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.

2015 Loss Development Triangles

2015 Loss Development Triangle Cautionary Language

This report is for informational purposes only and is current as of December 31, 2015. 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, the publicly disclosed historical experience of peer companies and feedback from the Company’s executive management and 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.

2015 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 Line of Business Details		10

V.	Overview of Reserving Methodology		14

VI.	Reconciliations		16

VII.	Data and Exhibits (Summary Exhibits and Triangles)

	Consolidated Total		Exhibit 1
	Insurance Agriculture		Exhibit 2
	Insurance Casualty and Other Specialty		Exhibit 3
	Insurance Professional Lines		Exhibit 4
	Insurance Property, Marine/Energy and Aviation		Exhibit 5
	Reinsurance Catastrophe		Exhibit 6
	Reinsurance Property		Exhibit 7
	Reinsurance Casualty		Exhibit 8
	Reinsurance Professional Lines		Exhibit 9
	Reinsurance Specialty		Exhibit 10
	Insurance Segment Total		Exhibit 11
	Reinsurance Segment Total		Exhibit 12

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Endurance Specialty Holdings Ltd.

2015 Global Loss Triangles

I. INTRODUCTION

This report provides information on the loss development history of Endurance Specialty Holdings Ltd. and its consolidated subsidiaries (“Endurance” or the “Company”) as of December 31, 2015. This report provides detail on Endurance’s reserves by showing global loss triangles for net 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, 2015. These triangles do not include amounts related to losses or premium arising from business written by Montpelier Re Holdings, Ltd. (“MRH”), which was acquired by the Company on July 31, 2015. MRH data was excluded from the triangles due to data compatibility limitations.

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, 2015. These summaries include the historical experience of MRH; therefore, they are on a different basis than the loss triangles noted above. 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, 2015 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.

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.

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Endurance Specialty Holdings Ltd.

2015 Global Loss Triangles

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 nine lines of business that we have presented are the compilation of over 300 discrete reserving groups within Endurance that represent different geographies, pricing environments, legislative climates and policy forms. In addition, as noted above, the loss triangles do not include the historical development of MRH; thus, using these triangles to develop MRH losses could produce misleading results.

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 line of business, 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, 2015 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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2015 Global Loss Triangles

II. COMMENTS AND OBSERVATIONS ON DATA PRESENTED

The triangle groupings have changed compared to the 2014 Global Loss Triangles. Grouping changes are as follows:

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In this year’s presentation, the Company has provided information in total, by segment, and summarized in nine lines of business, consistent with how the Company manages its business and reports such information in its 2015 Form 10-K.

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Last year, triangles were shown gross of reinsurance. This year, triangles are being shown net of reinsurance. Due to the Company’s increased usage of ceded reinsurance, we believe providing triangles net of reinsurance is more appropriate.

Based on the data as of December 31, 2015 presented in this report, we believe the following general observations are noteworthy:

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On an inception to date basis, 59% and 41% 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, 55% and 45% of the loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively.

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Additional Case Reserves (“ACRs”) amount to 4% of reported net case reserves. Within Endurance’s Reinsurance segment, this amount is 7% of the net reported case reserves.

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Excluding MRH, the Reinsurance and Insurance segments have contributed approximately 62% and 38% to the total inception to date prior year favorable net reserve development, respectively.

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Endurance’s overall inception to date net ultimate loss and LAE ratio of 59% is comprised of a 70% net loss ratio for the Insurance segment and a 54% net loss ratio for the Reinsurance segment. Excluding Agriculture, the Insurance segment inception to date net ultimate loss and LAE ratio is 59%. The Insurance Agriculture inception to date net loss and LAE ratio is 91% is higher than other lines due to the business’s low expense ratio.

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Endurance Specialty Holdings Ltd.

2015 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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2015 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 for the Company’s United Kingdom entities have been restated using the year end 2015 rate of exchange of 1.4739 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 2015 from a policy written and exposures earned in 2013, the additional premium is recognized in the 2015 calendar year for financial reporting purposes. However, for reserving purposes, the premium is allocated to the years in which the premium for the 2013 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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2015 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 for 9 lines of business: 4 for the Insurance segment and 5 for the Reinsurance segment. These lines of business are consistent with how the Company manages its business and reports such information in its 2015 Form 10-K. It is important to note that for the Reinsurance lines of business, there is no differentiation between proportional and non-proportional business that could have different loss emergence patterns. The 9 lines of business included in this report are listed below:

Insurance Segment Loss Triangle Lines of Business

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Insurance Agriculture

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Insurance Casualty and Other Specialty

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Insurance Professional Lines

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Insurance Property, Marine/Energy & Aviation

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2015 Global Loss Triangles

Reinsurance Segment Loss Triangle Lines of Business

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Reinsurance Catastrophe

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Reinsurance Property

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Reinsurance Casualty

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Reinsurance Professional Lines

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Reinsurance Specialty

Further detail of the types of business contained in each class is provided in Section IV of this document.

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 by accident year. The first step is to identify large losses and allocate them to 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 net of any retrocession recoveries. The premium data is adjusted for gross and ceded reinstatement premiums associated with the loss events.

Business Not Included

The triangles do not include amounts related to losses or premium arising from business written by MRH, which was acquired by the Company on July 31, 2015. MRH data was excluded from the triangles due to data compatibility limitations. No other business has been excluded from the analysis.

Discounting

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

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2015 Global Loss Triangles

Maturity of Triangle Periods

Since Endurance was formed in late 2001, underwriting data is available only for periods beginning 2001 or subsequent. 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.

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, 2015.

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2015 Global Loss Triangles

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 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.

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2015 Global Loss Triangles

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.

IV. TRIANGLE LINE OF BUSINESS DETAILS

a) Insurance Agriculture

The Company’s agriculture insurance line of business focuses on traditional multi-peril crop insurance, crop hail, livestock risk protection and other agriculture risk management products, all offered through independent agents in the United States. 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; in 2015 it comprised approximately 95% of the net earned premium of this line of business

In 2012, this line of business was impacted by a severe drought in the Midwest United States. In 2013 and 2014, results were impacted by sharp decreases in corn and soybean prices during the policy periods, which resulted in an increased number of policies making revenue coverage payments. The 2015 loss ratio improved versus 2014 due to favorable crop yields and only modest declines in commodity prices during the policy year.

b) Insurance Casualty and Other Specialty

The Company’s casualty and other specialty insurance line of business includes casualty, healthcare liability, and contract and commercial surety insurance. The casualty insurance business provides third party excess and primary liability insurance for a wide range of industry groups. In 2015, excess liability business comprised 59% of the casualty net earned premium. The healthcare liability insurance business is focused on excess hospital medical professional liability insurance. The surety insurance business provides contract and commercial surety insurance in the United States. The Company has been writing casualty and healthcare liability insurance business since 2002, while the surety insurance business commenced its operations in 2012. In 2015, net earned premium was split as follows between these classes: casualty 77%, healthcare 16%, and surety 7%.

Accident years 2006 to 2009 include $550.0 million of net earned premium for a book of California workers compensation business, which adversely impacted the results for this line of business, particularly in accident years 2008 and 2009. Prior year development for this book was flat in calendar years 2014 and 2015. Note that the Company exited California workers compensation insurance in early 2009. In addition, this line of business was impacted in accident years 2010 to 2013 by several large losses impacting the Company’s healthcare and excess casualty businesses. The increase in the accident year 2011 ultimate loss ratio during calendar year 2013 was due to an excess casualty shock loss; that loss decreased somewhat in calendar

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2015 Global Loss Triangles

year 2015. Accident year 2013 increased during the past calendar year due predominately to shock losses for the healthcare book. However, over all accident years, the Company’s healthcare insurance business experienced favorable development in 2015, and it has consistently experienced favorable calendar year development over the history of the book.

Due to the change in executive and underwriting management in 2012 and 2013, the Company significantly increased its usage of reinsurance, reduced gross limits, and improved risk selection. These factors should reduce the impact of shock losses and improve results for accident years 2014 and later.

c) Insurance Professional Lines – Professional Lines

The Company’s professional lines insurance business includes directors’ and officers’ liability, errors and omissions, employment practices liability, fiduciary, environmental liability and pension trust liability insurance and includes both non-profit and for-profit entities representing a wide range of industry groups. Results in claims made years 2007 to 2008 were adversely impacted by financial crisis claims. During that time period, the high excess Bermuda professional lines book comprised approximately 90% of the net earned premium. In 2015, due to the growth of the business in the United States and London and the acquisition of MRH, the high excess Bermuda professional lines book comprised approximately 16% of the net earned premium. Consequently, due to this diversification of the portfolio, greater purchases of reinsurance and gross limits management, the Company has reduced its net exposure to the type of losses experienced in claims made years 2007 and 2008.

d) Insurance Property, Marine/Energy and Aviation

The Company’s property, marine/energy and aviation line of business includes property insurance, inland marine, ocean marine, marine war, energy and aviation insurance. The property insurance business provides coverage against all risks of physical loss or damage of commercial properties, engineering and construction of properties and resultant loss of business income. The properties insured are of a commercial nature and are spread across a variety of industries, such as real estate, retail, manufacturing, chemicals, financial services, utilities, telecommunications, hospitality, food processors and municipalities/institutions.

The inland marine insurance business provides indemnification of loss related to property in transit; movable or specialized types of property, which may include construction equipment, medical diagnostic equipment, rail road rolling stock; instruments of transportation such as bridges, pipelines and roads; instruments of communication, such as cell phone and radio towers; high value and one of a kind articles, such as fine arts, jewelry and musical instruments; property in the course of construction; legal liability coverage for bailees and warehousemen for property in their care, custody or control; as well as a wide variety of other types of property that are non-homogenous in nature. The Company commenced writing this business in 2013.

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The ocean marine insurance business covers the loss or damage of ships, cargo, terminals, piers, wharfs and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination and associated third party liability, as well as general liability coverage for marine risks. The Company commenced writing this business in 2013.

The energy business provides upstream, midstream, downstream, power and renewable energy coverage covering property and liability risk, control of well, transportation and storage, business interruption, cargo and equipment risks. The Company commenced writing this business in 2014.

The aviation business provides general liability and property coverages for a wide range of aviation risks across the globe, including hull and liability coverage as well as general liability coverage for ground based risks such as fixed base operators, airport owners and aircraft manufacturers and distributors. The Company commenced underwriting aviation insurance in late 2015.

In 2013 and prior, nearly the entire net earned premium for this line of business was for property coverages. In 2014, approximately 37% of the net earned premium was for ocean marine and energy. In 2015, approximately 45% of the net earned premium was for ocean marine and energy.

e) Reinsurance Catastrophe

The Company’s catastrophe reinsurance line of business reinsures catastrophic perils for ceding companies on a treaty basis primarily for property and workers’ compensation business. The principal perils reinsured include natural perils such as hurricanes, typhoons, earthquakes, floods, tornados, hail and fire and certain man-made perils such as industrial events and terrorism.

Calendar year 2015 year development was favorable for this line of business. The favorable development in calendar years 2013 and 2014 was due to IBNR reductions on the Company’s workers’ compensation catastrophe book and favorable emergence on Hurricane Sandy.

f) Reinsurance Property

The Company’s property reinsurance line of business reinsures property insurance policies issued by our ceding company clients including personal lines, commercial exposures and engineering (principally covering buildings, structures, equipment, contents and time element coverages on a treaty basis). Loss exposures in this line of business include the perils of fire, explosion, collapse, riot, vandalism, wind, tornado, flood and earthquake.

The property reinsurance triangle class contains international and U.S. per risk excess of loss and proportional treaty business.

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In total, calendar year 2015 development was favorable for this line of business. Accident year 2014 developed unfavorably due to emergence on several large fire losses on the Company’s European treaty property book. The favorable development in calendar years 2013 and 2014 was due largely to favorable emergence on Hurricane Sandy and the Thai Floods.

g) Reinsurance Casualty

The Company’s casualty reinsurance line of business reinsures third party liability exposures from ceding companies such as automobile liability, general liability, umbrella liability and workers’ compensation. In 2015, net earned premium this line of business was split as follows: automobile liability 23%, workers compensation 14%, and all other lines (mostly general liability and excess liability coverages) 63%.

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. Reserve increases for this exposure were taken in calendar year 2013. In mid-year 2013, the Company ceased writing UK Motor excess of loss business.

h) Reinsurance Professional Lines

The professional lines 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.

Ultimate loss ratios have developed favorably for this line of business, as the Company has recognized the favorable experience of claims made years 2010 and later. In addition, loss ratios in this line of business were better than the industry in claims made years 2007 to 2009, as the Company’s exposure to financial institutions was less than the industry average.

i) Reinsurance Specialty

The Company’s specialty line of business includes aerospace, international agriculture, marine and energy, and trade credit and surety, all of which are underwritten on either a proportional or non-proportional basis. This business line also includes weather risk management products. The agriculture business includes reinsurance of international multi-peril crop insurance policies, crop hail policies and other types of crop insurance; most of this business is written for clients outside of the United States. The aerospace business is comprised of the reinsurance of aviation and space risks. The marine business consists of the reinsurance of river and ocean vessels and cargo risks. The energy business includes offshore energy risks such as (drilling, oil) rigs and platforms. Note that aerospace, marine and energy businesses include both first party and liability coverages. The trade credit and surety business includes the reinsurance of trade credit and political risk, contract surety and commercial surety on a worldwide basis. The Company

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also provides surety reinsurance for contract and commercial surety insurers, as well as for fidelity insurers. The remaining business in this line represents a variety of contracts which are underwritten utilizing the expertise of the Company’s senior underwriting staff.

Favorable development in calendar year 2015 was due predominately to lower than expected claims emergence in the aerospace, political risk, and surety businesses, as well as an IBNR reduction for the Company’s self-insured risk business, which the Company ceased writing in 2003.

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 as well as professional judgment 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 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 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

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Endurance Specialty Holdings Ltd.

2015 Global Loss Triangles

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;

•

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;

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Endurance Specialty Holdings Ltd.

2015 Global Loss Triangles

•

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.

VI. RECONCILIATIONS

Reconciliation of Gross Unpaid Loss and LAE

The following table reconciles the reserves for losses and loss expenses as of December 31, 2015 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	$	4,535.8

Deposit accounting reserves		(13.8	)

Purchase GAAP fair value adjustments related to MRH		(9.1	)

Foreign exchange and other		(2.5	)


Adjusted unpaid loss and LAE	$	4,510.4

Reserves for losses and loss expenses
Per December 31, 2015 GAAP Financial Statements	$	4,510.4

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Endurance Specialty Holdings Ltd.

