Endurance Specialty (ENH) 8-K 2011 Loss Development Triangle Cautionary Language

Exhibit 99.1

Endurance Specialty Holdings Ltd.

2011 Loss Development Triangles

Exhibit 99.1

2011 Loss Development Triangle Cautionary Language

This report is for informational purposes only and is current as of December 31, 2011. 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 Company’s filings with the U.S. Security 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 as well as current market conditions. 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 Endurance Specialty Holdings Ltd. (“Endurance” or the “Company”) with the SEC, including the most recent Annual Report on Form 10-K, as amended, and Quarterly Reports on Form 10-Q.

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,as amended, and Quarterly Reports on Form 10-Q.

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.

ENDURANCE SPECIALTY HOLDINGS LTD.

2011 GLOBAL LOSS TRIANGLES

Table of Contents

Section	Page
I. Introduction		1
II. Observations on Data Presented		3
III. Data Compilation and Definitions		5
IV. Triangle Class Details		12
V. Overview of Reserving Methodology		18
VI. Reconciliations		21
VII. Data and Exhibits (Summary Exhibits and Triangles)
Consolidated Total		Exhibit 1
Insurance Segment
High Attaching Excess of Loss Casualty		Exhibit 2
United States Sourced Casualty		Exhibit 3
Workers’ Compensation		Exhibit 4
Agriculture and Other Specialty		Exhibit 5
International Sourced Property		Exhibit 6
United States Sourced Property		Exhibit 7
Reinsurance Segment
Casualty Directors and Officers		Exhibit 8
Casualty Motor		Exhibit 9
Casualty Other		Exhibit 10
Workers’ Compensation		Exhibit 11
Agriculture and Other Specialty		Exhibit 12
Short Tail Marine and Aerospace		Exhibit 13
Short Tail Property		Exhibit 14
Short Tail Surety		Exhibit 15
Consolidated Workers’ Compensation		Exhibit 16
Insurance Long Tail		Exhibit 17
Insurance Other		Exhibit 18
Insurance Short Tail		Exhibit 19
Reinsurance Long Tail		Exhibit 20
Reinsurance Other		Exhibit 21
Reinsurance Short Tail		Exhibit 22
Insurance Segment		Exhibit 23
Reinsurance Segment		Exhibit 24

Endurance Specialty Holdings Ltd.

2011 Global Loss Triangles

I. INTRODUCTION

This report provides additional information on the loss development characteristics of Endurance Specialty Holdings Ltd. and its consolidated subsidiaries (“Endurance” or the “Company”) as of December 31, 2011. This report provides greater detail on Endurance’s reserves by showing global loss triangles for gross paid and reported loss and allocated loss adjustment expenses (“ALAE”) by accident year at annual evaluation dates. The most recent evaluation is as of December 31, 2011. In addition, accident year summary exhibits are provided which further highlight the gross, ceded, and net results by business segment and triangle classes as of December 31, 2011. These summaries include: earned premiums, paid loss and allocated loss adjustment expenses (“ALAE”); cases outstanding losses; additional case reserves; incurred but not reported losses (“IBNR”); unallocated loss adjustment expenses reserve (“ULAE”); and the ultimate loss & LAE ratios as of December 31, 2011 on an inception to date basis. Section II of this document offers general observations on the data presented in both the triangles and the summary exhibits, while Section III provides a discussion of the means used to compile the data, as well as definitions for many of the terms used in this report. A more detailed description of the business underlying the triangle information is found in Section IV of this report. Section V of this report contains a summary description of management’s loss reserving methodology.

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

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

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

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

The triangles and summary exhibits are provided for both the Insurance and Reinsurance segments of the Company. In addition, while analysis, reviews and reporting of reserves focuses primarily on the loss reserve development classes within each business segment, the information provided in the triangles in this report has been expanded to capture some of the additional differences in reporting that naturally occur within these lines of business. For ease of comparison, a reconciliation of the information presented in this report to our five reserve development tails and two segments is provided. The losses in these exhibits and triangles represent the Company’s December 31, 2011 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 would expect to continue, future versions of this information will not tie directly to the data included in this report.

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II. OBSERVATIONS ON DATA PRESENTED

Based on the data as of December 31, 2011 presented in this report, we believe the following general observations are noteworthy:

• As of December 31, 2011, 72% of Endurance’s gross loss and LAE reserves arise from Long Tail lines of business, which by their nature contain a significant amount of uncertainty. Of the 72% of Endurance’s gross Long Tail loss and LAE reserves, 44% are generated from the Company’s Insurance segment and 27% from the Reinsurance segment.

• On an inception to date basis, 61% and 39% of gross (net of Federal Crop Insurance Corporation (“FCIC”)) earned premium arises from the Reinsurance and Insurance segments, respectively. Correspondingly, on a gross basis 52% and 48% of loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively. On a net basis, 56% and 44% of the loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively.

• Additional Case Reserves (“ACRs”) amount to 11% of reported case reserves. Within Endurance’s Reinsurance Long Tail lines of business, this amount is approximately 34% of the reported case reserves.

• IBNR reserves for Endurance’s Long Tail lines of business represent 71% of the total gross reserves within the Long Tail lines of business, indicating an IBNR to case outstanding ratio of 2.7. Within the Insurance Long Tail business, IBNR reserves represent approximately 73% of the total gross reserves. Within the Reinsurance Long Tail business, IBNR reserves represent approximately 69% of the total gross reserves.

• On an inception to date basis, the Short Tail and Other Specialty reserve categories have contributed approximately 65% to the overall total favorable reserve development. Insurance and Reinsurance Long Tail reserve categories contributed to the remaining 35%. A majority of this Long Tail favorable reserve development came from accident years 2006 and prior and from Reinsurance Professional and Insurance High Attaching Excess of Loss Casualty claims-made business.

• The Reinsurance and Insurance segments have contributed approximately 53% and 47% to the total inception to date prior year favorable reserve development, respectively.

• Endurance’s overall inception to date gross ultimate loss and LAE ratio (net of FCIC) of 62% is comprised of a 66% gross loss ratio for the Insurance segment and a 60% gross loss ratio for the Reinsurance segment.

