Endurance Specialty (ENH) 8-K/A Other Events

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K/A

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

October 6, 2005 (October 4, 2005)
Date of Report (Date of earliest event reported)

Endurance Specialty Holdings Ltd.
(Exact name of registrant as specified in its charter)

Bermuda				1-31599				98-032908
(State or Other Jurisdiction of Incorporation)				(Commission File Number)				(I.R.S. Employer Identification No.)

Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda
(Address of principal executive offices, including zip code)

(441) 278-0440
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.    Other Events

Endurance Specialty Holdings Ltd. (the "Company") is filing this Current Report on Form 8-K to provide additional information with respect to the composition of its underwriting portfolio and investment portfolio as at June 30, 2005, its summary underwriting results for 2003, 2004 and the first six months of 2005 and its summary financial performance for 2002, 2003, 2004 and the first six months of 2005.

Underwriting Portfolio Composition

Gross Premiums Written = $1,193 million(a)
As of June 30, 2005
Source of Business					Percentage
Property					50	%
Casualty					42	%
Other Specialty					8	%
Total					100	%
Type of Business					Percentage
Insurance					22	%
Reinsurance					78	%
Total					100	%
Business Platform					Percentage
Bermuda					43	%
U.K.					16	%
U.S. Reinsurance					40	%
U.S. Insurance					1	%
Total					100	%

	(a) Prior to deposit accounting adjustments

Investment Portfolio Composition

As of June 30, 2005
($ in thousands)
Type of Investment					Fair Value				Percentage
Cash and equivalents				$	457,285				10.6	%
U.S. government and agencies					743,125				17.3	%
Corporate securities					672,966				15.6	%
Foreign government					205,276				4.8	%
Municipals					153,527				3.6	%
Asset-backed securities					485,671				11.3	%
Mortgage-backed securities					1,476,080				34.3	%
Investments in other ventures					108,703				2.5	%
Total				$	4,302,633				100.0	%

Ratings				Fair Value				Percentage
U.S. Government and agencies				$	743,125				17.3	%
AAA/Aaa					2,836,912				65.9	%
AA/Aa					218,042				5.1	%
A/A					395,851				9.2	%
BBB and below					—				—
Investments in other ventures/Not rated					108,703				2.5	%
Total				$	4,302,633				100.0	%

Underwriting – Summary Results

($ in thousands)				Property Per Risk Treaty				Property Catastrophe				Property Individual Risk				Casulaty Treaty				Casualty Individual Risk				Aerospace and Other Specialty				Total
1st Half 2005 Underwriting Results (a)
Gross Written Premiums				$	270,632			$	178,264			$	59,306			$	283,293			$	152,769			$	248,273			$	1,192,537
Net Earned Premiums				$	233,072			$	120,825			$	53,514			$	224,362			$	124,106			$	144,220			$	900,099
Unearned Prem. Reserves				$	284,700			$	112,510			$	60,320			$	340,059			$	142,830			$	231,737			$	1,172,156
GAAP Combined Ratio					80.2	%			36.3	%			111.3	%			104.9	%			77.7	%			90.3	%			83.6	%
2004 Underwriting Results
Gross Written Premiums				$	441,370			$	247,009			$	112,900			$	441,256			$	246,802			$	222,020			$	1,711,357
Net Earned Premiums				$	464,024			$	234,961			$	102,780			$	378,894			$	235,621			$	216,320			$	1,632,600
GAAP Combined Ratio					95.1	%			47.7	%			68.1	%			102.5	%			82.2	%			90.3	%			85.8	%
2003 Underwriting Results
Gross Written Premiums				$	469,290			$	183,594			$	85,863			$	390,265			$	214,392			$	258,593			$	1,601,997
Net Earned Premiums				$	296,551			$	174,158			$	65,408			$	284,843			$	173,266			$	179,721			$	1,173,947
GAAP Combined Ratio					93.9	%			38.5	%			58.6	%			97.5	%			89.1	%			99.5	%			84.7	%

(a)	Prior to deposit accounting adjustments

Summary Financial Performance

($ in thousands)				Year Ended Dec. 31, 2002				Year Ended Dec. 31, 2003				Year Ended Dec. 31, 2004				6 Months Ended June 30, 2005
Income Statement
Gross Written Premiums				$	798,760			$	1,601,997			$	1,711,357			$	1,192,537	(a)
Net Earned Premiums					369,489				1,173,947				1,632,600				900,099	(a)
Net Investment Income					42,938				71,010				122,059				79,707
Operating Income					93,024				247,938				348,443				214,459
Combined Ratio					86.2	%			84.7	%			85.8	%			83.6	%(a)
Operating ROE					7.8	%			17.3	%			19.9	%			22.3	%(b)
Balance Sheet
Total Investments & Cash				$	1,663,249			$	2,674,232			$	3,940,353			$	4,302,633
Reserve for Losses & Loss Exp.					200,840				833,158				1,549,661				1,823,541
Reserve for Unearned Prem.					403,305				824,685				897,605				1,172,156	(a)
Total Shareholders' Equity					1,217,500				1,644,815				1,862,455				1,987,125
Debt / Total Capitalization					13.6	%			5.9	%			17.4	%			16.5	%
Operating Leverage(c)					0.31x				0.82x				0.93x				0.91x

(a)	Prior to deposit accounting adjustments.

(b)	Operating ROE for the six months ended June 30, 2005 is annualized.

(c)	Operating leverage is calculated by dividing net premiums earned by average equity.

In presenting the Company's summary financial performance, management has included and discussed certain non-GAAP measures. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the Company's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.

Operating income is an internal performance measure used by the Company in the management of its operations. Operating income represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. The Company believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, the Company believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the Company's results of operations in a manner similar to how management analyzes the Company's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see the Company's Investor Supplements on its website at www.endurance.bm for a reconciliation of operating income to net income. Information on our website is not incorporated into this 8-K and is not a part of this filing.

Return on Equity (ROE) is comprised using the average equity calculated as the arithmetic average of the beginning and ending equity balances for stated periods. The Company presents ROE as a measure that it is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: October 6, 2005

By: /s/ John V. Del Col                        
Name: John V. Del Col
Title:   General Counsel & Secretary