2015 Global Loss Triangles

Reconciliation of Calendar Year Loss Emergence

The following table reconciles the calendar year 2015 development of prior year losses and loss adjustment expenses as of December 31, 2015 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 net loss & ALAE emergence per triangles	($	213.8	)

Plus calendar year emergence on ULAE		(4.3	)

Plus emergence on contracts subject to deposit accounting		1.1

Plus emergence on acquired MRH reserves		(39.3	)

Plus misc. emergence due to foreign exchange & other*		12.8


Adjusted Calendar Year Emergence	($	243.5	)

Calendar Year Emergence per December 31, 2015
GAAP Financial Statements	($	243.5	)

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, 2015		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.4739 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Consolidated Total

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		8,048,705		5,238,657		56,359		3,730		111,897		5,313		2,460		5,418,417		67	%
2006		2,587,349		749,347		30,491		1,364		45,380		2,558		1,483		830,622		32	%
2007		2,403,835		902,457		38,622		5,235		60,543		11,862		2,311		1,021,030		42	%
2008		2,764,431		1,755,404		82,574		2,792		81,981		21,996		3,309		1,948,057		70	%
2009		2,717,987		1,167,689		61,643		3,253		97,682		19,763		3,265		1,353,293		50	%
2010		2,713,856		1,143,492		87,036		4,657		124,734		16,599		4,268		1,380,786		51	%
2011		3,068,248		2,602,217		132,193		7,156		198,405		17,749		6,795		2,964,513		97	%
2012		3,230,989		1,976,348		156,496		10,256		285,888		11,236		8,816		2,449,039		76	%
2013		3,297,505		1,770,478		164,321		5,045		346,718		7,594		10,931		2,305,086		70	%
2014		3,296,999		1,412,059		213,846		4,651		525,078		5,513		16,163		2,177,310		66	%
2015		3,645,091		582,114		566,840		5,418		925,657		3,939		28,069		2,112,037		58	%

Total		37,774,995		19,300,262		1,590,419		53,557		2,803,961		124,122		87,868		23,960,190		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
2005 & Prior		75,740		431,430		508		—		650		—		—		432,588		571	%
2006		117,206		28,390		8,239		—		3,549		—		—		40,178		34	%
2007		202,975		52,568		1,987		—		6,547		—		—		61,102		30	%
2008		424,314		330,064		1,152		—		6,759		—		—		337,975		80	%
2009		448,746		298,834		8,354		10		16,162		—		—		323,361		72	%
2010		352,722		105,658		5,151		—		20,207		—		—		131,016		37	%
2011		583,501		664,580		11,783		79		32,531		—		—		708,972		122	%
2012		647,774		689,562		11,809		390		50,934		—		—		752,696		116	%
2013		690,607		650,289		15,598		56		56,963		—		—		722,906		105	%
2014		905,460		544,030		21,084		333		139,135		—		—		704,582		78	%
2015		1,362,866		299,988		212,524		80		273,953		—		—		786,546		58	%

Total		5,811,911		4,095,393		298,190		949		607,390		—		—		5,001,922		86	%

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
2005 & Prior		7,972,965		4,807,228		55,851		3,730		111,247		5,313		2,460		4,985,829		63	%
2006		2,470,143		720,956		22,252		1,364		41,831		2,558		1,483		790,444		32	%
2007		2,200,859		849,889		36,634		5,235		53,996		11,862		2,311		959,927		44	%
2008		2,340,117		1,425,341		81,422		2,792		75,222		21,996		3,309		1,610,082		69	%
2009		2,269,241		868,855		53,289		3,242		81,520		19,763		3,265		1,029,933		45	%
2010		2,361,134		1,037,834		81,885		4,657		104,527		16,599		4,268		1,249,770		53	%
2011		2,484,747		1,937,637		120,410		7,077		165,874		17,749		6,795		2,255,541		91	%
2012		2,583,216		1,286,785		144,687		9,865		234,954		11,236		8,816		1,696,343		66	%
2013		2,606,898		1,120,189		148,722		4,989		289,755		7,594		10,931		1,582,180		61	%
2014		2,391,539		868,030		192,762		4,318		385,943		5,513		16,163		1,472,729		62	%
2015		2,282,225		282,126		354,316		5,338		651,704		3,939		28,069		1,325,492		58	%

Total		31,963,084		15,204,869		1,292,230		52,608		2,196,571		124,122		87,868		18,958,268		59	%

Exhibit 1, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Consolidated Total

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		948,083		1,670,688		2,108,291		2,319,147		2,469,324		2,563,355		2,614,078		2,666,669		2,699,716		2,715,080		2,768,600
2006		63,943		302,858		397,061		475,312		523,521		554,415		589,337		601,213		610,235		609,409
2007		70,964		308,044		393,484		528,845		598,407		644,981		667,356		697,346		724,236
2008		311,501		651,728		785,748		864,002		934,444		1,024,382		1,077,799		1,111,274
2009		242,804		474,723		565,818		622,678		694,111		737,432		761,982
2010		214,060		500,223		598,388		685,805		741,952		776,286
2011		737,123		1,081,207		1,265,622		1,353,956		1,453,818
2012		606,301		925,261		1,023,749		1,103,769
2013		522,545		837,059		994,090
2014		436,953		713,895
2015		227,427

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		1,954,706		2,537,605		2,667,141		2,735,650		2,787,527		2,754,253		2,776,418		2,791,904		2,807,141		2,806,509		2,823,555
2006		197,840		453,871		510,130		563,443		597,095		634,173		637,110		636,214		651,411		632,490
2007		202,520		479,813		594,168		659,652		701,216		727,942		736,233		743,348		764,020
2008		669,448		838,738		991,246		1,072,849		1,127,013		1,151,307		1,183,933		1,193,860
2009		459,773		622,342		671,916		729,184		786,226		810,028		811,757
2010		458,199		680,839		759,629		796,701		818,337		831,742
2011		1,096,005		1,383,309		1,463,999		1,522,175		1,553,788
2012		967,212		1,135,241		1,188,864		1,218,369
2013		824,928		1,036,214		1,120,843
2014		672,249		852,703
2015		518,809

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		3,466,367		3,424,939		3,357,245		3,299,253		3,241,394		3,112,417		3,067,628		2,998,921		2,969,195		2,942,537		2,929,660
2006		910,123		847,720		820,307		798,901		777,630		763,642		734,960		707,534		702,085		672,578
2007		858,667		890,607		887,651		874,282		857,030		853,559		822,756		806,924		815,063
2008		1,249,610		1,195,683		1,258,458		1,277,501		1,275,303		1,265,656		1,272,939		1,263,134
2009		985,787		992,377		943,133		942,392		937,275		917,413		886,817
2010		1,124,038		1,079,645		1,043,665		1,011,591		973,298		924,409
2011		1,753,681		1,767,174		1,767,152		1,714,081		1,689,155
2012		1,605,862		1,512,792		1,465,008		1,406,480
2013		1,432,148		1,375,990		1,368,137
2014		1,154,811		1,155,849
2015		1,043,746

Diagonals as of 12/31

Exhibit 1, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Consolidated Total

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		68.6	%		67.8	%		66.5	%		65.3	%		64.2	%		61.6	%		60.7	%		59.4	%		58.8	%		58.2	%		58.0	%
2006		51.6	%		48.1	%		46.5	%		45.3	%		44.1	%		43.3	%		41.7	%		40.1	%		39.8	%		38.1	%
2007		55.0	%		57.0	%		56.9	%		56.0	%		54.9	%		54.7	%		52.7	%		51.7	%		52.2	%
2008		72.1	%		69.0	%		72.6	%		73.7	%		73.6	%		73.1	%		73.5	%		72.9	%
2009		59.7	%		60.1	%		57.1	%		57.1	%		56.8	%		55.6	%		53.7	%
2010		65.1	%		62.5	%		60.4	%		58.6	%		56.4	%		53.5	%
2011		90.4	%		91.1	%		91.1	%		88.4	%		87.1	%
2012		80.6	%		76.0	%		73.6	%		70.6	%
2013		70.7	%		67.9	%		67.5	%
2014		62.6	%		62.7	%
2015		59.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		5,104,660			5,121,970			5,128,669			5,054,575			5,058,356			5,055,181			5,053,826			5,055,099			5,055,466			5,053,613			5,051,723
2006		1,838,079			1,873,491			1,765,803			1,766,260			1,765,180			1,763,829			1,764,844			1,765,399			1,765,201			1,764,131
2007		1,756,004			1,560,631			1,555,026			1,558,767			1,559,267			1,560,183			1,561,348			1,560,842			1,561,217
2008		1,734,097			1,732,576			1,732,489			1,731,353			1,731,629			1,731,648			1,731,039			1,732,527
2009		1,645,600			1,649,881			1,650,791			1,650,718			1,649,612			1,649,089			1,651,305
2010		1,732,144			1,732,580			1,730,231			1,725,557			1,725,481			1,726,741
2011		1,937,854			1,947,467			1,939,986			1,939,967			1,939,202
2012		1,986,666			1,995,354			1,993,634			1,991,690
2013		2,024,834			2,032,400			2,025,890
2014		1,855,296			1,844,150
2015		1,754,086

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
2005 & Prior		3,466,367			(41,427	)		(67,694	)		(57,992	)		(57,859	)		(128,977	)		(44,789	)		(68,707	)		(29,726	)		(26,657	)		(12,877	)		(536,706	)
2006		910,123			(62,403	)		(27,412	)		(21,406	)		(21,271	)		(13,988	)		(28,682	)		(27,426	)		(5,449	)		(29,508	)					(237,545	)
2007		858,667			31,940			(2,956	)		(13,369	)		(17,252	)		(3,471	)		(30,803	)		(15,832	)		8,139									(43,604	)
2008		1,249,610			(53,927	)		62,775			19,043			(2,198	)		(9,647	)		7,283			(9,806	)											13,523
2009		985,787			6,590			(49,243	)		(742	)		(5,117	)		(19,862	)		(30,596	)														(98,970	)
2010		1,124,038			(44,394	)		(35,980	)		(32,074	)		(38,293	)		(48,889	)																	(199,630	)
2011		1,753,681			13,493			(22	)		(53,070	)		(24,926	)																				(64,526	)
2012		1,605,862			(93,070	)		(47,784	)		(58,529	)																							(199,382	)
2013		1,432,148			(56,159	)		(7,853	)																										(64,011	)
2014		1,154,811			1,038			*. See note.																											1,038
2015		1,043,746

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			(41,427	)		(130,098	)		(53,464	)		(136,148	)		(94,252	)		(150,623	)		(126,287	)		(227,884	)		(255,824	)		(213,806	)		(1,429,813	)

*.	Including the impact of foreign currency movements and other adjustments noted in the narrative, AY 2014 developed favorably by $0.9 million.

Diagonals as of 12/31

Exhibit 1, Page 3

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		13,413		—		—		—		—		—		—		—		0	%
2008		598,185		592,474		—		—		—		—		—		592,474		99	%
2009		599,813		530,026		—		—		—		—		—		530,026		88	%
2010		564,234		336,025		—		—		—		—		—		336,025		60	%
2011		847,048		1,106,302		—		—		—		—		—		1,106,302		131	%
2012		885,139		1,201,536		284		—		—		—		—		1,201,820		136	%
2013		966,095		1,180,188		198		—		—		—		—		1,180,386		122	%
2014		873,555		950,365		3,460		—		8,441		—		—		962,267		110	%
2015		859,108		393,301		222,811		—		49,358		—		—		665,469		77	%

Total		6,206,592		6,290,217		226,753		—		57,799		—		—		6,574,768		106	%

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
2005 & Prior		—		—		—		—		—		—		—		—		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		598,455		—		—		—		—		—		598,455		212	%
2012		336,266		628,541		284		—		—		—		—		628,824		187	%
2013		392,557		618,113		151		—		—		—		—		618,265		157	%
2014		402,153		502,319		2,639		—		5,463		—		—		510,421		127	%
2015		561,891		270,605		122,427		—		30,848		—		—		423,879		75	%

Total		2,671,202		3,201,351		125,500		—		36,311		—		—		3,363,162		126	%

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
2005 & Prior		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		5,688		—		—		—		—		—		—		—		0	%
2008		344,458		313,834		—		—		—		—		—		313,834		91	%
2009		331,714		281,365		—		—		—		—		—		281,365		85	%
2010		397,885		280,008		—		—		—		—		—		280,008		70	%
2011		564,614		507,847		—		—		—		—		—		507,847		90	%
2012		548,873		572,995		—		—		—		—		—		572,995		104	%
2013		573,537		562,074		47		—		—		—		—		562,122		98	%
2014		471,402		448,046		821		—		2,978		—		—		451,845		96	%
2015		297,217		122,696		100,384		—		18,510		—		—		241,590		81	%

Total		3,535,389		3,088,866		101,252		—		21,488		—		—		3,211,606		91	%

Exhibit 2, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48			60		72		84		96		108		120		132
2005 & Prior		—		—		—		—			—		—		—		—		—		—		—
2006		—		—		—		—			—		—		—		—		—		—
2007		—		242		781		6,746			—		—		—		—		—
2008		162,469		310,235		313,196		313,708			313,722		313,859		313,834		313,834
2009		178,206		281,995		280,468		280,991			281,058		281,365		281,365
2010		144,296		279,397		279,768		279,859			280,008		280,008
2011		461,335		506,905		507,790		507,918			507,847
2012		478,797		573,781		572,885		572,995
2013		438,034		562,046		562,074
2014		352,202		448,046
2015		122,696

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48			60		72		84		96		108		120		132
2005 & Prior		—		—		—		—			—		—		—		—		—		—		—
2006		—		—		—		(1	)		—		—		—		—		—		—
2007		342		242		781		6,758			—		—		—		—		—
2008		307,292		318,690		313,031		313,800			313,814		313,938		313,834		313,834
2009		290,749		284,619		280,671		281,366			281,073		281,365		281,365
2010		247,764		279,822		280,010		279,903			280,008		280,008
2011		502,274		507,223		507,912		507,918			507,847
2012		558,221		576,502		572,905		572,995
2013		538,771		562,218		562,122
2014		429,278		448,867
2015		223,080

Ultimate Loss & ALAE	12		24		36		48			60		72		84		96		108		120		132
2005 & Prior		—		—		—		—			—		—		—		—		—		—		—
2006		—		—		—		—			—		—		—		—		—		—
2007		5,005		242		781		6,758			—		—		—		—		—
2008		333,301		318,696		313,031		313,800			313,814		313,938		313,834		313,834
2009		298,510		284,541		280,799		281,666			281,593		281,365		281,365
2010		305,084		280,331		280,408		280,166			280,008		280,008
2011		520,418		509,528		508,424		507,930			507,847
2012		581,327		576,834		573,376		572,995
2013		566,407		563,157		562,122
2014		451,676		451,845
2015		241,590