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• Due to an elevated level of catastrophe activity during 2011, there is significantly higher amount of catastrophe losses included within accident year 2011 compared to the prior three accident years. On a gross basis catastrophe related ultimate, case and IBNR included in accident year 2011 amounted to $492.6 million, $191.1 million and $96.4 million, respectively.

• As discussed in the preceding section, accident year losses and triangles are adjusted for changes in calendar year earned premium adjustments and foreign exchange movements. Therefore, this version of Endurance’s Global Loss Triangles does not tie to the previous version. For example, inception to date gross earned premium as of December 31, 2010 is $7.6 million less in this report than our 2010 Global Loss Triangles. Of this difference, approximately $7.5 million is due to changes in foreign exchange rates between year-end 2010 and year-end 2011.

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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:

• Global Loss Triangles

• Paid loss and ALAE

• Case incurred loss & ALAE (including ACRs)

• Ultimate loss and LAE

• Earned Premium

• Ultimate loss and LAE ratio

• Ultimate loss and LAE emergence

• Summary Exhibits

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

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

• Net premium, paid losses, reserves (case outstanding, ACRs, IBNR, 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, exclusion of the FCIC cessions, the impact of premium adjustments and other data adjustments.

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

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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 eliminate distortions caused by such fluctuations, data in the triangles have been restated using the year end 2011 rate of exchange of 1.5541 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. In addition, premium adjustments with respect to paid losses are reflected in the triangles but adjustments to premium resulting from future expected claims settlements are not.

Inter-company reinsurance transactions have not been reflected in the triangles. The summary exhibits also include ceded (third party) and net schedules.

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 2011 from a policy written and exposures earned in 2005, the additional premium is recognized in the 2011 calendar year for financial reporting purposes. However, for reserving purposes, the premium is allocated to the years in which the premium for the 2005 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 LAE Ratio

The ultimate loss and LAE 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 LAE ratio is presented to show the relationship between management’s best estimate of expected ultimate losses and LAE and the associated premiums that were received by Endurance to assume the risks related to those losses. Ultimate losses and LAE 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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from prior accident periods). Since Endurance distributes earned premium from premium adjustments to the appropriate accident year in its reserving process, one will see changes in booked ultimate losses solely due to these premium changes. Because of this phenomenon, the triangle of ultimate loss & LAE ratios can be very useful as it 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 LAE estimate is the product of the corresponding accident year earned premium and ultimate loss and LAE ratio.

Ultimate Loss and LAE

The triangle of ultimate loss and LAE 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 LAE ratio as presented in their respective triangles. For example, using the consolidated triangles, the ultimate loss and LAE amount for accident year 2004 at 12 months maturity ($1,101 million) is derived by multiplying the ultimate loss and LAE ratio for accident year 2004 at 12 months maturity (67.0%) by the latest earned premium for accident year 2004 ($1,644 million) at 96 months maturity. 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 LAE. 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 LAE triangle. For example, using the consolidated triangles, the change in ultimate loss at the 12 month maturity for the 2006 accident year is derived by subtracting the ultimate loss & LAE at the 12 month maturity for the 2006 accident year from the ultimate loss & LAE at the 24 month maturity for the same accident year. The full calendar year emergence is represented by the total of any given diagonal (excluding the loss emergence within the first 12 months of an accident year), and is also shown as an additional row at the bottom of the triangle.

Global Loss Triangle Classes

Triangles are provided in 15 classes, six for the Insurance segment, and eight for the Reinsurance segment and a combined Insurance and Reinsurance workers’ compensation class. The classes are based on the loss development characteristics for the lines of business represented by the exposures in a given triangle class (motor, workers compensation, directors & officers, etc.), as well as differences in the underlying business as evidenced by the separate Insurance casualty classes. It is important to note that for the Reinsurance classes, there is no differentiation between proportional and non-proportional business that could have different loss emergence patterns. The combined Insurance and Reinsurance workers’ compensation class is included as the current insurance workers’ compensation business was transitioned from a proportional reinsurance treaty to insurance in 2006. The 15 triangle classes included in this report are listed below.

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Insurance Segment Loss Triangle Classes

• High Attaching Excess of Loss Casualty (Insurance Long Tail)

• United States Sourced Casualty (Insurance Long Tail)

• Workers’ Compensation (Insurance Long Tail)

• Agriculture and Other Specialty (Insurance Other Specialty)

• International Sourced Property (Insurance Short Tail)

• United States Sourced Property (Insurance Short Tail)

Reinsurance Segment Loss Triangle Classes

• Casualty Directors and Officers (Reinsurance Long Tail)

• Casualty Motor (Reinsurance Long Tail)

• Casualty Other (Reinsurance Long Tail)

• Workers’ Compensation (Reinsurance Long Tail)

• Agriculture and Other Specialty (Reinsurance Other Specialty)

• Short Tail Marine and Aerospace (Reinsurance Long Tail)

• Short Tail Property (Reinsurance Short Tail)

• Short Tail Surety (Reinsurance Short Tail)

Combined Insurance and Reinsurance Loss Triangle Class

• Workers’ Compensation (Insurance and Reinsurance Long Tail)

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

Accident Year Loss Allocation

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

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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 and 2011 catastrophes. The loss amounts are gross of any retrocession recoveries. The premium data is gross of any retrocession recoveries and includes any reinstatement premiums associated with the loss events.

Business Not Included

Cessions to the FCIC within the Insurance Agriculture & Other Specialty class have been excluded from the analysis. 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.

Maturity of Triangle Periods

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

Definitions

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

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

Additional Case Reserves orACRs 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 cedents or third parties) are expected to be insufficient to meet the expected future settlement amounts.

Additional Event Reservesare 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.

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

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

Case Reservesare 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.

Diagonalsin 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, 2011.

Earned Premiumis the amount of policy premiums allocated between Accident Years in accordance with the assumed incidence of risk which results from insurance and reinsurance contracts that do not all commence at the start of a given Accident Year.

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 including catastrophe bonds.

IBNR means incurred but not reported reserve, or a reserve amount held to cover expected future settlements in relation to all claims that have occurred but have not yet been reported to Endurance. This includes a reserve provision for claims which may have already occurred and expected development (upward or downward) in existing Case Reserves and Additional Case Reserves. 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.

