Exhibit 99.1

Endurance Reports First Quarter 2012 Financial Results

PEMBROKE, Bermuda – May 2, 2012 – Endurance Specialty Holdings Ltd. (NYSE:ENH) today reported net income of $74.4 million and $1.72 per diluted common share for the first quarter of 2012 versus a net loss of $91.3 million and $2.25 per diluted common share for the first quarter of 2011.

Operating highlights for the quarter ended March 31, 2012 were as follows:

David Cash, Chief Executive Officer, commented, “The first quarter was a good start to the year with strong earnings, growth in book value, and improving market conditions. Within our agriculture insurance line of business, we achieved double digit policy count growth, with increased penetration in attractive Midwestern states. Our reinsurance business had a strong January 1^st renewal, achieving robust renewal retentions, solid organic growth in our developing international reinsurance units, and an improved catastrophe portfolio with higher pricing and reduced exposures. Our efforts have positioned us well as we continue to enhance our diversified portfolio of specialty risks in 2012.”

Insurance Segment

Operating highlights for Endurance’s Insurance segment for the quarter ended March 31, 2012 were as follows:

The modest decline of $4.5 million in net premiums written in the Insurance segment during the first quarter of 2012 compared to the first quarter of 2011 predominantly resulted from a decline in property insurance net premiums written as the Company significantly curtailed premiums in several products within this line of business in an effort to reallocate capital to more profitable lines of business. This decline was partially offset by premium growth within the agriculture line of business, principally due to an 11.1% growth in policies in force.

The increase in the Insurance segment combined ratio for the quarter ended March 31, 2012 compared to the same period in 2011 was driven by lower levels of favorable loss development from prior accident years. The increase in the Insurance segment combined ratio was partially offset by a modestly lower expense ratio and an improved current accident year loss ratio in the Insurance segment’s Agriculture line, as growing conditions in the southern U.S. improved in 2012 compared to 2011.

The Insurance segment’s combined ratio in the first quarter of 2012 benefited from $7.8 million, or 4.9 percentage points of favorable prior year loss reserve development, compared to $34.6 million, or 21.3 percentage points, for the same period a year ago. The higher level of favorable loss development in the first quarter of 2011 compared to 2012, was driven by the agriculture line of business. The higher development in the first quarter of 2011 resulted from the combination of a very strong 2010 crop year with a delayed harvest that extended claims settlements until the first quarter of 2011 compared to the 2011 crop year, which did not experience the same level of harvest delays or extension of claim settlements into the first quarter of 2012.

Reinsurance Segment

Operating highlights for Endurance’s Reinsurance segment for the quarter ended March 31, 2012 were as follows:

The $48.7 million increase in net premiums written within the Reinsurance segment during the first quarter of 2012 over the first quarter of 2011 resulted primarily from increases within the property, casualty and aerospace and marine lines of business. The increases in the property and aerospace and marine lines of business were largely driven by improved pricing at January 1st renewals and growth in new business written by our Zurich office. The growth in casualty premiums from a year ago resulted from a single large positive premium adjustment in the current quarter.

The combined ratio in the Reinsurance segment for the first quarter of 2012 improved compared to the same period in 2011 predominantly due to a lower net loss ratio. The first quarter 2012 net loss ratio included 9.7 points of catastrophe losses relating to the tornadoes that impacted Kentucky in March 2012, while the first quarter 2011 net loss ratio included 84.1 points of catastrophe losses relating to the earthquakes in New Zealand and Japan and the Queensland floods in Australia. Also contributing to the lower combined ratio in the current quarter compared to a year ago was modestly lower acquisition and general and administrative expense ratios.

The Reinsurance segment’s combined ratio in the first quarter of 2012 benefited from $9.1 million, or 3.6 percentage points of favorable prior year loss reserve development, compared to $14.1 million, or 6.4 percentage points, for the same period a year ago.