Diagonals as of 12/31

Exhibit 2, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Agriculture

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		0.0	%		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	%		0.0	%
2007		88.0	%		4.3	%		13.7	%		118.8	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2008		96.8	%		92.5	%		90.9	%		91.1	%		91.1	%		91.1	%		91.1	%		91.1	%
2009		90.0	%		85.8	%		84.7	%		84.9	%		84.9	%		84.8	%		84.8	%
2010		76.7	%		70.5	%		70.5	%		70.4	%		70.4	%		70.4	%
2011		92.2	%		90.2	%		90.0	%		90.0	%		89.9	%
2012		105.9	%		105.1	%		104.5	%		104.4	%
2013		98.8	%		98.2	%		98.0	%
2014		95.8	%		95.9	%
2015		81.3	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		—			—			—			—			—			—			—			—			—			—			—
2006		—			—			—			—			—			—			—			—			—			—
2007		6,654			5,688			5,688			5,688			5,688			5,688			5,688			5,688			5,688
2008		344,455			344,458			344,458			344,458			344,458			344,458			344,458			344,458
2009		331,956			331,714			331,714			331,714			331,714			331,714			331,714
2010		397,885			397,885			397,885			397,885			397,885			397,885
2011		564,614			564,614			564,614			564,614			564,614
2012		548,873			548,873			548,873			548,873
2013		573,537			573,537			573,537
2014		471,402			471,402
2015		297,217

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
2005 & Prior		—			—			—			—			—			—			—			—			—			—			—			—
2006		—			—			—			—			—			—			—			—			—			—						—
2007		5,005			(4,763	)		539			5,977			(6,758	)		—			—			—			—									(5,005	)
2008		333,301			(14,605	)		(5,665	)		769			14			124			(103	)		—												(19,466	)
2009		298,510			(13,969	)		(3,743	)		867			(72	)		(228	)		—															(17,145	)
2010		305,084			(24,753	)		78			(242	)		(158	)		—																		(25,076	)
2011		520,418			(10,890	)		(1,104	)		(493	)		(84	)																				(12,571	)
2012		581,327			(4,493	)		(3,458	)		(381	)																							(8,331	)
2013		566,407			(3,250	)		(1,036	)																										(4,285	)
2014		451,676			170																														170
2015		241,590

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			—			—			(4,763	)		(14,066	)		(13,656	)		(34,484	)		(9,931	)		(5,788	)		(7,691	)		(1,330	)		(91,711	)

Diagonals as of 12/31

Exhibit 2, Page 3

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Casualty and Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		616,932		43,825		17		—		20,554		970		338		65,704		11	%
2006		278,163		84,188		8,324		—		19,541		825		776		113,654		41	%
2007		441,062		183,763		16,404		—		30,583		4,638		1,513		236,901		54	%
2008		490,622		282,108		27,088		—		50,597		5,918		2,018		367,730		75	%
2009		367,302		196,074		24,688		—		51,819		8,009		1,938		282,528		77	%
2010		259,870		114,121		8,246		—		56,310		6,549		1,934		187,160		72	%
2011		296,323		107,390		45,788		—		95,041		5,967		3,869		258,055		87	%
2012		326,152		69,035		58,567		—		114,100		3,859		4,609		250,170		77	%
2013		331,343		98,115		39,324		—		129,116		1,994		5,203		273,753		83	%
2014		355,613		20,620		12,931		—		179,052		937		6,567		220,106		62	%
2015		460,080		20,235		26,161		—		228,814		730		9,420		285,360		62	%

Total		4,223,462		1,219,473		267,539		—		975,527		40,395		38,185		2,541,119		60	%

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
2005 & Prior		4,531		165		9		—		517		—		—		691		15	%
2006		26,234		24,868		8,257		—		3,418		—		—		36,544		139	%
2007		58,209		23,949		1,982		—		6,374		—		—		32,304		55	%
2008		69,233		20,735		594		—		6,266		—		—		27,595		40	%
2009		72,591		35,331		8,233		—		13,501		—		—		57,065		79	%
2010		65,896		26,274		1,065		—		16,842		—		—		44,182		67	%
2011		72,200		21,444		1,948		—		25,807		—		—		49,200		68	%
2012		80,510		10,698		5,116		—		36,066		—		—		51,880		64	%
2013		78,232		8,778		12,722		—		38,851		—		—		60,352		77	%
2014		134,503		1,655		2,226		—		75,178		—		—		79,059		59	%
2015		220,418		1,725		12,272		—		110,975		—		—		124,971		57	%

Total		882,557		175,622		54,424		—		333,795		—		—		563,842		64	%

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
2005 & Prior		612,401		43,660		8		—		20,037		970		338		65,013		11	%
2006		251,930		59,319		67		—		16,123		825		776		77,110		31	%
2007		382,853		159,814		14,423		—		24,209		4,638		1,513		204,597		53	%
2008		421,389		261,372		26,494		—		44,331		5,918		2,018		340,134		81	%
2009		294,711		160,743		16,455		—		38,318		8,009		1,938		225,464		77	%
2010		193,974		87,847		7,180		—		39,468		6,549		1,934		142,978		74	%
2011		224,123		85,946		43,840		—		69,234		5,967		3,869		208,855		93	%
2012		245,642		58,337		53,451		—		78,034		3,859		4,609		198,289		81	%
2013		253,110		89,336		26,603		—		90,264		1,994		5,203		213,401		84	%
2014		221,110		18,965		10,704		—		103,874		937		6,567		141,047		64	%
2015		239,661		18,510		13,890		—		117,839		730		9,420		160,389		67	%

Total		3,340,905		1,043,851		213,115		—		641,732		40,395		38,185		1,977,277		59	%

Exhibit 3, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Casualty and Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		2,799		2,759		7,733		9,771		10,202		13,618		13,784		22,912		23,098		23,522		43,660
2006		374		13,425		18,540		48,059		51,006		53,183		56,208		57,119		58,788		59,319
2007		9,090		38,801		66,714		102,543		121,982		136,387		141,102		148,256		155,629
2008		36,194		81,836		127,199		161,974		190,814		227,930		243,863		248,841
2009		14,937		49,891		81,546		98,993		131,904		142,625		152,993
2010		727		3,310		25,486		62,025		79,885		84,266
2011		2,267		12,661		26,518		48,869		82,439
2012		3,042		14,784		29,434		46,872
2013		2,547		13,542		84,551
2014		2,612		15,608
2015		16,817

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		10,799		11,559		13,533		31,299		44,347		38,724		41,877		47,933		48,151		48,553		43,668
2006		7,766		45,262		38,508		50,905		53,126		58,784		61,216		59,041		59,078		59,386
2007		20,396		72,147		95,794		130,012		150,144		163,093		160,490		162,911		170,051
2008		90,358		140,737		212,061		245,881		271,133		265,787		274,455		275,195
2009		48,064		100,339		120,802		133,496		161,535		166,909		168,982
2010		20,736		61,824		73,195		89,428		89,602		90,196
2011		8,104		37,735		95,492		134,299		124,177
2012		10,098		59,171		78,636		90,334
2013		6,582		51,515		108,697
2014		5,452		23,627
2015		28,551

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		368,479		345,259		308,517		262,090		232,198		163,616		129,587		109,474		85,719		75,929		63,706
2006		182,604		187,680		158,038		146,432		125,047		110,755		104,582		86,771		78,585		75,509
2007		248,266		232,412		216,694		229,872		229,375		232,570		211,171		194,732		194,143
2008		278,040		282,811		327,696		352,718		350,848		335,119		329,186		318,138
2009		196,024		238,149		229,849		224,421		222,136		218,312		206,057
2010		146,525		175,147		173,404		170,068		156,542		129,162
2011		145,134		160,247		213,736		213,592		187,940
2012		159,236		168,607		168,754		162,713
2013		150,540		150,003		189,948
2014		106,790		110,236
2015		118,140

Diagonals as of 12/31

Exhibit 3, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Casualty and Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		62.5	%		58.5	%		52.3	%		44.4	%		39.4	%		27.7	%		22.0	%		18.6	%		14.5	%		12.9	%		10.8	%
2006		76.8	%		79.0	%		66.5	%		61.6	%		52.6	%		46.6	%		44.0	%		36.5	%		33.1	%		31.8	%
2007		67.1	%		62.8	%		58.5	%		62.1	%		62.0	%		62.8	%		57.0	%		52.6	%		52.4	%
2008		69.4	%		70.6	%		81.8	%		88.0	%		87.6	%		83.6	%		82.2	%		79.4	%
2009		70.1	%		85.2	%		82.2	%		80.3	%		79.5	%		78.1	%		73.7	%
2010		80.8	%		96.6	%		95.6	%		93.8	%		86.3	%		71.2	%
2011		70.8	%		78.2	%		104.3	%		104.2	%		91.7	%
2012		72.5	%		76.8	%		76.9	%		74.1	%
2013		67.3	%		67.1	%		85.0	%
2014		57.5	%		59.4	%
2015		62.2	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		594,503			593,996			593,787			589,079			589,087			589,074			589,481			590,037			590,034			590,034			590,022
2006		263,198			265,026			238,353			238,159			238,571			237,547			237,761			237,659			237,653			237,621
2007		434,334			377,661			369,705			370,769			370,301			370,386			370,306			370,311			370,183
2008		410,339			400,908			400,519			400,538			400,785			400,649			400,673			400,691
2009		280,637			280,457			279,561			279,593			279,349			279,355			279,551
2010		181,698			181,330			181,324			181,088			181,088			181,351
2011		202,183			204,038			205,536			205,101			204,996
2012		212,149			221,762			220,732			219,585
2013		218,937			225,099			223,560
2014		186,014			185,595
2015		189,990

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
2005 & Prior		368,479			(23,220	)		(36,742	)		(46,426	)		(29,892	)		(68,583	)		(34,029	)		(20,113	)		(23,754	)		(9,790	)		(12,224	)		(304,773	)
2006		182,604			5,075			(29,642	)		(11,606	)		(21,385	)		(14,292	)		(6,173	)		(17,810	)		(8,187	)		(3,076	)					(107,095	)
2007		248,266			(15,854	)		(15,718	)		13,178			(497	)		3,195			(21,398	)		(16,439	)		(589	)								(54,123	)
2008		278,040			4,771			44,885			25,022			(1,870	)		(15,729	)		(5,933	)		(11,047	)											40,099
2009		196,024			42,126			(8,301	)		(5,428	)		(2,285	)		(3,824	)		(12,255	)														10,033
2010		146,525			28,622			(1,743	)		(3,336	)		(13,526	)		(27,380	)																	(17,363	)
2011		145,134			15,113			53,489			(144	)		(25,652	)																				42,806
2012		159,236			9,371			147			(6,041	)																							3,477
2013		150,540			(537	)		39,945																											39,408
2014		106,790			3,447																														3,447
2015		118,140

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			(23,220	)		(31,667	)		(91,922	)		(52,445	)		10,222			(3,475	)		(17,020	)		(21,453	)		(58,232	)		(54,873	)		(344,085	)

Diagonals as of 12/31

Exhibit 3, Page 3

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		124,072		25,449		76		—		—		127		1		25,653		21	%
2006		66,737		27,199		1		—		1,177		460		18		28,854		43	%
2007		81,252		124,255		69		—		5,289		2,841		90		132,544		163	%
2008		103,399		103,758		35,823		—		7,150		5,032		685		152,448		147	%
2009		178,951		88,656		7,609		—		8,921		6,648		447		112,281		63	%
2010		183,851		62,644		12,926		—		20,729		4,122		1,139		101,561		55	%
2011		174,380		76,824		7,943		—		25,055		3,899		1,260		114,980		66	%
2012		179,345		29,985		15,861		—		47,805		1,544		1,968		97,164		54	%
2013		155,699		22,994		8,734		—		58,228		958		2,126		93,041		60	%
2014		214,725		9,671		21,573		—		98,470		435		4,509		134,658		63	%
2015		318,396		3,240		6,222		—		175,666		137		8,035		193,299		61	%

Total		1,780,807		574,676		116,836		—		448,490		26,202		20,278		1,186,482		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
2005 & Prior		1,245		42		—		—		—		—		—		42		3	%
2006		253		814		0		—		5		—		—		820		324	%
2007		6,762		3,927		1		—		171		—		—		4,099		61	%
2008		16,206		4,711		0		—		478		—		—		5,189		32	%
2009		25,434		9,581		87		—		2,228		—		—		11,896		47	%
2010		25,939		12,053		4,050		—		2,902		—		—		19,006		73	%
2011		24,690		5,066		196		—		5,554		—		—		10,816		44	%
2012		30,437		130		2,599		—		11,155		—		—		13,885		46	%
2013		37,412		1,706		288		—		16,534		—		—		18,527		50	%
2014		109,225		2,586		9,326		—		50,630		—		—		62,542		57	%
2015		183,249		1,857		3,480		—		101,218		—		—		106,555		58	%

Total		460,851		42,473		20,027		—		190,876		—		—		253,376		55	%

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
2005 & Prior		122,827		25,407		76		—		—		127		1		25,611		21	%
2006		66,484		26,385		0		—		1,171		460		18		28,035		42	%
2007		74,490		120,328		69		—		5,118		2,841		90		128,445		172	%
2008		87,192		99,047		35,823		—		6,672		5,032		685		147,260		169	%
2009		153,517		79,075		7,522		—		6,693		6,648		447		100,385		65	%
2010		157,912		50,591		8,875		—		17,827		4,122		1,139		82,555		52	%
2011		149,691		71,758		7,746		—		19,501		3,899		1,260		104,164		70	%
2012		148,909		29,854		13,263		—		36,650		1,544		1,968		83,280		56	%
2013		118,287		21,289		8,446		—		41,694		958		2,126		74,514		63	%
2014		105,500		7,085		12,247		—		47,839		435		4,509		72,115		68	%
2015		135,146		1,383		2,742		—		74,448		137		8,035		86,744		64	%

Total		1,319,956		532,203		96,809		—		257,614		26,202		20,278		933,106		71	%

Exhibit 4, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		50		193		4,101		4,079		4,087		21,517		25,241		25,329		25,389		25,401		25,407
2006		17		29		30		49		148		592		16,008		16,310		16,363		26,385
2007		83		987		1,727		62,300		90,128		100,560		100,693		110,254		120,328
2008		54		1,915		14,041		15,893		16,618		49,016		72,594		98,786
2009		1,041		8,771		32,192		38,000		56,126		73,073		77,628
2010		1,924		16,014		27,557		36,986		47,463		49,460
2011		2,584		12,047		20,814		32,241		70,460
2012		2,581		12,574		21,263		28,834
2013		1,953		11,083		18,311
2014		748		3,993
2015		1,334