Maturityis measured in months from the start of the Accident Year.

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Netmeans 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 Claims.

Paid Lossesare claim amounts paid to insureds or ceding companies.

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

Triangleis 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), and ULAE.

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

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IV. TRIANGLE CLASS DETAILS

a) Insurance Long Tail—High Attaching Excess of Loss Casualty

The high attaching excess of loss casualty triangle class represents the commercial casualty insurance business underwritten by Endurance’s Bermuda operating subsidiary. This triangle class comprises three of Endurance’s lines of business.

Healthcare Liability Insurance – Third party excess liability coverage for hospitals in the United States written on both a direct insurance basis and as reinsurance to captive insurance companies. Clients are predominantly multi-hospital systems, academic medical centers and specialty hospitals such as pediatric hospitals. Clients typically assume a large portion of their own risk, practice strong clinical risk management and claims management, and purchase large limits.

Excess Casualty Insurance – Third-party liability coverage for a wide range of industry groups. Clients are typically Fortune 1000 companies in a variety of industries, including but not limited to: chemical manufacturers; medical products; pharmaceuticals; construction, including home builders and owner controlled insurance programs; transportation, including commuter and freight rail, and trucking; premises exposures; and manufacturing.

Professional Lines Insurance – Management liability and professional liability coverage for all industry groups underwritten on a direct insurance or facultative reinsurance basis. Clients are U.S. and international commercial and financial institutions. The products in this business line include directors & officers liability (except managed care), errors & omissions, employment practices liability and fiduciary liability for commercial and financial institutions.

b) Insurance Long Tail – United States Sourced Casualty

The United States sourced casualty class comprises U.S. commercial liability insurance underwritten by certain of Endurance’s U.S. insurance operating subsidiaries, which commenced operations in 2005. The largest product in this triangle class based upon gross earned premium is excess casualty, with the remainder comprising primary casualty, pollution liability, healthcare liability, directors & officers’ liability, and miscellaneous errors & omissions liability.

Excess Casualty Insurance – Endurance’s United States sourced excess casualty product targets clients, typically below the Fortune 500 level, that include contractors, manufacturers, real estate, financial institutions, transportation, and public entities. Participations are generally on the second or third excess of loss layers.

Primary Casualty Insurance – The primary casualty product typically insures commercial exposures for smaller clients representing general liability and auto exposures.

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

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

Directors’ and Officers’ Liability Insurance – The directors’ and officers’ liability business provides specialized primary and excess management liability products, principally to Fortune 2500 publicly traded, private and not-for-profit commercial entities.

Miscellaneous Errors and Omissions Insurance – Endurance’s miscellaneous errors and omissions product includes primary and excess coverage of insurance related services, real estate related services, technology services, general consulting services and media services.

For all of the above listed businesses, Endurance utilizes third party reinsurance to limit its retention to within its risk tolerances.

c) Insurance Long Tail – Workers’ Compensation

The workers’ compensation triangle class was primarily ground up workers’ compensation insurance in niche markets in the United States. Target clients were small businesses that were written through local production sources utilizing web-based systems. Experience in this class was a combination of insurance and reinsurance, as in 2006 we converted the business from reinsurance to insurance. However, we have separated the insurance and reinsurance triangles to allow segment based analysis. Since late 2005, the exposures in this triangle class primarily arose from California and consisted predominantly of ground up workers’ compensation coverage provided to small and medium size businesses.

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

d) Insurance Other Specialty – Agriculture and Other Specialty

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

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e) Insurance Short Tail – International Sourced Property

The international sourced property triangle class included the commercial property insurance and facultative reinsurance business underwritten by Endurance’s Bermuda and U.K. operating subsidiaries. This triangle class was initially composed of business written by Endurance’s Bermuda subsidiary, which focused on underwriting U.S. clients that required multiple insurers and reinsurers to accommodate their insurance needs. More recently it included business written by the U.K. subsidiary.

The Company ceased underwriting property insurance in its Bermuda subsidiary in 2006 and exited the Bermuda and U.K. property insurance market during the first quarter of 2009.

f) Insurance Short Tail – United States Sourced Property

The United States sourced property triangle class comprises commercial property insurance underwritten by certain of Endurance’s U.S. operating subsidiaries, which commenced operations in 2005.

The products offered in this triangle class are named peril catastrophe protection and difference in conditions coverage for earthquake and flood for all usual commercial occupancies and throughout the United States. Typical risks that are written have multiple layers of coverage provided by multiple insurance carriers.

This triangle class also contains a comparatively small component of commercial property all-risk coverage that includes wind exposed risks.

In addition, the triangle class includes habitational property risks across the U.S. with a focus in the Northeast.

g) Reinsurance Long Tail – Casualty Directors and Officers

The casualty directors and officers triangle class contains predominantly U.S. directors’ and officers’ liability and related products, 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.

h) Reinsurance Long Tail – Casualty Motor

The casualty motor triangle class comprises treaty reinsurance of U.S. and international cedents underwriting motor business. The international business is comprised largely of proportional protections covering both property and third party exposures. The U.S. business is a mix of proportional and excess of loss coverages, where the exposure is predominantly liability.

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i) Reinsurance Long Tail – Casualty Other

The casualty other triangle class comprises our treaty casualty products (other than the products included in the casualty motor or casualty directors and officers triangle classes) underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches.

This triangle class includes third party liability exposures from ceding companies on a treaty basis and comprises most casualty exposures including, general liability, public liability, products liability, umbrella and clash, warranty, medical malpractice liability, lawyers errors and omissions, miscellaneous errors and omissions, excess casualty and political risk. This triangle class includes both frequency and severity-exposed contracts covering risk underwritten on both an occurrence and claims made basis.

j) Reinsurance Long Tail – Workers’ Compensation

The workers’ compensation reinsurance triangle class was primarily workers’ compensation reinsurance in niche markets in the United States. Endurance writes traditional working layer workers’ compensation reinsurance on either an excess of loss or a proportional basis. Coverage is typically provided on a per person/per occurrence basis.

k) Reinsurance Other Specialty – Agriculture & Other Specialty

The agriculture & other specialty triangle class predominantly consists of U.S. agricultural reinsurance, but also includes personal accident reinsurance underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches.