Investments

Endurance’s net investment income increased 8.7% or $4.6 million for the quarter ended March 31, 2012 compared to the same period in 2011. During the first quarter of 2012, Endurance’s net investment income included mark to market gains of $23.1 million on its alternative investment funds and high yield loan funds which are included in other investments, as compared to gains of $13.8 million in the first quarter of 2011. Investment income generated from Endurance’s fixed maturity investments declined by $5.2 million for the three months ended March 31, 2012 compared to the same period in 2011. This decrease resulted from lower reinvestment rates during 2012 and the short duration of Endurance’s fixed maturity portfolio. The ending book yield on Endurance’s fixed maturity investments at March 31, 2012 was 2.68%, unchanged from December 31, 2011 but below the book yield of 3.25% at March 31, 2011.

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At March 31, 2012, Endurance’s fixed maturity portfolio, which comprises 91.7% of Endurance’s investments, had an average credit quality of AA and a duration of 2.64 years. Endurance’s fixed maturity portfolio was in a net unrealized gain position of $133.7 million at March 31, 2012, an improvement of $10.9 million from December 31, 2011. Endurance recorded net realized gains on investment sales, net of impairment losses recognized in earnings, of $5.0 million during the first quarter of 2012 compared to net realized investment gains of $2.1 million during the same period in 2011.

Endurance ended the first quarter of 2012 with cash and invested assets of $6.3 billion, which represents a 0.4% increase from December 31, 2011. Net operating cash flow was $24.9 million for the quarter ended March 31, 2012 versus $181.3 million for the same period in 2011.

Capitalization and Shareholders’ Equity

At March, 31, 2012, Endurance’s shareholders’ equity was $2.68 billion or $51.90 per diluted common share versus $2.61 billion or $50.56 per diluted common share at December 31, 2011. For the quarter ended March 31, 2012, Endurance declared and paid common dividends of $0.31 per share.

Earnings Call

Endurance will host a conference call on May 3, 2012 at 8:30 a.m. Eastern time to discuss its financial results. The conference call can be accessed via telephone by dialing (888) 967-7185 or (719) 457-2656 (international) and entering pass code: 9429908. Those who intend to participate in the conference call should register at least ten minutes in advance to ensure access to the call. A telephone replay of the conference call will be available through May 17, 2012 by dialing (888) 203-1112 or (719) 457-0820 (international) and entering the pass code: 9429908.

The public may access a live broadcast of the conference call at the “Investors” section of Endurance’s website, www.endurance.bm. Following the live broadcast, an archived version will continue to be available on Endurance’s website.

A copy of Endurance’s financial supplement for the first quarter of 2012 will be available on Endurance’s website at www.endurance.bm shortly after the release of earnings.

Operating income (loss), operating return (loss) on average common equity, operating income (loss) per diluted common share, operating income (loss) allocated (attributable) to common shareholders and the combined ratio excluding prior year net loss reserve development are non-GAAP measures. Reconciliations of these measures to the appropriate GAAP measures are included in the attached tables.

About Endurance Specialty Holdings

Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture, professional lines and surety and other specialty lines of insurance and property, catastrophe, casualty, agriculture, marine, aerospace, and surety and other specialty lines of reinsurance. We maintain excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and A (Strong) from Standard and Poor’s on our principal operating subsidiaries. Endurance’s headquarters are located at Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Endurance, please visit www.endurance.bm.

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Safe Harbor for Forward-Looking Statements