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		6,133		8,443		12,351		12,329		12,360		24,816		25,517		25,573		25,541		25,502		25,483
2006		1,517		29		61		133		168		16,096		16,358		16,355		26,396		26,385
2007		172		21,215		82,431		90,103		100,325		105,894		110,865		110,400		120,396
2008		456		5,542		36,281		58,120		77,703		100,846		119,461		134,609
2009		7,466		32,980		40,263		54,515		72,984		83,267		85,020
2010		11,242		28,684		35,915		45,600		57,462		58,185
2011		9,735		20,439		28,836		43,280		77,852
2012		7,459		22,674		37,365		41,899
2013		4,066		16,982		25,475
2014		1,763		15,005
2015		3,130

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		82,905		73,170		68,532		49,660		35,787		32,954		27,140		25,485		25,376		26,658		25,483
2006		49,925		42,890		36,206		24,236		18,487		28,229		19,531		17,694		27,956		27,557
2007		52,725		110,682		150,739		120,359		119,437		117,997		113,517		116,748		125,514
2008		63,426		62,143		83,302		88,337		96,891		109,528		127,937		141,281
2009		101,111		118,224		105,355		107,324		110,059		101,294		91,710
2010		108,049		106,899		103,470		94,722		83,262		75,907
2011		102,955		98,314		97,497		77,784		97,058
2012		99,616		99,647		99,047		77,055
2013		72,811		69,660		63,074
2014		58,399		59,473
2015		71,749

Diagonals as of 12/31

Exhibit 4, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Professional Lines

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		67.5	%		59.6	%		55.8	%		40.4	%		29.1	%		26.8	%		22.1	%		20.7	%		20.7	%		21.7	%		20.7	%
2006		75.1	%		64.5	%		54.5	%		36.5	%		27.8	%		42.5	%		29.4	%		26.6	%		42.0	%		41.4	%
2007		70.8	%		148.6	%		202.4	%		161.6	%		160.3	%		158.4	%		152.4	%		156.7	%		168.5	%
2008		72.8	%		71.4	%		95.7	%		101.4	%		111.3	%		125.8	%		146.9	%		162.2	%
2009		66.8	%		78.1	%		69.6	%		70.9	%		72.7	%		66.9	%		60.6	%
2010		69.8	%		69.1	%		66.9	%		61.2	%		53.8	%		49.0	%
2011		70.7	%		67.5	%		67.0	%		53.4	%		66.7	%
2012		70.4	%		70.4	%		70.0	%		54.5	%
2013		67.4	%		64.5	%		58.4	%
2014		60.0	%		61.2	%
2015		58.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		123,863			124,072			124,072			122,827			122,827			122,827			122,827			122,827			122,827			122,827			122,827
2006		66,633			66,737			66,485			66,485			66,484			66,485			66,485			66,485			66,485			66,484
2007		81,019			74,286			74,501			74,490			74,499			74,500			74,500			74,500			74,490
2008		86,252			87,227			87,183			87,201			87,214			87,092			87,092			87,083
2009		151,186			151,517			151,517			151,500			151,424			151,425			151,426
2010		155,121			154,858			154,881			154,752			154,753			154,764
2011		145,194			145,371			145,584			145,626			145,588
2012		141,517			141,579			141,614			141,483
2013		108,302			108,208			108,037
2014		97,998			97,253
2015		122,591

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
2005 & Prior		82,905			(9,736	)		(4,638	)		(18,872	)		(13,873	)		(2,833	)		(5,814	)		(1,654	)		(110	)		1,282			(1,175	)		(57,423	)
2006		49,925			(7,035	)		(6,684	)		(11,970	)		(5,749	)		9,742			(8,698	)		(1,837	)		10,262			(399	)					(22,368	)
2007		52,725			57,957			40,057			(30,380	)		(922	)		(1,440	)		(4,480	)		3,231			8,767									72,789
2008		63,426			(1,283	)		21,160			5,034			8,555			12,637			18,408			13,344												77,855
2009		101,111			17,113			(12,869	)		1,969			2,735			(8,764	)		(9,585	)														(9,401	)
2010		108,049			(1,150	)		(3,429	)		(8,748	)		(11,460	)		(7,355	)																	(32,142	)
2011		102,955			(4,641	)		(818	)		(19,712	)		19,273																					(5,897	)
2012		99,616			31			(600	)		(21,992	)																							(22,562	)
2013		72,811			(3,151	)		(6,586	)																										(9,737	)
2014		58,399			1,074																														1,074
2015		71,749

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			0
		N/A			(9,736	)		(11,673	)		32,401			12,930			(689	)		(5,979	)		(9,339	)		(589	)		(10,505	)		(4,634	)		(7,813	)

Diagonals as of 12/31

Exhibit 4, Page 3

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Property, Marine/Energy, and Aviation

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		568,772		311,655		—		—			—		425		—		312,080		55	%
2006		209,052		52,877		—		—			2		181		0		53,060		25	%
2007		210,226		50,561		10		—			0		948		0		51,520		25	%
2008		185,650		88,073		260		—			17		1,613		2		89,965		48	%
2009		210,357		22,300		273		—			159		1,409		5		24,146		11	%
2010		241,395		44,501		1,068		—			593		1,386		17		47,565		20	%
2011		260,459		137,055		22,259		—			1,868		3,800		93		165,075		63	%
2012		234,702		127,868		6,694		—			16,039		1,872		60		152,533		65	%
2013		234,030		71,684		10,269		—			9,343		774		138		92,209		39	%
2014		297,939		65,304		35,137		—			28,369		1,631		687		131,128		44	%
2015		440,101		70,823		149,736		—			62,646		2,578		3,128		288,910		66	%

Total		3,092,683		1,042,701		225,705		—			119,036		16,618		4,130		1,408,191		46	%

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
2005 & Prior		12,593		17,756		—		—			—		—		—		17,756		141	%
2006		72,394		1,067		—		—			—		—		—		1,067		1	%
2007		104,424		14,097		—		—			—		—		—		14,097		14	%
2008		63,594		8,135		0		—			0		—		—		8,136		13	%
2009		68,691		1,674		4		10			53		—		—		1,741		3	%
2010		56,616		3,758		14		—			126		—		—		3,899		7	%
2011		63,779		16,527		9,117		—			246		—		—		25,890		41	%
2012		53,924		24,156		3,193		—			2,088		—		—		29,438		55	%
2013		46,805		4,358		28		—			791		—		—		5,176		11	%
2014		72,281		4,884		3,370		—			3,613		—		—		11,867		16	%
2015		163,770		17,831		66,135		—			10,852		—		—		94,818		58	%

Total		778,870		114,244		81,861		10			17,769		—		—		213,885		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
2005 & Prior		556,179		293,899		—		—			—		425		—		294,324		53	%
2006		136,658		51,809		—		—			2		181		0		51,993		38	%
2007		105,802		36,464		10		—			0		948		0		37,422		35	%
2008		122,056		79,938		260		—			16		1,613		2		81,829		67	%
2009		141,667		20,626		269		(10	)		106		1,409		5		22,405		16	%
2010		184,780		40,743		1,054		—			467		1,386		17		43,666		24	%
2011		196,680		120,528		13,141		—			1,622		3,800		93		139,185		71	%
2012		180,778		103,712		3,501		—			13,950		1,872		60		123,095		68	%
2013		187,225		67,326		10,241		—			8,553		774		138		87,032		46	%
2014		225,658		60,420		31,767		—			24,756		1,631		687		119,261		53	%
2015		276,331		52,991		83,601		—			51,794		2,578		3,128		194,092		70	%

Total		2,313,814		928,457		143,844		(10	)		101,267		16,618		4,130		1,194,306		52	%

Exhibit 5, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Property, Marine/Energy, and Aviation

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		63,025		137,057		189,630		207,911		209,267		210,323		210,699		211,251		210,241		209,152		209,152
2006		9,197		25,114		33,937		34,471		34,534		34,698		34,886		34,924		34,924		34,923
2007		11,405		23,081		24,782		24,794		25,423		25,436		25,437		25,421		25,445
2008		10,725		22,623		26,241		27,115		28,895		28,957		29,007		28,982
2009		11,064		14,572		15,122		14,796		14,811		14,892		14,882
2010		5,435		11,066		11,936		12,076		12,230		12,271
2011		8,701		20,936		22,908		25,969		27,501
2012		8,404		34,210		34,525		44,997
2013		2,861		7,265		8,439
2014		11,357		22,124
2015		26,869

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		213,336		237,629		231,632		226,389		219,399		211,734		211,473		211,339		210,257		209,152		209,152
2006		38,852		36,402		35,134		35,349		34,823		34,799		34,914		34,938		34,931		34,923
2007		31,043		30,360		25,628		25,059		25,512		25,481		25,460		25,458		25,455
2008		33,252		29,217		28,660		29,639		29,116		29,006		29,016		28,982
2009		18,217		16,669		16,302		15,029		14,839		14,918		14,889
2010		12,168		12,343		12,498		12,555		12,475		12,288
2011		29,399		32,195		29,937		29,515		29,573
2012		44,571		45,086		45,022		45,092
2013		5,454		8,381		8,639
2014		23,473		25,188
2015		62,033

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		247,906		230,745		226,364		231,087		223,945		217,320		212,379		211,992		211,510		209,178		209,152
2006		30,084		18,661		37,073		37,243		36,990		35,450		35,255		35,175		35,146		34,925
2007		13,259		33,861		26,565		25,753		25,861		25,626		25,940		25,425		25,455
2008		46,985		32,039		29,909		30,741		30,278		30,336		30,039		28,996
2009		29,604		18,133		17,012		15,504		15,312		14,899		14,936
2010		26,069		14,809		13,499		12,726		12,637		12,448
2011		44,785		35,089		30,815		29,757		29,660
2012		52,096		46,082		45,224		45,169
2013		12,417		8,905		9,100
2014		32,763		30,509
2015		77,584

Diagonals as of 12/31

Exhibit 5, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Property, Marine/Energy, and Aviation

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		86.7	%		80.7	%		79.2	%		80.8	%		78.3	%		76.0	%		74.3	%		74.1	%		74.0	%		73.1	%		73.1	%
2006		49.4	%		30.6	%		60.8	%		61.1	%		60.7	%		58.2	%		57.9	%		57.7	%		57.7	%		57.3	%
2007		36.1	%		92.3	%		72.4	%		70.2	%		70.5	%		69.8	%		70.7	%		69.3	%		69.4	%
2008		68.2	%		46.5	%		43.4	%		44.6	%		43.9	%		44.0	%		43.6	%		42.1	%
2009		40.2	%		24.6	%		23.1	%		21.0	%		20.8	%		20.2	%		20.3	%
2010		30.1	%		17.1	%		15.6	%		14.7	%		14.6	%		14.3	%
2011		61.7	%		48.4	%		42.5	%		41.0	%		40.9	%
2012		108.8	%		96.2	%		94.4	%		94.3	%
2013		28.5	%		20.5	%		20.9	%
2014		49.0	%		45.7	%
2015		65.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		298,341			298,145			297,991			285,846			286,049			285,865			285,839			285,921			285,921			285,936			285,973
2006		133,385			132,761			60,752			60,824			60,510			60,135			60,554			60,539			60,557			60,930
2007		140,018			33,506			35,850			36,605			36,930			36,970			36,992			37,011			36,689
2008		65,766			69,397			69,230			68,323			68,293			68,301			68,302			68,893
2009		73,745			73,729			74,467			74,364			74,365			74,366			73,666
2010		86,661			86,783			86,739			86,729			86,730			86,746
2011		72,710			72,613			72,573			72,565			72,555
2012		48,007			47,917			47,896			47,897
2013		43,655			43,583			43,539
2014		68,902			66,813
2015		118,520

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
2005 & Prior		247,906			(17,160	)		(4,382	)		4,723			(7,142	)		(6,625	)		(4,941	)		(386	)		(483	)		(2,332	)		(26	)		(38,754	)
2006		30,084			(11,423	)		18,412			170			(253	)		(1,540	)		(195	)		(81	)		(28	)		(221	)					4,841
2007		13,259			20,602			(7,296	)		(812	)		108			(235	)		313			(515	)		30									12,196
2008		46,985			(14,946	)		(2,130	)		832			(463	)		58			(297	)		(1,042	)											(17,988	)
2009		29,604			(11,470	)		(1,122	)		(1,508	)		(193	)		(413	)		37															(14,667	)
2010		26,069			(11,260	)		(1,310	)		(773	)		(89	)		(190	)																	(13,622	)
2011		44,785			(9,695	)		(4,274	)		(1,057	)		(97	)																				(15,125	)
2012		52,096			(6,014	)		(859	)		(55	)																							(6,927	)
2013		12,417			(3,512	)		196																											(3,317	)
2014		32,763			(2,254	)																													(2,254	)
2015		77,584

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			(17,160	)		(15,805	)		43,737			(29,213	)		(21,291	)		(17,923	)		(13,792	)		(11,445	)		(9,102	)		(3,623	)		(95,617	)

Diagonals as of 12/31

Exhibit 5, Page 3

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2005 & Prior		1,994,397		1,653,104		1,851			—		432		1,099		7		1,656,493		83	%
2006		554,825		29,275		57			—		61		10		2		29,405		5	%
2007		656,122		106,537		308			—		290		1,142		5		108,281		17	%
2008		657,343		393,002		383			855		1,695		5,757		21		401,714		61	%
2009		625,598		59,658		620			—		995		429		16		61,718		10	%
2010		626,381		196,345		26,400			92		2,506		169		171		225,683		36	%
2011		641,773		637,829		8,891			1,629		9,558		245		164		658,315		103	%
2012		704,879		159,901		7,446			4,792		12,541		100		219		184,998		26	%
2013		680,845		124,364		18,240			468		6,399		305		309		150,085		22	%
2014		615,320		138,047		16,896			236		13,240		271		211		168,900		27	%
2015		571,687		25,235		19,936			—		31,644		2		514		77,331		14	%

Total		8,329,169		3,523,297		101,028			8,071		79,359		9,530		1,639		3,722,924		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
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2005 & Prior		43,354		179,676		1,676			—		—		—		—		181,352		418	%
2006		3,943		825		(1	)		—		—		—		—		824		21	%
2007		16,368		4,048		16			—		—		—		—		4,064		25	%
2008		15,696		14,196		437			—		13		—		—		14,646		93	%
2009		9,651		—		—			—		—		—		—		—		0	%
2010		22,059		0		—			—		2		—		—		3		0	%
2011		111,355		20,614		519			79		232		—		—		21,443		19	%
2012		132,255		25,723		562			390		1,437		—		—		28,112		21	%
2013		124,039		17,131		2,275			56		606		—		—		20,068		16	%
2014		170,966		29,814		3,344			34		2,845		—		—		36,037		21	%
2015		197,852		6,181		5,175			—		9,925		—		—		21,281		11	%