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

Endurance’s other specialty lines include personal accident products such as accidental death, medical and disability coverages underwritten on a treaty and facultative reinsurance basis. Endurance’s personal accident products provide per person and catastrophe protection, for life insurance companies and other specialty risk underwriters.

l) Reinsurance Other – Short Tail Marine & Aerospace

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

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The marine products in this triangle class contain a wide range of marine and energy business underwritten on both a proportional and non-proportional basis underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches. Initially the underwritings were dominated by onshore energy business underwritten from Bermuda. The development of the marine and energy team in the U.K. and U.S. led to an expansion into offshore energy business. In 2006, Endurance exited the offshore energy business and significantly curtailed underwriting of onshore energy risks. Since 2007, a modest amount of onshore energy risks have been underwritten within the property portfolio and the book has decreased significantly in size with more of a focus on hull and cargo risks.

m) Reinsurance Short Tail – Short Tail Property

The short tail property triangle class contains international and U.S. property catastrophe business and workers compensation catastrophe business underwritten by the Company’s Bermuda subsidiary and per risk excess of loss and proportional treaty business underwritten in the U.S. and U.K. subsidiaries and the Singapore and Zurich branches.

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

Endurance’s Workers’ compensation catastrophe reinsurance consists of the reinsurance of U.S. workers’ compensation writers against multi-life events. The major exposures are earthquake and transport related losses.

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

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n) Reinsurance Short Tail – Short Tail Surety

Endurance underwrites surety reinsurance on both a proportional and excess of loss basis. The business in the short tail surety triangle class focuses primarily on reinsurance of surety and fidelity lines of business. The surety reinsurance products are underwritten by one of Endurance’s U.S. subsidiaries and are largely comprised of U.S. programs established on either a direct or brokered basis. Endurance’s business partners in connection with these products include national account writers, regional companies and specialty operations.

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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 and brokers at the time individual contracts and policies are bound. In addition, management uses commercially available risk analysis models, contract by contract review by our underwriting teams and to a limited extent, overall market share assumptions to estimate our loss and loss expense reserves related to specific loss events. When the applicable information has been obtained, Endurance uses a variety of actuarial methods to estimate the ultimate losses and loss expenses incurred by Endurance in connection with business it has underwritten and thus, the applicable reserve for losses and loss expenses.

While management does not at this time include an explicit or implicit provision for uncertainty in its reserve for losses and loss expenses, certain of Endurance’s business lines are by their nature subject to additional uncertainties, including Endurance’s casualty, property, catastrophe, aerospace and surety and other specialty lines in the Reinsurance business segment and Endurance’s casualty and professional lines in the Insurance business segment, which are discussed in detail below. 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 line 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, the portion of Endurance’s casualty line in its Insurance business segment that is underwritten in Bermuda includes policy forms that vary from more traditional policy forms. The primary difference in the casualty policy form used by Endurance’s Bermuda subsidiary from more traditional policy forms relates to the coverage being provided on an occurrence reported basis instead of the typical occurrence or claims-made basis used in traditional policy forms. The occurrence reported policy forms typically cover occurrences causing unexpected and unintended personal injury or property damage to third parties arising from events or conditions that commence at or subsequent to an inception date and prior to the expiration of the policy, provided that proper notice is given during the term of the policy or the discovery period.

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The inherent uncertainty of estimating Endurance’s loss and loss expense reserves for its Reinsurance business segment increases principally due to:

(i) the lag in time 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.

2011 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 amended, and Quarterly Reports on Form 10-Q as filed with the SEC.

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VI. RECONCILIATIONS

Reconciliation of Gross Unpaid Loss and LAE

The following table reconciles the reserves for losses and loss expenses as of December 31, 2011 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, on a gross basis).

		September 30,
Consolidated triangles unpaid loss and LAE	$	3,666.7
FCIC related Agriculture Insurance Reserves		186.9
Deposit accounting reserves		(26.4	)
Foreign Exchange and Other		(3.0	)
Adjusted unpaid loss and LAE	$	3,824.2
Reserves for losses and loss expenses Per 12/31/11 GAAP Financial Statements	$	3,824.2

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Reconciliation of Gross Earned Premium

The following table reconciles the calendar year 2011 earned premium as of December 31, 2011 as reported in Endurance’s financial statements prepared in accordance with GAAP to the earned premium published in the triangles (all amounts in millions, on a gross basis). Prior diagonals were reconciled in our previously disclosed 2010 Loss Development Triangles. Differences between the 2011 and 2010 versions are mainly due to foreign exchange movements.

		September 30,
Consolidated triangles earned premium	$	2,101.3
FCIC related Agriculture Insurance Premium		280.8
Impact of contracts subject to deposit accounting		(2.1	)
Miscellaneous adjustments (including Foreign Exchange)		(3.0	)
Adjusted 2011 Earned Premium	$	2,377.0
2011 Earned Premium per Financial Statements	$	2,377.0

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Reconciliation of Calendar Year Loss Emergence

The following table reconciles the calendar year 2011 development of losses and loss adjustment expenses as of December 31, 2011 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). Prior diagonals were reconciled in our previously disclosed 2010 Loss Development Triangles. Differences between the 2011 and 2010 versions are mainly due to foreign exchange movements.

		September 30,
Development per Triangles	$	156.3
Impact of ceded,
Including FCIC related impact for Agriculture Insurance		8.7
Impact of contracts subject to deposit accounting		0.9
Miscellaneous, including Foreign Exchange*		14.0
Adjusted development	$	179.9
Development per Financial Statements	$	179.9

* 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.

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Reconciliation of Triangle Classes to Lines of Business

The following tables reconcile the lines of business of Endurance as of December 31, 2011 as reported in Endurance’s financial statements prepared in accordance with GAAP to the reserving classes published in the triangles.

