9		—		8		—		—		8,300		20	%
2005		15,367		9,852		320		—		110		—		—		10,282		67	%
2006		18,351		—		—		—		181		—		—		181		1	%
2007		25,848		2,890		43		—		4		—		—		2,937		11	%
2008		20,793		243		18		—		2		—		—		263		1	%
2009		7,880		39		—		—		197		—		—		236		3	%
2010		10,803		206		22		—		367		—		—		595		6	%
2011		17,157		9,178		367		102		548		—		—		10,195		59	%
2012		27,836		6,858		578		590		1,707		—		—		9,734		35	%
2013		69,851		9,458		4,248		793		1,660		—		—		16,159		23	%
2014		101,217		2,820		4,580		1,143		5,409		—		—		13,953		14	%

Total		357,109		49,826		10,186		2,628		10,194		—		—		72,834		20	%

Net

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2004 & Prior		2,654,708		1,101,292		33,485		4,334		75,776		914		1,704		1,217,506		46	%
2005		1,414,867		1,374,253		25,461		3,229		33,399		2,288		938		1,439,567		102	%
2006		1,412,805		506,954		28,559		2,600		30,183		1,016		923		570,234		40	%
2007		1,080,236		417,821		24,985		6,500		25,006		3,487		848		478,647		44	%
2008		834,314		420,692		25,494		3,512		24,448		9,026		802		483,974		58	%
2009		814,311		226,264		31,553		7,022		36,822		3,369		1,134		306,164		38	%
2010		906,292		322,680		46,881		9,776		61,848		4,023		1,783		446,990		49	%
2011		953,401		739,732		55,654		12,686		79,013		3,531		2,226		892,842		94	%
2012		1,036,156		366,400		76,566		13,050		124,194		3,496		3,250		586,957		57	%
2013		1,084,516		243,747		143,565		11,072		190,398		2,551		5,276		596,609		55	%
2014		1,033,923		70,204		129,052		14,517		298,193		811		6,793		519,570		50	%

Total		13,225,529		5,790,038		621,255		88,298		979,278		34,514		25,677		7,539,061		57	%

Exhibit 29, Page 1

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		333,141		613,778		767,485		878,363		949,123		1,003,581		1,043,931		1,071,381		1,092,861		1,102,772		1,109,576
2005		271,176		772,937		1,042,826		1,181,424		1,277,113		1,309,455		1,328,886		1,350,421		1,374,821		1,384,105
2006		55,033		267,455		349,445		398,372		444,083		472,549		489,106		499,696		506,954
2007		50,767		246,687		301,946		338,198		366,928		389,037		407,261		420,711
2008		102,102		236,288		306,430		347,041		386,365		406,969		420,934
2009		37,636		119,887		157,060		190,549		210,983		226,303
2010		61,670		190,656		253,965		295,339		322,885
2011		267,314		536,582		696,990		748,910
2012		117,034		296,327		373,258
2013		83,180		253,205
2014		73,023

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		662,846		939,279		1,040,697		1,083,748		1,112,443		1,131,654		1,123,690		1,139,184		1,143,192		1,151,690		1,147,404
2005		799,288		1,257,299		1,344,413		1,390,212		1,417,310		1,392,406		1,395,424		1,400,941		1,408,809		1,413,114
2006		152,516		378,094		443,822		484,643		516,944		532,489		531,990		533,053		538,113
2007		151,945		361,984		395,754		414,809		432,466		440,665		447,069		452,239
2008		239,471		346,708		403,678		428,294		438,180		444,541		449,958
2009		95,675		188,492		214,768		245,895		257,032		264,879
2010		166,601		298,572		358,568		369,936		379,564
2011		555,291		796,337		812,424		817,719
2012		357,006		441,162		464,043
2013		283,657		412,883
2014		222,316

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2004 & Prior		1,487,386		1,387,128		1,308,728		1,314,949		1,300,515		1,288,138		1,270,214		1,269,978		1,238,333		1,229,946		1,223,187
2005		1,413,645		1,537,674		1,485,525		1,486,847		1,494,391		1,462,655		1,464,392		1,449,318		1,454,227		1,446,623
2006		644,563		613,349		598,072		598,052		603,725		594,997		580,600		572,990		568,477
2007		552,186		517,790		495,618		493,650		483,535		478,234		474,266		477,249
2008		530,691		500,738		503,013		489,442		480,744		473,190		474,408
2009		357,666		330,022		305,085		308,614		303,453		301,897
2010		541,079		499,527		469,821		451,426		441,778
2011		955,462		977,578		929,919		897,280
2012		729,040		635,289		589,944
2013		663,867		604,941
2014		525,918