Total		847,538		298,209		14,001			559		15,060		—		—		327,830		39	%

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
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2005 & Prior		1,951,043		1,473,428		175			—		432		1,099		7		1,475,141		76	%
2006		550,882		28,450		58			—		61		10		2		28,580		5	%
2007		639,755		102,489		292			—		290		1,142		5		104,218		16	%
2008		641,646		378,806		(53	)		855		1,682		5,757		21		387,068		60	%
2009		615,947		59,658		620			—		995		429		16		61,718		10	%
2010		604,322		196,345		26,400			92		2,503		169		171		225,680		37	%
2011		530,418		617,214		8,372			1,550		9,326		245		164		636,872		120	%
2012		572,624		134,178		6,885			4,401		11,104		100		219		156,886		27	%
2013		556,806		107,233		15,965			412		5,793		305		309		130,017		23	%
2014		444,354		108,232		13,552			202		10,395		271		211		132,863		30	%
2015		373,835		19,054		14,761			—		21,719		2		514		56,051		15	%

Total		7,481,632		3,225,088		87,027			7,512		64,299		9,530		1,639		3,395,094		45	%

Exhibit 6, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS



Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		255,693		398,036		459,940		472,885		487,940		480,549		479,299		479,849		485,106		485,723		494,651
2006		8,782		15,209		20,540		20,936		29,014		29,092		29,121		29,127		29,129		21,341
2007		17,663		48,889		50,864		51,721		51,976		52,082		52,244		52,280		52,302
2008		78,313		129,080		154,096		167,900		183,949		187,050		187,335		187,475
2009		13,885		23,940		27,068		28,048		28,248		28,325		28,443
2010		19,498		43,931		55,421		63,053		69,542		71,581
2011		176,136		283,557		329,699		343,983		346,257
2012		39,844		69,952		82,734		87,936
2013		22,343		69,128		85,224
2014		11,119		37,278
2015		10,845

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		431,496		513,116		513,547		501,546		499,644		487,672		484,789		483,107		486,343		486,677		495,126
2006		9,752		16,284		21,280		21,060		29,376		29,298		29,242		29,226		29,219		21,390
2007		58,366		61,528		55,550		54,974		53,675		52,826		52,632		52,408		52,374
2008		143,156		164,069		181,985		185,304		187,980		187,881		187,924		188,481
2009		29,662		30,559		29,917		29,580		29,221		29,010		28,772
2010		44,733		61,586		84,178		82,681		83,393		81,072
2011		334,662		362,385		359,626		356,698		353,757
2012		115,521		100,231		97,202		96,700
2013		95,145		105,999		100,286
2014		44,696		45,384
2015		22,862

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		489,776		516,250		506,404		522,789		521,545		507,760		504,986		491,455		494,673		486,782		495,127
2006		47,634		28,487		28,827		29,034		37,248		34,028		33,723		33,707		29,343		21,450
2007		92,337		72,378		59,767		58,822		57,247		56,348		56,154		52,866		52,663
2008		198,535		185,436		189,892		191,617		191,224		190,365		188,554		188,881
2009		51,759		38,969		32,311		31,621		31,278		30,119		29,486
2010		132,202		88,361		87,289		85,202		85,115		82,182
2011		384,116		378,036		361,807		359,539		355,529
2012		154,902		114,027		103,573		100,390
2013		133,564		113,165		103,539
2014		58,306		48,676
2015		39,249

Diagonals as of 12/31

Exhibit 6, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Catastrophe

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS



Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		56.3	%		59.4	%		58.2	%		60.1	%		60.0	%		58.4	%		58.1	%		56.5	%		56.9	%		56.0	%		56.9	%
2006		16.8	%		10.1	%		10.2	%		10.2	%		13.1	%		12.0	%		11.9	%		11.9	%		10.4	%		7.6	%
2007		29.7	%		23.3	%		19.2	%		18.9	%		18.4	%		18.1	%		18.1	%		17.0	%		17.0	%
2008		65.2	%		60.9	%		62.4	%		62.9	%		62.8	%		62.5	%		61.9	%		62.0	%
2009		17.1	%		12.8	%		10.7	%		10.4	%		10.3	%		9.9	%		9.7	%
2010		43.0	%		28.7	%		28.4	%		27.7	%		27.7	%		26.7	%
2011		115.1	%		113.3	%		108.5	%		107.8	%		106.6	%
2012		45.3	%		33.3	%		30.3	%		29.3	%
2013		42.5	%		36.0	%		33.0	%
2014		22.8	%		19.0	%
2015		18.5	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		945,096			922,800			917,573			872,007			870,310			870,110			870,160			870,407			870,557			869,674			869,746
2006		284,722			288,095			283,496			283,408			283,334			283,295			283,701			283,746			283,303			283,302
2007		338,498			311,809			311,019			310,838			310,813			310,863			310,858			310,590			310,588
2008		314,461			307,623			306,272			305,483			304,709			304,541			304,401			304,407
2009		306,075			305,524			304,208			303,688			303,526			303,446			303,368
2010		318,733			311,419			308,199			307,833			307,877			307,751
2011		340,161			336,336			334,367			334,342			333,591
2012		353,367			344,673			342,952			342,215
2013		316,581			313,785			314,065
2014		257,369			256,129
2015		211,817

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
2005 & Prior		489,776			26,474			(9,847	)		16,385			(1,244	)		(13,785	)		(2,774	)		(13,530	)		3,218			(7,891	)		8,345			5,351
2006		47,634			(19,147	)		340			207			8,214			(3,220	)		(306	)		(16	)		(4,364	)		(7,893	)					(26,184	)
2007		92,337			(19,959	)		(12,611	)		(945	)		(1,575	)		(899	)		(193	)		(3,289	)		(202	)								(39,673	)
2008		198,535			(13,099	)		4,456			1,726			(393	)		(859	)		(1,811	)		327												(9,654	)
2009		51,759			(12,790	)		(6,658	)		(690	)		(343	)		(1,159	)		(632	)														(22,273	)
2010		132,202			(43,840	)		(1,072	)		(2,088	)		(86	)		(2,934	)																	(50,020	)
2011		384,116			(6,080	)		(16,229	)		(2,269	)		(4,010	)																				(28,588	)
2012		154,902			(40,875	)		(10,453	)		(3,184	)																							(54,512	)
2013		133,564			(20,399	)		(9,626	)																										(30,025	)
2014		58,306			(9,630	)																													(9,630	)
2015		39,249

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			26,474			(28,994	)		(3,234	)		(26,746	)		(14,850	)		(56,342	)		(22,971	)		(57,384	)		(51,722	)		(29,440	)		(265,208	)

Diagonals as of 12/31

Exhibit 6, Page 3

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

ITD SUMMARY – Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		2,358,247		1,808,269		4,277			—			—		690			61		1,813,298		77	%
2006		566,909		206,108		1,083			—			—		(92	)		14		207,113		37	%
2007		343,462		121,565		894			150			188		370			10		123,178		36	%
2008		295,461		126,320		1,757			190			76		1,085			15		129,444		44	%
2009		323,633		107,199		4,153			—			438		1,155			22		112,966		35	%
2010		342,691		168,945		6,745			12			858		1,737			78		178,376		52	%
2011		340,683		321,449		10,207			201			3,612		2,064			105		337,638		99	%
2012		393,862		224,032		23,217			71			4,264		1,601			206		253,392		64	%
2013		429,918		161,981		31,125			(20	)		12,593		1,491			533		207,703		48	%
2014		372,779		132,153		56,585			—			27,182		1,196			985		218,101		59	%
2015		311,096		35,417		88,406			—			59,054		141			1,832		184,849		59	%

Total		6,078,742		3,413,439		228,449			603			108,265		11,438			3,862		3,766,057		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
2005 & Prior		658		225,633		(1,514	)		—			—		—			—		224,119		34056	%
2006		1,986		683		(18	)		—			—		—			—		665		34	%
2007		3,679		1,348		(90	)		—			—		—			—		1,258		34	%
2008		1,221		1,461		122			—			0		—			—		1,583		130	%
2009		445		1,154		10			—			57		—			—		1,221		274	%
2010		5,285		976		—			—			10		—			—		986		19	%
2011		8,309		653		—			—			49		—			—		702		8	%
2012		1,056		90		—			—			8		—			—		98		9	%
2013		4,168		—		—			—			1		—			—		1		0	%
2014		1,628		—		—			—			0		—			—		0		0	%
2015		2,191		6		119			—			618		—			—		743		34	%

Total		30,625		232,004		(1,371	)		—			743		—			—		231,376		756	%

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
2005 & Prior		2,357,589		1,582,637		5,791			—			—		690			61		1,589,179		67	%
2006		564,923		205,425		1,101			—			—		(92	)		14		206,448		37	%
2007		339,783		120,217		984			150			188		370			10		121,920		36	%
2008		294,240		124,858		1,636			190			76		1,085			15		127,861		43	%
2009		323,188		106,045		4,143			—			381		1,155			22		111,745		35	%
2010		337,407		167,969		6,745			12			847		1,737			78		177,389		53	%
2011		332,374		320,797		10,207			201			3,563		2,064			105		336,936		101	%
2012		392,806		223,942		23,217			71			4,256		1,601			206		253,294		64	%
2013		425,750		161,981		31,125			(20	)		12,593		1,491			533		207,702		49	%
2014		371,151		132,153		56,585			—			27,182		1,196			985		218,101		59	%
2015		308,905		35,411		88,287			—			58,436		141			1,832		184,106		60	%

Total		6,048,117		3,181,436		229,820			603			107,522		11,438			3,862		3,534,681		58	%

Exhibit 7, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		393,188		643,066		777,580		832,507		862,290		870,215		877,044		882,843		891,795		892,473		895,127
2006		28,704		104,159		135,146		149,778		155,390		159,169		160,103		160,042		159,073		158,540
2007		15,898		55,284		73,121		81,457		82,529		82,858		83,478		83,604		83,473
2008		12,950		62,024		76,896		81,282		82,511		87,842		87,475		85,069
2009		14,508		49,153		59,308		63,591		65,333		64,680		64,791
2010		24,515		84,010		101,332		108,447		111,041		114,912
2011		49,901		153,865		227,692		240,780		243,746
2012		29,230		127,264		163,911		180,597
2013		31,139		107,616		134,700
2014		34,013		107,818
2015		23,920

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		713,028		887,799		912,836		911,954		905,259		893,164		893,564		896,475		900,240		898,165		899,219
2006		93,355		137,894		147,536		159,877		162,868		163,519		162,633		161,336		159,914		159,489
2007		36,399		87,061		84,924		84,155		84,409		84,078		84,517		84,604		84,169
2008		64,605		87,375		88,808		88,703		87,723		88,946		88,432		85,915
2009		34,896		65,671		67,343		67,436		66,949		65,769		65,542
2010		77,111		122,354		123,151		115,954		116,752		118,871
2011		137,171		263,511		257,537		251,097		248,240
2012		151,314		193,851		194,141		189,617
2013		108,821		163,026		159,258
2014		100,763		152,082
2015		100,151

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		947,978		923,588		923,848		912,274		906,224		895,404		896,081		898,038		901,708		900,682		899,219
2006		177,009		152,746		151,925		162,164		164,490		165,098		163,925		161,835		160,431		159,489
2007		87,341		94,403		86,720		85,546		84,642		84,028		84,501		84,634		84,170
2008		106,604		98,865		90,750		89,261		88,085		88,908		88,430		85,915
2009		94,477		76,689		69,308		68,411		67,096		65,859		65,638
2010		142,483		150,281		125,650		117,611		116,784		119,121
2011		271,695		288,997		265,340		251,841		248,754
2012		250,821		213,603		196,708		190,209
2013		195,332		186,551		166,158
2014		154,836		167,135
2015		141,398

Diagonals as of 12/31

Exhibit 7, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Property

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		74.0	%		72.1	%		72.1	%		71.2	%		70.7	%		69.9	%		70.0	%		70.1	%		70.4	%		70.3	%		70.2	%
2006		51.7	%		44.7	%		44.4	%		47.4	%		48.1	%		48.3	%		47.9	%		47.3	%		46.9	%		46.6	%
2007		41.8	%		45.2	%		41.5	%		40.9	%		40.5	%		40.2	%		40.4	%		40.5	%		40.3	%
2008		57.7	%		53.6	%		49.2	%		48.3	%		47.7	%		48.2	%		47.9	%		46.5	%
2009		47.7	%		38.7	%		35.0	%		34.5	%		33.9	%		33.3	%		33.1	%
2010		62.8	%		66.2	%		55.4	%		51.8	%		51.4	%		52.5	%
2011		110.8	%		117.8	%		108.2	%		102.7	%		101.4	%
2012		82.4	%		70.2	%		64.7	%		62.5	%
2013		56.4	%		53.9	%		48.0	%
2014		53.0	%		57.2	%
2015		59.9	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		1,246,803			1,265,443			1,278,987			1,283,299			1,282,688			1,283,211			1,281,471			1,281,253			1,281,162			1,281,016			1,281,000
2006		323,811			338,606			341,903			342,219			342,220			342,312			342,309			342,334			342,085			342,067
2007		202,605			209,594			209,046			209,481			209,315			209,236			209,151			209,049			209,028
2008		175,756			184,390			184,761			184,733			184,719			184,698			184,624			184,620
2009		199,263			198,553			198,368			198,198			198,128			198,049			198,031
2010		222,817			227,391			227,326			227,203			227,073			226,996
2011		240,325			245,908			245,094			245,297			245,235
2012		296,991			305,357			304,850			304,238
2013		350,886			351,775			346,239
2014		295,040			292,146
2015		236,150

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
2005 & Prior		947,978			(24,390	)		260			(11,573	)		(6,051	)		(10,820	)		677			1,958			3,670			(1,026	)		(1,463	)		(48,759	)
2006		177,009			(24,263	)		(821	)		10,239			2,326			608			(1,173	)		(2,089	)		(1,404	)		(942	)					(17,520	)
2007		87,341			7,062			(7,683	)		(1,174	)		(904	)		(614	)		474			133			(464	)								(3,171	)
2008		106,604			(7,739	)		(8,115	)		(1,489	)		(1,176	)		823			(478	)		(2,514	)											(20,689	)
2009		94,477			(17,789	)		(7,381	)		(897	)		(1,315	)		(1,237	)		(221	)														(28,839	)
2010		142,483			7,798			(24,631	)		(8,038	)		(827	)		2,337																		(23,362	)
2011		271,695			17,301			(23,656	)		(13,499	)		(3,088	)																				(22,942	)
2012		250,821			(37,217	)		(16,896	)		(6,499	)																							(60,612	)
2013		195,332			(8,781	)		(20,394	)																										(29,175	)
2014		154,836			12,299																														12,299
2015		141,398

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			(24,390	)		(24,002	)		(5,333	)		(11,234	)		(35,571	)		(692	)		(9,233	)		(67,349	)		(44,016	)		(20,949	)		(242,769	)