September 30,

September 30,

September 30,

September 30,

September 30,

September 30,

Lines of Business

Triangle Class - Insurance Segment

Property

Casualty

Agriculture

Healthcare Liability

Surety and Other Specialty

Professional Lines

Agriculture and Other Specialty

X

High Attaching Excess of Loss Casualty

X

X

X

US Sourced Casualty

X

International Sourced Property

X

US Sourced Property

X

Workers’ Compensation

X

		September 30,		September 30,		September 30,		September 30,		September 30,
Triangle Class - Reinsurance Segment	Property		Casualty		Catastrophe		Aerospace and Marine		Surety and Other Specialty
Agriculture and Other Specialty										X
Casualty Other				X
Casualty Directors & Officers				X
Casualty Motor				X
Short Tail Marine and Aerospace								X
Short Tail Property		X				X
Short Tail Surety										X
Workers’ Compensation				X

24

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Consolidated Total
Consolidated Total

ITD SUMMARY

Gross

		September 30,		September 30,			September 30,			September 30,		September 30,		September 30,		September 30,			September 30,
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		462,929		122,857			9,679			5,374		16,940		480		155,330			34	%
2003		1,243,261		377,579			24,110			5,392		60,344		1,348		468,773			38	%
2004		1,643,873		648,345			24,568			2,429		103,845		1,963		781,149			48	%
2005		1,798,968		1,509,656			80,433			11,542		113,883		3,157		1,718,672			96	%
2006		1,895,420		577,221			87,786			6,129		137,257		4,118		812,510			43	%
2007		1,764,198		627,739			93,311			16,389		170,442		5,137		913,018			52	%
2008		1,978,791		923,308			202,089			14,829		222,812		7,828		1,370,865			69	%
2009		1,877,292		637,615			102,344			11,549		312,278		9,391		1,073,178			57	%
2010		1,880,997		504,356			196,100			10,974		454,192		14,361		1,179,982			63	%
2011		2,094,340		744,026			329,432			43,188		727,117		22,132		1,865,894			89	%
		16,640,069		6,672,702			1,149,852			127,794		2,319,111		69,913		10,339,372			62	%
Ceded
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		26,341		(178	)		(1	)		—		0		—		(179	)		-1	%
2003		9,753		1,242			13			—		9		—		1,264			13	%
2004		11,277		9,711			88			—		29		—		9,828			87	%
2005		29,125		14,018			331			—		1,780		—		16,128			55	%
2006		118,209		14,796			13,128			107		7,719		—		35,750			30	%
2007		196,923		24,568			6,005			—		15,578		—		46,151			23	%
2008		230,279		56,717			7,007			—		18,455		—		82,178			36	%
2009		223,622		70,781			7,332			108		41,785		—		120,007			54	%
2010		147,241		3,929			26,277			—		52,874		—		83,081			56	%
2011		154,688		6,746			15,485			879		68,810		—		91,919			59	%
		1,147,457		202,329			75,664			1,094		207,039		—		486,126			42	%
Net
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		436,588		123,035			9,679			5,374		16,940		480		155,509			36	%
2003		1,233,507		376,337			24,097			5,392		60,335		1,348		467,510			38	%
2004		1,632,596		638,634			24,480			2,429		103,816		1,963		771,321			47	%
2005		1,769,843		1,495,638			80,103			11,542		112,103		3,157		1,702,544			96	%
2006		1,777,212		562,425			74,658			6,022		129,538		4,118		776,760			44	%
2007		1,567,275		603,172			87,306			16,389		154,864		5,137		866,868			55	%
2008		1,748,513		866,591			195,082			14,829		204,357		7,828		1,288,687			74	%
2009		1,653,670		566,834			95,012			11,441		270,493		9,391		953,172			58	%
2010		1,733,756		500,427			169,823			10,974		401,318		14,361		1,096,902			63	%
2011		1,939,652		737,280			313,947			42,309		658,307		22,132		1,773,975			91	%
		15,492,611		6,470,373			1,074,188			126,700		2,112,072		69,913		9,853,247			64	%

Insurance—Agriculture gross is net of FCIC cession

Exhibit 1, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Consolidated Total

Consolidated Total

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		4,698		48,863		66,948		74,425		99,722		101,945		110,823		119,258		121,695		122,857
2003		53,678		155,000		213,815		251,121		293,818		319,945		336,652		364,336		377,579
2004		128,150		364,750		463,341		537,818		580,235		613,656		631,436		648,345
2005		298,439		867,210		1,190,062		1,347,813		1,441,621		1,489,837		1,509,656
2006		65,058		307,118		410,953		492,634		543,279		577,221
2007		71,949		316,858		415,008		556,855		627,739
2008		336,406		702,158		841,496		923,308
2009		269,972		536,770		637,615
2010		215,325		504,356
2011		744,026
Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		50,590		99,037		102,542		128,209		145,047		141,430		139,688		137,410		132,845		137,910
2003		164,944		279,938		315,199		347,354		373,317		386,488		399,779		400,383		407,082
2004		329,915		567,387		618,685		642,659		665,071		672,271		668,249		675,341
2005		959,562		1,446,067		1,529,734		1,589,596		1,623,565		1,598,337		1,601,631
2006		202,527		461,258		530,506		585,882		621,804		671,135
2007		205,475		502,678		623,440		692,288		737,439
2008		718,707		895,338		1,051,971		1,140,226
2009		514,567		696,417		751,509
2010		468,082		711,430
2011		1,116,645
Ultimate Loss
& LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		241,683		210,195		182,626		195,817		190,063		182,376		179,043		167,500		154,975		155,330
2003		737,430		629,666		556,978		539,056		529,189		514,119		503,146		484,405		468,773
2004		1,101,132		998,904		912,695		883,384		851,137		829,521		783,731		781,149
2005		1,820,919		1,880,501		1,850,971		1,819,364		1,802,011		1,747,571		1,718,672
2006		1,000,695		918,804		868,929		839,762		816,657		812,510
2007		975,053		966,779		958,946		932,907		913,018
2008		1,391,379		1,314,071		1,359,483		1,370,865
2009		1,115,553		1,123,294		1,073,178
2010		1,226,722		1,179,982
2011		1,865,894

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 1, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Consolidated Total