Some of the statements in this press release may include forward-looking statements which reflect our current views with respect to future events and financial performance. Such statements may include forward-looking statements both with respect to us in general and the insurance and reinsurance sectors 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 press release for purposes of the U.S. federal securities laws or otherwise. We intend 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. These factors include, but are not limited to, the effects of competitors’ pricing policies, greater frequency or severity of claims and loss activity, changes in market conditions in the agriculture insurance industry, termination of or changes in the terms of the U.S. multiple peril crop insurance program, a decreased demand for property and casualty insurance or reinsurance, changes in the availability, cost or quality of reinsurance or retrocessional coverage, our inability to renew business previously underwritten or acquired, our inability to maintain our applicable financial strength ratings, our inability to effectively integrate acquired operations, uncertainties in our reserving process, changes to our tax status, changes in insurance regulations, reduced acceptance of our existing or new products and services, a loss of business from and credit risk related to our broker counterparties, assessments for high risk or otherwise uninsured individuals, possible terrorism or the outbreak of war, a loss of key personnel, political conditions, changes in insurance regulation, changes in accounting policies, our investment performance, the valuation of our invested assets, a breach of our investment guidelines, the unavailability of capital in the future, developments in the world’s financial and capital markets and our access to such markets, government intervention in the insurance and reinsurance industry, illiquidity in the credit markets, changes in general economic conditions and other factors described in our Annual Report on Form 10-K for the year ended December 31, 2011.

Forward-looking statements speak only as of the date on which they are made, and we undertake 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.

CONSOLIDATED BALANCE SHEETS

(in thousands of United States dollars, except share and per share amounts)

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ENDURANCE SPECIALTY HOLDINGS LTD.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands of United States dollars, except share and per share amounts)

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ENDURANCE SPECIALTY HOLDINGS LTD.

RESULTS BY SEGMENT

(in thousands of United States dollars, except ratios)

.

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ENDURANCE SPECIALTY HOLDINGS LTD.

RESULTS BY SEGMENT

(in thousands of United States dollars, except ratios)

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ENDURANCE SPECIALTY HOLDINGS LTD.

CONSOLIDATED FINANCIAL RATIOS

As Reported

Effect of Prior Year Net Loss Reserve Development

Favorable / (Unfavorable)

Net of Prior Year Net Loss Reserve Development

The combined ratio is the sum of the loss, acquisition expense and general and administrative expense ratios. Endurance presents the combined ratio as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. The combined ratio, excluding prior year net loss reserve development, enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of underwriting activities in a manner similar to how management analyzes Endurance’s underlying business performance. The combined ratio, net of prior year net loss reserve development, should not be viewed as a substitute for the combined ratio.

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ENDURANCE SPECIALTY HOLDINGS LTD.

GROSS AND NET PREMIUMS WRITTEN BY SEGMENT

(in thousands of United States dollars)

The following tables show Endurance’s gross and net premiums written for the quarters ended March 31, 2012 and 2011:

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ENDURANCE SPECIALTY HOLDINGS LTD.

RECONCILIATIONS

(in thousands of United States dollars, except share, per share amounts and ratios)

The following is a reconciliation of Endurance’s net income (loss), net income (loss) per diluted common share, net income (loss) allocated to common shareholders under the two-class method and annualized return on average common equity to operating income (loss), operating income (loss) per diluted common share, operating income (loss) allocated to common shareholders under the two-class method and annualized operating return on average common equity (all non-GAAP measures) for the quarters ended March 31, 2012 and 2011:

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Operating income (loss) and operating income (loss) per diluted common share are internal performance measures used by Endurance in the management of its operations. Operating income (loss) allocated (attributable) to common shareholders (excludes unvested restricted shares outstanding which are considered participating) per diluted common share represents operating income (loss) divided by weighted average dilutive common shares, which has been calculated in accordance with the two-class method under U.S. GAAP. Operating income (loss) represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Endurance believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income (loss) and net income (loss) per dilutive common share determined in accordance with the two-class method under GAAP, Endurance believes that showing operating income (loss) and operating income (loss) per dilutive common share enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of operations in a manner similar to how management analyzes Endurance’s underlying business performance. Operating income (loss) and operating income (loss) per dilutive common share should not be viewed as substitutes for GAAP net income (loss) and net income (loss) per dilutive common share, respectively.

Endurance presents return on equity as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

Contact

Investor Relations

Phone: +1 441 278 0988

Email: investorrelations@endurance.bm

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