Diagonals as of 12/31

Exhibit 7, Page 3


Valuation Date: December 31, 2015		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.4739 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		1,084,519		534,848		33,282		3,212			70,518		531		1,556		643,947		59	%
2006		381,632		135,775		14,886		1,224			20,924		790		543		174,142		46	%
2007		206,039		97,896		11,953		2,685			18,644		1,186		473		132,837		64	%
2008		161,344		72,147		10,705		(55	)		13,849		1,157		346		98,150		61	%
2009		173,212		80,774		15,986		882			24,192		1,324		558		123,715		71	%
2010		226,560		109,160		17,691		3,659			34,188		1,734		680		167,112		74	%
2011		249,292		120,541		27,333		4,133			47,938		851		992		201,788		81	%
2012		258,999		86,306		28,557		2,025			62,056		1,080		1,166		181,189		70	%
2013		241,824		53,181		33,524		2,919			78,933		1,179		1,657		171,394		71	%
2014		197,446		34,952		25,804		1,584			60,028		399		1,208		123,975		63	%
2015		175,795		13,460		12,195		—			93,848		78		1,473		121,054		69	%

Total		3,356,661		1,339,041		231,918		22,267			525,119		10,308		10,652		2,139,304		64	%

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
2005 & Prior		8,948		4,727		69		—			133		—		—		4,930		55	%
2006		4,214		133		—		—			96		—		—		229		5	%
2007		214		2,215		—		—			2		—		—		2,217		1035	%
2008		350		1,942		—		—			—		—		—		1,942		555	%
2009		1,225		2,394		20		—			320		—		—		2,734		223	%
2010		3,162		1,304		—		—			293		—		—		1,598		51	%
2011		2,982		775		—		—			491		—		—		1,266		42	%
2012		1,625		99		—		—			70		—		—		169		10	%
2013		1,406		—		—		—			—		—		—		—		0	%
2014		1,502		—		—		—			—		—		—		—		0	%
2015		—		—		—		—			—		—		—		—		0	%

Total		25,628		13,590		89		—			1,406		—		—		15,085		59	%

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
2005 & Prior		1,075,571		530,121		33,213		3,212			70,385		531		1,556		639,018		59	%
2006		377,418		135,643		14,886		1,224			20,828		790		543		173,913		46	%
2007		205,825		95,681		11,953		2,685			18,642		1,186		473		130,620		63	%
2008		160,994		70,205		10,705		(55	)		13,849		1,157		346		96,208		60	%
2009		171,986		78,380		15,965		882			23,872		1,324		558		120,981		70	%
2010		223,398		107,856		17,691		3,659			33,894		1,734		680		165,514		74	%
2011		246,310		119,765		27,333		4,133			47,447		851		992		200,522		81	%
2012		257,373		86,206		28,557		2,025			61,986		1,080		1,166		181,020		70	%
2013		240,418		53,181		33,524		2,919			78,933		1,179		1,657		171,394		71	%
2014		195,944		34,952		25,804		1,584			60,028		399		1,208		123,975		63	%
2015		175,795		13,460		12,195		—			93,848		78		1,473		121,054		69	%

Total		3,331,033		1,325,451		231,829		22,267			523,713		10,308		10,652		2,124,219		64	%

Exhibit 8, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		88,771		171,430		226,369		289,375		343,198		372,586		402,203		416,630		430,356		441,489		459,566
2006		9,252		40,512		60,153		75,412		89,467		102,392		113,262		121,029		126,519		117,711
2007		4,855		16,557		26,530		38,656		53,866		61,835		68,922		77,095		83,345
2008		2,185		11,096		23,935		33,668		41,641		48,525		57,585		62,946
2009		2,484		16,605		26,788		44,327		54,098		61,487		68,731
2010		10,029		31,034		49,548		62,273		71,477		84,737
2011		17,142		45,174		64,110		78,140		89,765
2012		21,030		46,791		63,306		77,344
2013		13,236		31,681		52,486
2014		9,618		33,372
2015		9,211

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		207,767		322,900		374,001		418,278		453,089		446,474		460,972		472,024		481,246		481,252		494,292
2006		21,421		70,970		89,546		110,708		119,808		131,413		138,091		140,338		144,313		133,789
2007		15,937		35,476		54,368		67,172		76,830		85,393		89,356		93,028		97,421
2008		8,460		27,580		43,658		52,949		59,527		65,760		71,269		73,563
2009		11,050		37,563		50,185		67,270		77,221		83,207		84,659
2010		26,360		62,215		80,454		91,259		96,216		102,050
2011		34,767		79,854		95,814		106,808		116,309
2012		37,597		74,837		91,060		101,436
2013		38,697		73,497		87,879
2014		29,046		60,515
2015		21,357

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		601,640		608,239		607,809		613,804		610,680		591,292		585,785		572,159		564,566		560,039		563,086
2006		185,719		190,589		180,714		180,221		174,207		174,375		171,280		169,245		169,397		153,790
2007		106,936		108,404		108,797		116,595		116,539		115,805		111,139		112,075		114,846
2008		88,190		88,629		95,450		94,338		89,156		86,883		87,134		86,034
2009		93,582		103,921		102,949		109,131		111,980		109,113		105,920
2010		140,645		148,276		145,231		141,592		138,818		130,074
2011		149,203		156,643		160,587		159,805		155,927
2012		162,854		166,036		163,658		155,059
2013		169,180		163,713		162,855
2014		113,103		113,619
2015		107,227

Diagonals as of 12/31

Exhibit 8, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Casualty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		64.8	%		65.5	%		65.4	%		66.1	%		65.8	%		63.7	%		63.1	%		61.6	%		60.8	%		60.3	%		60.6	%
2006		57.1	%		58.6	%		55.6	%		55.4	%		53.6	%		53.6	%		52.7	%		52.0	%		52.1	%		47.3	%
2007		62.0	%		62.9	%		63.1	%		67.6	%		67.6	%		67.2	%		64.5	%		65.0	%		66.6	%
2008		66.7	%		67.0	%		72.2	%		71.3	%		67.4	%		65.7	%		65.9	%		65.0	%
2009		69.5	%		77.1	%		76.4	%		81.0	%		83.1	%		81.0	%		78.6	%
2010		80.3	%		84.7	%		82.9	%		80.8	%		79.3	%		74.3	%
2011		77.6	%		81.5	%		83.5	%		83.1	%		81.1	%
2012		75.7	%		77.2	%		76.1	%		72.1	%
2013		76.0	%		73.5	%		73.1	%
2014		64.2	%		64.5	%
2015		67.8	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		918,332			939,807			939,423			927,291			930,540			929,229			929,279			930,126			930,554			928,702			928,786
2006		322,415			330,428			324,529			325,822			324,853			324,791			324,938			325,228			325,212			325,271
2007		177,152			171,479			171,088			172,442			172,191			172,249			172,401			172,393			172,406
2008		134,186			131,136			131,692			131,972			132,174			132,271			132,302			132,287
2009		133,356			133,562			134,342			134,672			134,770			134,850			134,739
2010		173,990			175,141			175,627			175,226			175,271			175,146
2011		190,321			194,610			192,399			191,866			192,236
2012		214,129			214,290			214,567			215,176
2013		223,648			222,325			222,673
2014		178,145			176,132
2015		158,145

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
2005 & Prior		601,640			6,599			(430	)		5,996			(3,124	)		(19,389	)		(5,507	)		(13,626	)		(7,593	)		(4,526	)		3,047			(38,554	)
2006		185,719			4,871			(9,875	)		(493	)		(6,014	)		167			(3,095	)		(2,035	)		152			(15,608	)					(31,929	)
2007		106,936			1,468			393			7,798			(56	)		(734	)		(4,666	)		935			2,771									7,910
2008		88,190			438			6,821			(1,112	)		(5,182	)		(2,273	)		251			(1,100	)											(2,157	)
2009		93,582			10,339			(972	)		6,182			2,849			(2,867	)		(3,193	)														12,338
2010		140,645			7,631			(3,045	)		(3,639	)		(2,775	)		(8,744	)																	(10,571	)
2011		149,203			7,440			3,944			(783	)		(3,878	)																				6,724
2012		162,854			3,182			(2,377	)		(8,599	)																							(7,794	)
2013		169,180			(5,467	)		(858	)																										(6,325	)
2014		113,103			516																														516
2015		107,227

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			6,599			4,441			(2,412	)		(2,786	)		(444	)		152			(12,060	)		(10,230	)		(17,457	)		(35,645	)		(69,842	)

Diagonals as of 12/31

Exhibit 8, Page 3


Valuation Date: December 31, 2015		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.4739 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Professional

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		236,414		85,694		3,593		550			4,237		76		90		94,240		40	%
2006		97,147		30,030		1,580		(0	)		1,834		65		35		33,545		35	%
2007		80,615		34,075		4,038		2,025			3,982		143		119		44,381		55	%
2008		65,845		34,415		1,828		2,057			4,582		148		98		43,128		65	%
2009		68,484		30,070		2,844		2,021			5,974		191		128		41,228		60	%
2010		89,257		34,733		4,372		831			6,694		242		138		47,011		53	%
2011		76,781		19,496		4,525		1,395			10,732		193		200		36,541		48	%
2012		65,281		8,766		5,426		3,462			20,297		78		374		38,403		59	%
2013		79,374		6,431		4,563		1,825			33,140		71		544		46,575		59	%
2014		162,618		6,533		12,064		2,393			70,531		69		1,171		92,760		57	%
2015		218,916		2,211		6,878		1,033			117,657		26		1,767		129,573		59	%

Total		1,240,732		292,454		51,712		17,592			279,660		1,302		4,666		647,386		52	%

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
2005 & Prior		—		—		—		—			—		—		—		—		0	%
2006		—		—		—		—			—		—		—		—		0	%
2007		—		—		—		—			—		—		—		—		0	%
2008		—		—		—		—			—		—		—		—		0	%
2009		—		—		—		—			—		—		—		—		0	%
2010		76		—		—		—			9		—		—		9		12	%
2011		77		—		—		—			19		—		—		19		24	%
2012		10		—		—		—			3		—		—		3		29	%
2013		0		—		—		—			—		—		—		—		0	%
2014		—		—		—		—			—		—		—		—		0	%
2015		—		—		—		—			—		—		—		—		0	%

Total		163		—		—		—			30		—		—		30		19	%

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
2005 & Prior		236,414		85,694		3,593		550			4,237		76		90		94,240		40	%
2006		97,147		30,030		1,580		(0	)		1,834		65		35		33,545		35	%
2007		80,615		34,075		4,038		2,025			3,982		143		119		44,381		55	%
2008		65,845		34,415		1,828		2,057			4,582		148		98		43,128		65	%
2009		68,484		30,070		2,844		2,021			5,974		191		128		41,228		60	%
2010		89,180		34,733		4,372		831			6,686		242		138		47,003		53	%
2011		76,704		19,496		4,525		1,395			10,713		193		200		36,523		48	%
2012		65,271		8,766		5,426		3,462			20,294		78		374		38,400		59	%
2013		79,374		6,431		4,563		1,825			33,140		71		544		46,575		59	%
2014		162,618		6,533		12,064		2,393			70,531		69		1,171		92,760		57	%
2015		218,916		2,211		6,878		1,033			117,657		26		1,767		129,573		59	%

Total		1,240,568		292,454		51,712		17,592			279,630		1,302		4,666		647,356		52	%

Exhibit 9, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Professional

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		2,601		6,786		21,434		36,515		47,091		55,216		57,196		61,736		63,628		64,893		66,286
2006		119		739		1,958		5,533		10,228		13,994		15,047		16,345		18,109		20,499
2007		45		1,962		5,830		9,010		13,580		18,892		25,438		27,810		29,322
2008		128		1,840		6,037		12,039		20,601		24,280		27,391		30,985
2009		499		2,679		8,509		15,443		20,487		25,545		27,700
2010		1,050		5,535		12,056		19,618		25,308		30,535
2011		709		3,761		7,998		13,285		18,219
2012		444		1,675		4,183		7,352
2013		666		2,189		6,339
2014		591		6,411
2015		2,165

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		22,353		45,205		56,584		64,758		70,724		69,032		68,007		69,008		69,199		70,306		69,729
2006		846		6,358		9,569		12,766		17,656		20,600		20,591		21,645		22,629		21,892
2007		3,210		14,797		23,226		23,153		30,091		31,350		32,497		33,440		34,528
2008		1,180		13,203		23,055		32,160		33,858		34,151		35,316		34,477
2009		955		7,953		15,595		27,969		31,140		34,047		31,762
2010		2,337		12,236		20,494		29,107		30,815		35,065
2011		4,440		14,529		19,647		22,638		23,960
2012		1,911		5,198		10,429		14,651
2013		2,416		6,159		12,348
2014		3,793		19,898
2015		9,323

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		118,963		104,331		97,190		87,566		85,221		79,089		78,369		73,109		71,706		72,121		72,271
2006		43,712		40,110		37,716		33,090		30,017		25,742		23,446		23,411		23,302		22,852
2007		40,415		47,734		47,068		38,284		34,528		35,323		36,301		36,857		37,237
2008		35,761		40,093		41,891		40,072		39,719		38,493		38,534		37,523
2009		38,718		39,657		37,418		40,487		36,959		38,630		36,216
2010		50,714		53,151		55,677		52,347		44,620		39,756
2011		49,744		51,745		48,544		38,928		31,585
2012		40,515		38,587		38,339		32,316
2013		48,197		46,866		42,628
2014		84,628		84,507
2015		119,979

Diagonals as of 12/31

Exhibit 9, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Professional

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		62.8	%		55.1	%		51.3	%		46.3	%		45.0	%		41.8	%		41.4	%		38.6	%		37.9	%		38.1	%		38.2	%
2006		59.6	%		54.7	%		51.4	%		45.1	%		40.9	%		35.1	%		32.0	%		31.9	%		31.8	%		31.2	%
2007		66.2	%		78.1	%		77.1	%		62.7	%		56.5	%		57.8	%		59.4	%		60.3	%		61.0	%
2008		65.9	%		73.9	%		77.2	%		73.8	%		73.2	%		70.9	%		71.0	%		69.1	%
2009		63.8	%		65.3	%		61.6	%		66.7	%		60.9	%		63.6	%		59.6	%
2010		62.8	%		65.8	%		69.0	%		64.8	%		55.3	%		49.2	%
2011		72.2	%		75.1	%		70.5	%		56.5	%		45.9	%
2012		69.9	%		66.6	%		66.2	%		55.8	%
2013		67.3	%		65.4	%		59.5	%
2014		56.6	%		56.5	%
2015		58.2	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		186,710			188,832			187,850			188,105			189,970			189,756			189,876			189,527			189,246			189,307			189,301
2006		71,916			73,620			73,619			74,486			73,571			73,625			73,550			73,344			73,249			73,319
2007		61,072			58,059			58,783			59,516			60,172			60,753			60,892			60,940			61,081
2008		50,948			53,827			53,968			54,079			54,272			54,171			53,915			54,289
2009		57,508			59,926			61,081			60,702			60,598			60,413			60,724
2010		79,589			80,429			80,482			80,297			80,607			80,728
2011		68,295			68,518			68,735			68,824			68,884
2012		56,239			57,488			58,118			57,931
2013		68,194			70,815			71,645
2014		151,365			149,489
2015		206,210