Consolidated Total

GROSS BASIS

		xx			xx			xx			xx			xx			xx			xx			xx			xx			xx			xx
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		52.2	%		45.4	%		39.5	%		42.3	%		41.1	%		39.4	%		38.7	%		36.2	%		33.5	%		33.6	%
2003		59.3	%		50.6	%		44.8	%		43.4	%		42.6	%		41.4	%		40.5	%		39.0	%		37.7	%
2004		67.0	%		60.8	%		55.5	%		53.7	%		51.8	%		50.5	%		47.7	%		47.5	%
2005		101.2	%		104.5	%		102.9	%		101.1	%		100.2	%		97.1	%		95.5	%
2006		52.8	%		48.5	%		45.8	%		44.3	%		43.1	%		42.9	%
2007		55.3	%		54.8	%		54.4	%		52.9	%		51.8	%
2008		70.3	%		66.4	%		68.7	%		69.3	%
2009		59.4	%		59.8	%		57.2	%
2010		65.2	%		62.7	%
2011		89.1	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		393,472			453,262			459,358			470,574			464,404			464,254			462,810			462,983			462,915			462,929
2003		1,228,413			1,240,588			1,242,605			1,241,080			1,242,240			1,242,860			1,243,307			1,243,356			1,243,261
2004		1,612,881			1,635,123			1,638,408			1,640,770			1,641,551			1,643,214			1,644,253			1,643,873
2005		1,780,548			1,796,857			1,800,500			1,801,845			1,803,457			1,799,386			1,798,968
2006		1,851,010			1,887,054			1,893,995			1,896,871			1,896,000			1,895,420
2007		1,764,728			1,767,249			1,762,668			1,763,816			1,764,198
2008		1,978,662			1,978,869			1,978,676			1,978,791
2009		1,871,563			1,876,242			1,877,292
2010		1,874,136			1,880,997
2011		2,094,340
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		241,683			(31,487	)		(27,569	)		13,191			(5,754	)		(7,687	)		(3,333	)		(11,543	)		(12,525	)		355			(86,353	)
2003		737,430			(107,764	)		(72,688	)		(17,922	)		(9,867	)		(15,070	)		(10,973	)		(18,741	)		(15,632	)					(268,657	)
2004		1,101,132			(102,229	)		(86,209	)		(29,311	)		(32,247	)		(21,616	)		(45,790	)		(2,582	)								(319,983	)
2005		1,820,919			59,582			(29,529	)		(31,607	)		(17,353	)		(54,440	)		(28,899	)											(102,247	)
2006		1,000,695			(81,891	)		(49,875	)		(29,167	)		(23,105	)		(4,147	)														(188,185	)
2007		975,053			(8,274	)		(7,833	)		(26,039	)		(19,889	)																	(62,035	)
2008		1,391,379			(77,308	)		45,412			11,383																					(20,514	)
2009		1,115,553			7,741			(50,115	)																							(42,375	)
2010		1,226,722			(46,739	)																										(46,739	)
2011		1,865,894
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(31,487	)		(135,334	)		(161,725	)		(50,303	)		(158,285	)		(140,406	)		(175,793	)		(127,488	)		(156,266	)		(1,137,088	)

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 1, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

High Attaching Excess of Loss Casualty

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,			September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves			Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE			Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		43,815		32		18			—		4,094		62		4,205		10	%
2003		174,168		7,006		71			—		16,737		252		24,066		14	%
2004		235,163		9,230		3,235			—		28,081		470		41,016		17	%
2005		259,332		22,790		25,066			—		40,069		977		88,902		34	%
2006		266,250		35,975		15,538			—		59,249		1,122		111,884		42	%
2007		244,545		110,391		11,969			—		76,762		1,331		200,452		82	%
2008		219,945		25,398		70,598			—		90,776		2,421		189,192		86	%
2009		226,454		33,665		564			—		119,718		1,804		155,751		69	%
2010		223,117		503		77,716			—		138,205		3,239		219,663		98	%
2011		210,234		—		50			—		142,884		2,144		145,078		69	%
		2,103,023		244,991		204,823			—		716,576		13,821		1,180,211		56	%
Ceded
Accident	Earned		Paid Loss		Case Reserves			Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE			Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—			—		—		—		—		0	%
2003		509		—		—			—		0		—		0		0	%
2004		446		41		29			—		2		—		72		16	%
2005		470		—		—			—		42		—		42		9	%
2006		170		—		—			—		101		—		101		59	%
2007		3,728		—		—			—		1,396		—		1,396		37	%
2008		5,526		—		—			—		1,242		—		1,242		22	%
2009		15,073		3,886		(28	)		—		8,638		—		12,496		83	%
2010		23,747		282		23,937			—		15,495		—		39,715		167	%
2011		38,191		—		—			—		25,614		—		25,614		67	%
		87,859		4,209		23,938			—		52,532		—		80,679		92	%
Net
Accident	Earned		Paid Loss		Case Reserves			Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE			Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		43,815		32		18			—		4,094		62		4,205		10	%
2003		173,660		7,006		71			—		16,736		252		24,066		14	%
2004		234,717		9,190		3,206			—		28,080		470		40,945		17	%
2005		258,862		22,790		25,066			—		40,026		977		88,859		34	%
2006		266,080		35,975		15,538			—		59,149		1,122		111,783		42	%
2007		240,817		110,391		11,969			—		75,366		1,331		199,056		83	%
2008		214,418		25,398		70,598			—		89,534		2,421		187,950		88	%
2009		211,380		29,778		592			—		111,080		1,804		143,255		68	%
2010		199,370		221		53,779			—		122,710		3,239		179,949		90	%
2011		172,044		—		50			—		117,270		2,144		119,464		69	%
		2,015,164		240,782		180,886			—		664,044		13,821		1,099,533		55	%