Diagonals as of 12/31

Exhibit 29, Page 2

Valuation Date: December 31, 2014

Values in Thousands USD (1.55925 USD/GBP)

Reinsurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

GROSS BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		56.0	%		52.4	%		49.4	%		48.8	%		48.2	%		47.8	%		47.1	%		47.1	%		45.9	%		45.6	%		45.4	%
2005		98.0	%		104.7	%		104.3	%		104.4	%		104.8	%		102.5	%		102.6	%		101.5	%		101.8	%		101.1	%
2006		46.2	%		42.9	%		41.9	%		42.0	%		42.4	%		41.8	%		40.8	%		40.3	%		39.7	%
2007		49.7	%		46.9	%		45.0	%		45.0	%		44.2	%		43.7	%		43.4	%		43.1	%
2008		62.2	%		58.8	%		59.4	%		57.9	%		56.9	%		56.1	%		55.5	%
2009		43.5	%		40.4	%		37.7	%		38.1	%		37.5	%		36.7	%
2010		59.0	%		54.8	%		51.7	%		49.7	%		48.2	%
2011		98.6	%		100.9	%		96.1	%		92.4	%
2012		68.2	%		60.0	%		55.4	%
2013		57.8	%		52.4	%
2014		46.3	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2004 & Prior		2,658,195			2,696,533			2,691,965			2,695,405			2,695,299			2,697,389			2,698,404			2,697,928			2,698,216			2,698,079			2,696,715
2005		1,411,528			1,428,523			1,432,494			1,433,952			1,435,333			1,431,249			1,429,880			1,430,211			1,429,149			1,430,234
2006		1,386,240			1,421,056			1,428,469			1,431,267			1,430,108			1,430,126			1,430,496			1,430,376			1,431,156
2007		1,100,711			1,102,524			1,102,956			1,104,319			1,104,927			1,105,700			1,105,630			1,106,084
2008		851,161			854,576			855,105			855,034			855,104			854,795			855,107
2009		817,438			822,240			823,347			823,369			822,100			822,191
2010		916,495			922,492			920,413			915,637			917,095
2011		968,391			976,199			966,902			970,557
2012		1,064,642			1,056,317			1,063,992
2013		1,127,672			1,154,367
2014		1,135,140

Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			120 - 132			Total Development
2004 & Prior		1,487,386			(100,259	)		(78,400	)		6,221			(14,434	)		(12,376	)		(17,924	)		(236	)		(31,646	)		(8,386	)		(6,759	)		(264,199	)
2005		1,413,645			124,029			(52,149	)		1,323			7,544			(31,737	)		1,738			(15,075	)		4,910			(7,604	)					32,978
2006		644,563			(31,214	)		(15,276	)		(21	)		5,674			(8,728	)		(14,397	)		(7,611	)		(4,513	)								(76,086	)
2007		552,186			(34,396	)		(22,172	)		(1,968	)		(10,116	)		(5,301	)		(3,968	)		2,984												(74,937	)
2008		530,691			(29,953	)		2,276			(13,571	)		(8,698	)		(7,554	)		1,218															(56,283	)
2009		357,666			(27,644	)		(24,937	)		3,529			(5,160	)		(1,556	)																	(55,769	)
2010		541,079			(41,552	)		(29,706	)		(18,395	)		(9,647	)																				(99,301	)
2011		955,462			22,116			(47,659	)		(32,639	)																							(58,182	)
2012		729,040			(93,752	)		(45,344	)																										(139,096	)
2013		663,867			(58,926	)																													(58,926	)
2014		525,918

Calendar Year	CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			Total Development
		N/A			(100,259	)		45,629			(77,142	)		(62,784	)		(56,978	)		(71,324	)		(97,402	)		(79,178	)		(187,576	)		(162,787	)		(849,801	)

Diagonals as of 12/31

Exhibit 29, Page 3

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