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
2005 & Prior		118,963			(14,631	)		(7,141	)		(9,625	)		(2,345	)		(6,132	)		(720	)		(5,260	)		(1,403	)		415			149			(46,692	)
2006		43,712			(3,602	)		(2,394	)		(4,626	)		(3,073	)		(4,275	)		(2,295	)		(36	)		(109	)		(451	)					(20,860	)
2007		40,415			7,319			(666	)		(8,784	)		(3,756	)		795			978			556			379									(3,178	)
2008		35,761			4,332			1,798			(1,819	)		(353	)		(1,227	)		42			(1,011	)											1,762
2009		38,718			939			(2,239	)		3,070			(3,529	)		1,672			(2,414	)														(2,502	)
2010		50,714			2,437			2,526			(3,330	)		(7,727	)		(4,864	)																	(10,959	)
2011		49,744			2,001			(3,201	)		(9,616	)		(7,343	)																				(18,159	)
2012		40,515			(1,928	)		(248	)		(6,023	)																							(8,199	)
2013		48,197			(1,331	)		(4,238	)																										(5,569	)
2014		84,628			(121	)																													(121	)
2015		119,979

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			(14,631	)		(10,743	)		(4,700	)		(3,306	)		(15,252	)		(10,373	)		484			(13,675	)		(16,345	)		(25,937	)		(114,477	)

Diagonals as of 12/31

Exhibit 9, Page 3


Valuation Date: December 31, 2015		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.4739 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		1,065,353		775,813		13,262		(31	)		16,156		1,397		407		807,003		76	%
2006		432,884		183,895		4,560		140			1,840		319		95		190,849		44	%
2007		371,643		183,806		4,944		375			1,567		594		101		191,388		51	%
2008		206,583		63,107		4,728		(255	)		4,015		1,285		123		73,004		35	%
2009		170,637		52,931		5,470		350			5,184		598		151		64,684		38	%
2010		179,617		77,017		9,588		63			2,855		661		110		90,294		50	%
2011		181,507		75,332		5,248		(201	)		4,600		729		112		85,818		47	%
2012		182,629		68,918		10,445		(94	)		8,786		1,102		213		89,370		49	%
2013		178,377		51,540		18,342		(147	)		18,965		821		420		89,941		50	%
2014		207,004		54,414		29,397		438			39,766		575		824		125,415		61	%
2015		289,913		18,193		34,495		4,385			106,971		248		1,900		166,191		57	%

Total		3,466,147		1,604,965		140,479		5,024			210,705		8,329		4,456		1,973,958		57	%

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
2005 & Prior		4,412		3,431		268		—			—		—		—		3,699		84	%
2006		8,183		—		—		—			29		—		—		29		0	%
2007		5,594		2,983		80		—			0		—		—		3,063		55	%
2008		4,286		243		0		—			1		—		—		244		6	%
2009		2,611		40		—		—			3		—		—		44		2	%
2010		7,342		5,275		21		—			21		—		—		5,317		72	%
2011		17,675		1,046		2		—			133		—		—		1,181		7	%
2012		11,689		125		56		—			107		—		—		287		2	%
2013		5,988		203		135		—			181		—		—		518		9	%
2014		13,202		2,772		179		299			1,406		—		—		4,655		35	%
2015		33,495		1,784		2,917		80			9,518		—		—		14,299		43	%

Total		114,478		17,900		3,658		379			11,399		—		—		33,335		29	%

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
2005 & Prior		1,060,941		772,382		12,994		(31	)		16,156		1,397		407		803,304		76	%
2006		424,702		183,895		4,560		140			1,812		319		95		190,820		45	%
2007		366,048		180,823		4,865		375			1,567		594		101		188,325		51	%
2008		202,297		62,864		4,728		(255	)		4,014		1,285		123		72,759		36	%
2009		168,025		52,891		5,470		350			5,181		598		151		64,641		38	%
2010		172,276		71,742		9,567		63			2,834		661		110		84,977		49	%
2011		163,832		74,286		5,246		(201	)		4,467		729		112		84,638		52	%
2012		170,940		68,793		10,389		(94	)		8,680		1,102		213		89,083		52	%
2013		172,388		51,337		18,208		(147	)		18,785		821		420		89,423		52	%
2014		193,802		51,643		29,219		139			38,360		575		824		120,760		62	%
2015		256,419		16,409		31,578		4,305			97,453		248		1,900		151,892		59	%

Total		3,351,669		1,587,065		136,822		4,645			199,307		8,329		4,456		1,940,623		58	%

Exhibit 10, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		141,956		311,362		421,505		466,104		505,248		539,331		548,613		566,119		570,103		572,427		574,750
2006		7,498		103,670		126,757		141,072		153,733		161,295		164,703		166,318		167,330		170,691
2007		11,925		122,241		143,136		151,620		158,924		166,931		170,040		172,625		174,392
2008		8,483		31,078		44,105		50,423		55,692		56,925		58,715		54,357
2009		6,180		27,117		34,816		38,488		42,047		45,441		45,449
2010		6,587		25,925		35,284		41,467		44,999		48,519
2011		18,347		42,301		58,093		62,772		67,585
2012		22,930		44,230		51,507		56,841
2013		9,767		32,509		41,965
2014		14,692		39,246
2015		13,570

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		349,794		510,955		552,657		569,098		582,706		582,637		590,220		586,445		586,163		586,903		586,887
2006		24,331		140,672		168,497		172,646		179,270		179,663		174,066		173,335		174,930		175,236
2007		36,655		156,985		171,466		178,264		180,229		179,826		180,416		181,100		179,626
2008		20,690		52,326		63,706		66,293		66,160		64,992		64,226		58,803
2009		18,714		45,989		50,838		52,522		51,265		51,536		50,765
2010		15,747		39,776		49,736		50,214		51,614		54,007
2011		35,453		65,438		69,197		69,921		72,075
2012		40,521		57,690		62,104		65,643
2013		24,977		48,437		56,139
2014		33,986		62,136
2015		48,323

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		608,721		623,357		618,582		619,983		625,795		624,984		633,304		617,209		613,937		611,147		601,618
2006		193,436		186,556		189,809		186,480		191,143		189,964		183,219		179,696		177,924		177,006
2007		212,383		190,491		190,521		192,293		189,402		185,862		184,032		183,587		181,034
2008		98,769		86,973		86,537		76,616		75,288		72,086		69,292		62,530
2009		82,003		74,093		68,133		63,827		60,863		57,822		55,489
2010		72,266		62,390		59,036		57,156		55,512		55,752
2011		85,632		88,575		80,402		74,904		74,857
2012		104,495		89,369		76,329		70,573
2013		83,701		73,970		68,715
2014		94,310		89,848
2015		126,830

Diagonals as of 12/31

Exhibit 10, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Other Specialty

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		77.6	%		79.5	%		78.9	%		79.1	%		79.8	%		79.7	%		80.8	%		78.7	%		78.3	%		77.9	%		76.7	%
2006		51.6	%		49.7	%		50.6	%		49.7	%		51.0	%		50.6	%		48.8	%		47.9	%		47.4	%		47.2	%
2007		66.1	%		59.3	%		59.3	%		59.9	%		59.0	%		57.9	%		57.3	%		57.2	%		56.4	%
2008		63.4	%		55.8	%		55.5	%		49.2	%		48.3	%		46.3	%		44.5	%		40.1	%
2009		69.4	%		62.7	%		57.7	%		54.1	%		51.5	%		49.0	%		47.0	%
2010		62.6	%		54.1	%		51.2	%		49.5	%		48.1	%		48.3	%
2011		76.8	%		79.4	%		72.1	%		67.2	%		67.1	%
2012		91.4	%		78.2	%		66.8	%		61.7	%
2013		68.3	%		60.3	%		56.1	%
2014		63.2	%		60.2	%
2015		59.4	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		791,012			788,875			788,985			786,122			786,883			785,109			784,893			785,000			785,164			786,116			784,070
2006		372,000			378,218			376,667			374,858			375,637			375,639			375,547			376,065			376,657			375,137
2007		314,652			318,549			319,348			318,940			319,358			319,540			320,559			320,359			321,065
2008		151,935			153,611			154,405			154,565			155,005			155,467			155,273			155,801
2009		111,874			114,898			115,533			116,285			115,736			115,470			118,085
2010		115,650			117,344			117,768			114,544			114,196			115,375
2011		114,052			115,458			111,084			111,733			111,503
2012		115,395			113,416			114,032			114,292
2013		121,094			123,271			122,595
2014		149,062			149,192
2015		213,445

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
2005 & Prior		608,721			14,637			(4,775	)		1,401			5,812			(810	)		8,319			(16,095	)		(3,272	)		(2,790	)		(9,529	)		(7,103	)
2006		193,436			(6,880	)		3,252			(3,328	)		4,662			(1,178	)		(6,746	)		(3,523	)		(1,772	)		(918	)					(16,430	)
2007		212,383			(21,892	)		31			1,772			(2,892	)		(3,539	)		(1,830	)		(444	)		(2,553	)								(31,348	)
2008		98,769			(11,796	)		(436	)		(9,921	)		(1,328	)		(3,202	)		(2,794	)		(6,762	)											(36,239	)
2009		82,003			(7,910	)		(5,960	)		(4,306	)		(2,964	)		(3,041	)		(2,333	)														(26,514	)
2010		72,266			(9,877	)		(3,354	)		(1,879	)		(1,645	)		240																		(16,514	)
2011		85,632			2,943			(8,173	)		(5,498	)		(47	)																				(10,775	)
2012		104,495			(15,126	)		(13,040	)		(5,756	)																							(33,922	)
2013		83,701			(9,730	)		(5,255	)																										(14,985	)
2014		94,310			(4,462	)																													(4,462	)
2015		126,830

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			14,637			(11,655	)		(17,239	)		(9,282	)		(2,722	)		(21,508	)		(32,425	)		(39,969	)		(40,754	)		(37,375	)		(198,293	)

Diagonals as of 12/31

Exhibit 10, Page 3


Valuation Date: December 31, 2015		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.4739 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Segment

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		1,309,776		380,929		93		—			20,554		1,521		339		403,436		31	%
2006		553,953		164,263		8,324		—			20,720		1,466		794		195,568		35	%
2007		745,954		358,580		16,483		—			35,872		8,428		1,603		420,965		56	%
2008		1,377,855		1,066,413		63,172		—			57,764		12,563		2,706		1,202,617		87	%
2009		1,356,424		837,056		32,571		—			60,899		16,066		2,390		948,981		70	%
2010		1,249,350		557,292		22,240		—			77,633		12,056		3,090		672,310		54	%
2011		1,578,211		1,427,571		75,989		—			121,964		13,666		5,221		1,644,412		104	%
2012		1,625,339		1,428,424		81,406		—			177,944		7,275		6,638		1,701,687		105	%
2013		1,687,166		1,372,981		58,526		—			196,687		3,727		7,468		1,639,388		97	%
2014		1,741,832		1,045,960		73,100		—			314,332		3,003		11,763		1,448,158		83	%
2015		2,077,685		487,598		404,930		—			516,484		3,444		20,583		1,433,038		69	%

Total		15,303,544		9,127,067		836,833		—			1,600,852		83,215		62,593		11,710,561		77	%

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
2005 & Prior		18,369		17,963		9		—			517		—		—		18,488		101	%
2006		98,881		26,749		8,258		—			3,424		—		—		38,431		39	%
2007		177,120		41,974		1,982		—			6,545		—		—		50,501		29	%
2008		402,760		312,221		594		—			6,745		—		—		319,560		79	%
2009		434,814		295,246		8,324		10			15,781		—		—		319,362		73	%
2010		314,799		98,103		5,130		—			19,871		—		—		123,104		39	%
2011		443,103		641,492		11,262		—			31,607		—		—		684,361		154	%
2012		501,137		663,525		11,192		—			49,310		—		—		724,027		144	%
2013		555,006		632,955		13,188		—			56,176		—		—		702,320		127	%
2014		718,161		511,444		17,561		—			134,884		—		—		663,889		92	%
2015		1,129,329		292,017		204,314		—			253,892		—		—		750,223		66	%

Total		4,793,480		3,533,690		281,813		10			578,752		—		—		4,394,265		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
2005 & Prior		1,291,407		362,966		84		—			20,037		1,521		339		384,948		30	%
2006		455,072		137,514		67		—			17,297		1,466		794		157,138		35	%
2007		568,834		316,606		14,501		—			29,327		8,428		1,603		370,464		65	%
2008		975,095		754,192		62,578		—			51,019		12,563		2,706		883,058		91	%
2009		921,610		541,809		24,247		(10	)		45,117		16,066		2,390		629,619		68	%
2010		934,550		459,189		17,110		—			57,762		12,056		3,090		549,206		59	%
2011		1,135,108		786,079		64,727		—			90,357		13,666		5,221		960,050		85	%
2012		1,124,201		764,899		70,214		—			128,634		7,275		6,638		977,660		87	%
2013		1,132,160		740,026		45,337		—			140,512		3,727		7,468		937,069		83	%
2014		1,023,671		534,516		55,539		—			179,448		3,003		11,763		784,269		77	%
2015		948,355		195,581		200,616		—			262,591		3,444		20,583		682,815		72	%

Total		10,510,064		5,593,377		555,020		(10	)		1,022,100		83,215		62,593		7,316,295		70	%

Exhibit 11, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings		NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		65,874		140,009		201,464		221,762		223,557		245,458		249,724		259,492		258,728		258,075		278,219
2006		9,589		38,568		52,507		82,580		85,688		88,473		107,102		108,353		110,076		120,627
2007		20,577		63,111		94,004		196,382		237,532		262,383		267,233		283,932		301,402
2008		209,442		416,609		480,678		518,690		550,049		619,762		659,299		690,443
2009		205,248		355,229		409,328		432,780		483,899		511,955		526,868
2010		152,382		309,788		344,747		390,947		419,586		426,003
2011		474,888		552,550		578,030		614,996		688,246
2012		492,823		635,349		658,108		693,699
2013		445,395		593,936		673,375
2014		366,920		489,771
2015		167,717