Exhibit 2, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

High Attaching Excess of Loss Casualty

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		32
2003		—		18		24		48		58		1,766		1,768		3,472		7,006
2004		—		44		160		3,746		4,071		4,079		9,168		9,230
2005		2,780		2,744		8,030		8,050		8,480		22,530		22,790
2006		42		6,711		8,862		35,399		35,497		35,975
2007		11		494		3,173		79,706		110,391
2008		12,263		10,031		25,014		25,398
2009		12		127		33,665
2010		44		503
2011		—
Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		50
2003		0		5,018		6,108		4,048		4,058		5,044		5,028		6,728		7,077
2004		—		44		160		3,769		4,071		4,092		9,217		12,465
2005		10,780		15,794		18,056		34,550		47,625		47,627		47,856
2006		7,042		15,577		24,440		35,506		35,535		51,513
2007		2,011		22,994		83,458		107,469		122,359
2008		12,513		17,387		75,932		95,996
2009		12		35,809		34,229
2010		25,544		78,219
2011		50
Ultimate Loss
& LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		33,623		28,419		22,995		20,490		16,449		14,668		13,370		9,624		5,478		4,205
2003		124,562		114,944		93,978		81,589		68,616		59,697		51,369		30,037		24,066
2004		161,955		146,298		134,875		122,134		94,267		76,543		50,265		41,016
2005		196,551		190,176		176,186		147,995		133,656		112,730		88,902
2006		208,360		195,097		171,340		147,413		117,416		111,884
2007		180,261		221,452		242,383		211,719		200,452
2008		165,854		151,854		197,703		189,192
2009		145,657		177,745		155,751
2010		193,480		219,663
2011		145,078

Diagonals as of 12/31

Exhibit 2, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

High Attaching Excess of Loss Casualty

GROSS BASIS

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
Ultimate Loss
& LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		76.7	%		64.9	%		52.5	%		46.8	%		37.5	%		33.5	%		30.5	%		22.0	%		12.5	%		9.6	%
2003		71.5	%		66.0	%		54.0	%		46.8	%		39.4	%		34.3	%		29.5	%		17.2	%		13.8	%
2004		68.9	%		62.2	%		57.4	%		51.9	%		40.1	%		32.5	%		21.4	%		17.4	%
2005		75.8	%		73.3	%		67.9	%		57.1	%		51.5	%		43.5	%		34.3	%
2006		78.3	%		73.3	%		64.4	%		55.4	%		44.1	%		42.0	%
2007		73.7	%		90.6	%		99.1	%		86.6	%		82.0	%
2008		75.4	%		69.0	%		89.9	%		86.0	%
2009		64.3	%		78.5	%		68.8	%
2010		86.7	%		98.5	%
2011		69.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		44,252			44,252			43,815			43,815			43,815			43,815			43,815			43,815			43,815			43,815
2003		173,063			174,352			174,168			174,168			174,168			174,168			174,168			174,168			174,168
2004		236,951			235,206			235,202			235,162			235,162			235,163			235,163			235,163
2005		259,056			258,736			258,568			258,366			258,386			258,385			259,332
2006		267,007			267,188			266,815			266,848			266,845			266,250
2007		245,315			244,699			244,897			244,895			244,545
2008		219,173			219,935			219,929			219,945
2009		226,271			226,426			226,454
2010		223,557			223,117
2011		210,234
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		33,623			(5,204	)		(5,424	)		(2,505	)		(4,041	)		(1,782	)		(1,298	)		(3,746	)		(4,146	)		(1,272	)		(29,418	)
2003		124,562			(9,618	)		(20,966	)		(12,388	)		(12,973	)		(8,919	)		(8,328	)		(21,332	)		(5,971	)					(100,496	)
2004		161,955			(15,657	)		(11,423	)		(12,741	)		(27,866	)		(17,724	)		(26,278	)		(9,248	)								(120,938	)
2005		196,551			(6,375	)		(13,990	)		(28,191	)		(14,339	)		(20,925	)		(23,829	)											(107,649	)
2006		208,360			(13,264	)		(23,757	)		(23,927	)		(29,996	)		(5,532	)														(96,476	)
2007		180,261			41,191			20,931			(30,664	)		(11,267	)																	20,192
2008		165,854			(14,000	)		45,849			(8,511	)																				23,338
2009		145,657			32,088			(21,994	)																							10,094
2010		193,480			26,184																											26,184
2011		145,078
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(5,204	)		(15,042	)		(39,128	)		(34,228	)		(54,749	)		(48,840	)		(61,134	)		(55,404	)		(61,440	)		(375,169	)

Diagonals as of 12/31

Exhibit 2, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

United States Sourced Casualty

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		6,146		25		32		—		1,725		96		1,878		31	%
2006		35,190		19,108		16,585		—		9,713		990		46,395		132	%
2007		63,001		12,017		7,700		—		17,075		1,151		37,942		60	%
2008		97,597		19,345		11,938		—		31,982		2,087		65,353		67	%
2009		179,031		57,658		20,310		1		75,675		4,721		158,365		88	%
2010		202,990		22,179		19,252		—		104,003		6,250		151,684		75	%
2011		232,216		5,530		13,389		—		147,866		8,501		175,286		75	%
		816,170		135,863		89,205		1		388,038		23,795		636,903		78	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		4,894		19		24		—		1,446		—		1,489		30	%
2006		25,664		13,558		12,082		—		7,265		—		32,905		128	%
2007		43,845		7,420		5,764		—		12,062		—		25,246		58	%
2008		53,255		8,633		6,685		—		16,731		—		32,049		60	%
2009		67,128		24,193		4,179		—		28,714		—		57,085		85	%
2010		66,137		3,537		2,194		—		34,830		—		40,562		61	%
2011		56,884		679		451		—		37,157		—		38,287		67	%
		317,806		58,039		31,379		—		138,205		—		227,622		72	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		1,251		6		8		—		279		96		389		31	%
2006		9,526		5,550		4,503		—		2,447		990		13,490		142	%
2007		19,156		4,598		1,936		—		5,012		1,151		12,697		66	%
2008		44,342		10,712		5,253		—		15,252		2,087		33,304		75	%
2009		111,903		33,465		16,131		1		46,962		4,721		101,280		91	%
2010		136,853		18,642		17,058		—		69,172		6,250		111,122		81	%
2011		175,333		4,851		12,937		—		110,709		8,501		136,999		78	%
		498,365		77,824		57,826		1		249,834		23,795		409,281		82	%

