Best Assigns Rating To Endurance’s Shares
A.M. Best Co. has today [May 25] assigned a debt rating of “bb+” to the $230 million 7.5 percent Series B preferred shares of Bermuda’s Endurance Specialty Holdings, Ltd. The ratings agency’s assigned outlook is stable.
The proceeds from the issuance will be used by Endurance for general corporate purposes, including the repurchase of outstanding debt.
The re/insurance company’s debt-to-adjusted capital ratio and rolling three-year fixed charge coverage remain comfortably within the range that is commensurate with the assigned rating.
Endurance was formed in 2001 and owns several diversified specialty insurance and reinsurance companies.
The company, headquartered on Pitts Bay Road, has operations in Bermuda, Europe, the United States and Latin America.