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		230,268		257,631		257,516		270,017		276,106		275,274		278,867		284,845		283,949		283,207		278,303
2006		48,135		81,693		73,703		86,385		88,117		109,680		112,488		110,334		120,406		120,694
2007		51,953		123,965		204,634		251,933		275,982		294,469		296,815		298,769		315,903
2008		431,358		494,185		590,033		647,440		691,765		709,577		736,767		752,621
2009		364,496		434,607		458,038		484,406		530,432		546,459		550,256
2010		291,910		382,672		401,617		427,486		439,547		440,677
2011		549,512		597,592		662,177		715,013		739,448
2012		620,349		703,433		733,927		750,322
2013		554,873		639,097		704,933
2014		459,966		512,687
2015		316,794

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		699,290		649,174		603,412		542,837		491,930		413,889		369,105		346,951		322,605		311,765		298,340
2006		262,614		249,231		231,317		207,911		180,525		174,434		159,368		139,640		141,687		137,991
2007		319,256		377,198		394,778		382,742		374,673		376,193		350,628		336,905		345,112
2008		721,751		695,688		753,938		785,596		791,831		788,921		800,995		802,250
2009		625,248		659,048		633,014		628,915		629,099		615,871		594,068
2010		585,727		577,186		570,782		557,682		532,449		497,524
2011		813,291		803,178		850,471		829,065		822,505
2012		892,276		891,171		886,401		857,932
2013		802,175		791,725		824,243
2014		649,628		652,064
2015		509,063

Diagonals as of 12/31

Exhibit 11, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Insurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES


Triangles Below Exclude Montpelier Re Holdings								NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		70.0	%		65.0	%		60.4	%		54.3	%		49.3	%		41.4	%		37.0	%		34.7	%		32.3	%		31.2	%		29.9	%
2006		71.9	%		68.3	%		63.4	%		57.0	%		49.5	%		47.8	%		43.7	%		38.3	%		38.8	%		37.8	%
2007		65.5	%		77.4	%		81.1	%		78.6	%		76.9	%		77.2	%		72.0	%		69.2	%		70.9	%
2008		80.1	%		77.2	%		83.7	%		87.2	%		87.9	%		87.5	%		88.9	%		89.0	%
2009		74.8	%		78.8	%		75.7	%		75.2	%		75.2	%		73.6	%		71.0	%
2010		71.4	%		70.3	%		69.5	%		67.9	%		64.9	%		60.6	%
2011		82.3	%		81.3	%		86.1	%		83.9	%		83.3	%
2012		93.2	%		93.0	%		92.5	%		89.6	%
2013		84.6	%		83.5	%		86.9	%
2014		79.1	%		79.4	%
2015		69.9	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		1,016,707			1,016,213			1,015,850			997,752			997,964			997,766			998,147			998,784			998,783			998,798			998,821
2006		463,216			464,525			365,590			365,468			365,565			364,168			364,799			364,683			364,695			365,035
2007		662,025			491,142			485,743			487,551			487,418			487,543			487,486			487,511			487,050
2008		906,812			901,989			901,390			900,520			900,750			900,500			900,524			901,124
2009		837,524			837,417			837,260			837,172			836,853			836,860			836,357
2010		821,365			820,855			820,829			820,455			820,456			820,746
2011		984,701			986,636			988,307			987,906			987,753
2012		950,546			960,130			959,116			957,838
2013		944,431			950,428			948,674
2014		824,315			821,062
2015		728,319

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
2005 & Prior		699,290			(50,116	)		(45,762	)		(60,576	)		(50,907	)		(78,041	)		(44,784	)		(22,154	)		(24,347	)		(10,839	)		(13,425	)		(400,950	)
2006		262,614			(13,383	)		(17,914	)		(23,406	)		(27,387	)		(6,090	)		(15,067	)		(19,727	)		2,047			(3,696	)					(124,623	)
2007		319,256			57,942			17,581			(12,036	)		(8,070	)		1,520			(25,565	)		(13,723	)		8,208									25,857
2008		721,751			(26,063	)		58,250			31,658			6,235			(2,910	)		12,074			1,255												80,499
2009		625,248			33,800			(26,033	)		(4,100	)		185			(13,229	)		(21,802	)														(31,180	)
2010		585,727			(8,542	)		(6,404	)		(13,100	)		(25,233	)		(34,925	)																	(88,203	)
2011		813,291			(10,113	)		47,293			(21,406	)		(6,560	)																				9,214
2012		892,276			(1,105	)		(4,770	)		(28,468	)																							(34,343	)
2013		802,175			(10,450	)		32,518																											22,068
2014		649,628			2,436																														2,436
2015		509,063

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			(50,116	)		(59,145	)		(20,547	)		(82,795	)		(25,414	)		(61,861	)		(50,082	)		(39,276	)		(85,530	)		(64,460	)		(539,225	)

Diagonals as of 12/31

Exhibit 11, Page 3


Valuation Date: December 31, 2015		ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (1.4739 USD/GBP)		ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Segment

ITD SUMMARY - Including Montpelier Re Holdings Historical Experience


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
2005 & Prior		6,738,929		4,857,728		56,266			3,730		91,343		3,792		2,121		5,014,981		74	%
2006		2,033,396		585,083		22,166			1,364		24,659		1,092		689		635,053		31	%
2007		1,657,881		543,877		22,138			5,235		24,671		3,435		708		600,065		36	%
2008		1,386,575		688,991		19,402			2,792		24,217		9,433		603		745,439		54	%
2009		1,361,563		330,633		29,072			3,253		36,783		3,697		874		404,312		30	%
2010		1,464,507		586,201		64,797			4,657		47,101		4,543		1,178		708,476		48	%
2011		1,490,037		1,174,647		56,204			7,156		76,440		4,082		1,573		1,320,102		89	%
2012		1,605,651		547,924		75,091			10,256		107,944		3,961		2,178		747,352		47	%
2013		1,610,338		397,497		105,795			5,045		150,031		3,867		3,463		665,697		41	%
2014		1,555,167		366,099		140,746			4,651		210,746		2,510		4,400		729,152		47	%
2015		1,567,407		94,516		161,910			5,418		409,174		495		7,486		678,999		43	%

Total		22,471,451		10,173,195		753,586			53,557		1,203,109		40,906		25,275		12,249,629		55	%

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
2005 & Prior		57,371		413,467		499			—		133		—		—		414,099		722	%
2006		18,325		1,641		(19	)		—		125		—		—		1,747		10	%
2007		25,855		10,594		5			—		2		—		—		10,601		41	%
2008		21,554		17,842		559			—		14		—		—		18,415		85	%
2009		13,932		3,588		30			—		380		—		—		3,999		29	%
2010		37,923		7,555		21			—		336		—		—		7,913		21	%
2011		140,398		23,088		521			79		923		—		—		24,611		18	%
2012		146,636		26,038		618			390		1,624		—		—		28,670		20	%
2013		135,601		17,333		2,410			56		787		—		—		20,586		15	%
2014		187,298		32,586		3,522			333		4,251		—		—		40,692		22	%
2015		233,537		7,971		8,210			80		20,061		—		—		36,323		16	%

Total		1,018,431		561,703		16,377			938		28,638		—		—		607,656		60	%

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
2005 & Prior		6,681,558		4,444,261		55,767			3,730		91,210		3,792		2,121		4,600,881		69	%
2006		2,015,071		583,442		22,185			1,364		24,534		1,092		689		633,306		31	%
2007		1,632,026		533,284		22,133			5,235		24,669		3,435		708		589,463		36	%
2008		1,365,022		671,149		18,844			2,792		24,203		9,433		603		727,024		53	%
2009		1,347,631		327,045		29,042			3,253		36,402		3,697		874		400,313		30	%
2010		1,426,583		578,645		64,775			4,657		46,765		4,543		1,178		700,563		49	%
2011		1,349,639		1,151,559		55,683			7,077		75,517		4,082		1,573		1,295,491		96	%
2012		1,459,014		521,886		74,473			9,865		106,320		3,961		2,178		718,683		49	%
2013		1,474,737		380,164		103,385			4,989		149,244		3,867		3,463		645,111		44	%
2014		1,367,868		333,513		137,223			4,318		206,495		2,510		4,400		688,460		50	%
2015		1,333,870		86,545		153,700			5,338		389,113		495		7,486		642,676		48	%

Total		21,453,020		9,611,493		737,210			52,619		1,174,471		40,906		25,275		11,641,973		54	%

Exhibit 12, Page 1

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Triangles Below Exclude Montpelier Re Holdings

NET BASIS


Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		882,210		1,530,679		1,906,827		2,097,386		2,245,768		2,317,897		2,364,355		2,407,177		2,440,988		2,457,004		2,490,381
2006		54,355		264,290		344,554		392,732		437,833		465,942		482,236		492,860		500,160		488,782
2007		50,386		244,934		299,480		332,463		360,875		382,597		400,122		413,415		422,834
2008		102,060		235,118		305,070		345,313		384,395		404,621		418,500		420,832
2009		37,556		119,494		156,490		189,898		210,213		225,478		235,115
2010		61,678		190,435		253,641		294,858		322,366		350,283
2011		262,235		528,657		687,592		738,960		765,572
2012		113,477		289,912		365,641		410,070
2013		77,151		243,123		320,714
2014		70,034		224,124
2015		59,710

Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		1,724,438		2,279,975		2,409,626		2,465,633		2,511,421		2,478,979		2,497,552		2,507,059		2,523,192		2,523,303		2,545,252
2006		149,705		372,178		436,427		477,058		508,978		524,494		524,622		525,880		531,006		511,796
2007		150,567		355,848		389,534		407,719		425,234		433,473		439,418		444,579		448,118
2008		238,090		344,553		401,213		425,409		435,247		441,730		447,166		441,240
2009		95,277		187,735		213,878		244,777		255,794		263,570		261,501
2010		166,289		298,167		358,012		369,214		378,790		391,065
2011		546,492		785,717		801,822		807,162		814,340
2012		346,864		431,808		454,936		468,047
2013		270,055		397,117		415,910
2014		212,283		340,016
2015		202,016

Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120		132
2005 & Prior		2,767,076		2,775,765		2,753,833		2,756,416		2,749,464		2,698,528		2,698,523		2,651,970		2,646,590		2,630,772		2,631,320
2006		647,509		598,489		588,990		590,990		597,105		589,208		575,592		567,894		560,398		534,587
2007		539,411		513,410		492,873		491,540		482,358		477,366		472,128		470,019		469,950
2008		527,860		499,995		504,520		491,905		483,473		476,735		471,944		460,884
2009		360,539		333,329		310,119		313,477		308,176		301,542		292,749
2010		538,311		502,459		472,883		453,909		440,849		426,884
2011		940,390		963,996		916,681		885,017		866,651
2012		713,586		621,622		578,608		548,548
2013		629,974		584,265		543,894
2014		505,183		503,785
2015		534,683

Diagonals as of 12/31

Exhibit 12, Page 2

Valuation Date: December 31, 2015

Values in Thousands USD (1.4739 USD/GBP)

Reinsurance Segment

ENDURANCE SPECIALTY HOLDINGS LTD.

ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Triangles Below Exclude Montpelier Re Holdings

NET BASIS


Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		68.3	%		68.5	%		67.9	%		68.0	%		67.8	%		66.6	%		66.6	%		65.4	%		65.3	%		64.9	%		64.9	%
2006		46.3	%		42.8	%		42.1	%		42.2	%		42.7	%		42.1	%		41.1	%		40.6	%		40.1	%		38.2	%
2007		50.2	%		47.8	%		45.9	%		45.8	%		44.9	%		44.4	%		44.0	%		43.8	%		43.8	%
2008		63.5	%		60.1	%		60.7	%		59.2	%		58.2	%		57.3	%		56.8	%		55.4	%
2009		44.2	%		40.9	%		38.1	%		38.5	%		37.8	%		37.0	%		35.9	%
2010		59.4	%		55.5	%		52.2	%		50.1	%		48.7	%		47.1	%
2011		98.8	%		101.3	%		96.3	%		93.0	%		91.1	%
2012		69.0	%		60.1	%		56.0	%		53.1	%
2013		58.5	%		54.2	%		50.5	%
2014		49.4	%		49.2	%
2015		45.6	%

Earned Premium	12			24			36			48			60			72			84			96			108			120			132
2005 & Prior		4,087,953			4,105,757			4,112,818			4,056,824			4,060,392			4,057,415			4,055,680			4,056,314			4,056,683			4,054,816			4,052,902
2006		1,374,864			1,408,966			1,400,214			1,400,791			1,399,615			1,399,662			1,400,045			1,400,716			1,400,506			1,399,096
2007		1,093,979			1,069,489			1,069,283			1,071,216			1,071,849			1,072,640			1,073,861			1,073,332			1,074,168
2008		827,286			830,587			831,098			830,833			830,879			831,148			830,515			831,403
2009		808,077			812,464			813,531			813,546			812,758			812,229			814,948
2010		910,778			911,724			909,402			905,102			905,025			905,995
2011		953,154			960,831			951,679			952,061			951,449
2012		1,036,120			1,035,224			1,034,519			1,033,852
2013		1,080,402			1,081,972			1,077,216
2014		1,030,981			1,023,087
2015		1,173,670

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
2005 & Prior		2,767,076			8,689			(21,933	)		2,583			(6,951	)		(50,936	)		(6	)		(46,553	)		(5,379	)		(15,818	)		548			(135,756	)
2006		647,509			(49,021	)		(9,498	)		1,999			6,115			(7,898	)		(13,615	)		(7,698	)		(7,496	)		(25,811	)					(112,923	)
2007		539,411			(26,002	)		(20,537	)		(1,333	)		(9,182	)		(4,992	)		(5,238	)		(2,109	)		(69	)								(69,461	)
2008		527,860			(27,865	)		4,525			(12,615	)		(8,432	)		(6,737	)		(4,791	)		(11,060	)											(66,976	)
2009		360,539			(27,210	)		(23,210	)		3,358			(5,302	)		(6,633	)		(8,794	)														(67,790	)
2010		538,311			(35,852	)		(29,576	)		(18,974	)		(13,060	)		(13,965	)																	(111,427	)
2011		940,390			23,606			(47,315	)		(31,664	)		(18,366	)																				(73,739	)
2012		713,586			(91,965	)		(43,014	)		(30,060	)																							(165,039	)
2013		629,974			(45,709	)		(40,371	)																										(86,080	)
2014		505,183			(1,398	)																													(1,398	)
2015		534,683

Calendar Year	CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			CY 2013			CY 2014			CY 2015			Total Development
		N/A			8,689			(70,953	)		(32,917	)		(53,354	)		(68,838	)		(88,763	)		(76,205	)		(188,608	)		(170,294	)		(149,346	)		(890,588	)

Diagonals as of 12/31

Exhibit 12, Page 3

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