Exhibit 3, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

United States Sourced Casualty

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		14		25
2006		29		163		9,744		12,815		15,993		19,108
2007		134		2,235		4,380		8,667		12,017
2008		513		4,416		11,670		19,345
2009		1,662		44,020		57,658
2010		2,644		22,179
2011		5,530
Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		25		58
2006		445		12,990		14,046		15,883		19,395		35,692
2007		1,192		4,578		10,691		13,939		19,717
2008		2,896		13,031		19,358		31,283
2009		21,459		59,331		77,969
2010		14,247		41,432
2011		18,919
Ultimate Loss
& LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		4,959		5,301		4,310		3,712		2,924		2,573		1,878
2006		31,196		39,576		36,923		31,041		32,290		46,395
2007		49,976		47,703		41,266		37,746		37,942
2008		74,187		66,550		65,038		65,353
2009		128,890		157,814		158,365
2010		144,126		151,684
2011		175,286

Diagonals as of 12/31

Exhibit 3, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

United States Sourced Casualty

GROSS BASIS

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
Ultimate Loss
& LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		80.7	%		86.2	%		70.1	%		60.4	%		47.6	%		41.9	%		30.6	%
2006		88.7	%		112.5	%		104.9	%		88.2	%		91.8	%		131.8	%
2007		79.3	%		75.7	%		65.5	%		59.9	%		60.2	%
2008		76.0	%		68.2	%		66.6	%		67.0	%
2009		72.0	%		88.1	%		88.5	%
2010		71.0	%		74.7	%
2011		75.5	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—
2005		6,119			6,146			6,146			6,146			6,146			6,146			6,146
2006		34,914			35,146			35,191			35,190			35,190			35,190
2007		62,576			62,862			63,048			63,077			63,001
2008		96,362			97,388			97,649			97,597
2009		177,184			179,034			179,031
2010		201,623			202,990
2011		232,216
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—						—
2004		—			—			—			—			—			—			—			—									—
2005		4,959			342			(991	)		(597	)		(789	)		(350	)		(695	)											(3,081	)
2006		31,196			8,380			(2,653	)		(5,882	)		1,249			14,105															15,199
2007		49,976			(2,273	)		(6,437	)		(3,520	)		196																		(12,034	)
2008		74,187			(7,637	)		(1,512	)		314																					(8,835	)
2009		128,890			28,925			551																								29,476
2010		144,126			7,558																											7,558
2011		175,286
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			—			—			342			7,389			(5,523	)		(20,745	)		24,792			22,029			28,283

Diagonals as of 12/31

Exhibit 3, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

United States Sourced Casualty

ITD SUMMARY

Gross

		September 30,			September 30,		September 30,		September 30,		September 30,			September 30,		September 30,		September 30,
Accident	Earned			Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium			& ALAE		& ALAE		Case Reserves		IBNR			ULAE		& LAE		& LAE Ratio
2002 and P		—			—		—		—		—			—		—		0	%
2003		—			—		—		—		—			—		—		0	%
2004		—			—		—		—		—			—		—		0	%
2005		—			—		—		—		—			—		—		0	%
2006		29,080			12,251		1,802		—		2,491			119		16,662		57	%
2007		202,018			97,121		24,455		—		20,096			824		142,497		71	%
2008		255,757			141,756		50,279		—		32,469			1,043		225,548		88	%
2009		123,778			50,495		33,418		—		19,709			505		104,127		84	%
2010		1,761			461		346		—		351			7		1,165		66	%
2011		—			—		—		—		—			—		—		0	%
		612,395			302,085		110,301		—		75,116			2,498		490,000		80	%
Ceded
Accident	Earned			Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium			& ALAE		& ALAE		Case Reserves		IBNR			ULAE		& LAE		& LAE Ratio
2002 and P		—			—		—		—		—			—		—		0	%
2003		—			—		—		—		—			—		—		0	%
2004		—			—		—		—		—			—		—		0	%
2005		—			—		—		—		—			—		—		0	%
2006		756			—		738		—		17			—		755		100	%
2007		17,271			—		—		—		2,043			—		2,043		12	%
2008		26,813			—		—		—		215			—		215		1	%
2009		15,984			—		2,816		—		3,540			—		6,356		40	%
2010		1,796			—		—		—		650			—		650		36	%
2011		—			—		—		—		—			—		—		0	%
		62,620			—		3,554		—		6,465			—		10,019		16	%
Net
Accident	Earned			Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium			& ALAE		& ALAE		Case Reserves		IBNR			ULAE		& LAE		& LAE Ratio
2002 and P		—			—		—		—		—			—		—		0	%
2003		—			—		—		—		—			—		—		0	%
2004		—			—		—		—		—			—		—		0	%
2005		—			—		—		—		—			—		—		0	%
2006		28,324			12,251		1,064		—		2,474			119		15,907		56	%
2007		184,747			97,121		24,455		—		18,053			824		140,454		76	%
2008		228,944			141,756		50,279		—		32,254			1,043		225,333		98	%
2009		107,794			50,495		30,602		—		16,169			505		97,771		91	%
2010		(36	)		461		346		—		(300	)		7		515		-1434	%
2011		—			—		—		—		—			—		—		0	%
		549,774			302,085		106,747		—		68,651			2,498		479,981		87	%

Exhibit 4, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

Workers Compensation

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		321		6,581		6,698		9,045		10,527		12,251
2007		9,027		38,427		63,513		81,913		97,121
2008		23,720		70,730		109,635		141,756
2009		14,752		35,823		50,495
2010		272		461
2011		—
Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		1,797		16,724		10,238		11,854		12,464		14,053
2007		17,365		68,463		90,710		107,482		121,577
2008		76,641		120,368		161,624		192,035
2009		44,300		70,132		83,913
2010		630		808
2011		—
Ultimate Loss
& LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		19,397		22,391		17,480		18,243		19,025		16,662
2007		127,571		128,435		131,293		134,299		142,497
2008		170,507		185,646		193,266		225,548
2009		98,306		106,644		104,127
2010		1,469		1,165
2011		—

Diagonals as of 12/31

Exhibit 4, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

Workers Compensation

GROSS BASIS

Ultimate Loss
& LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		66.7	%		77.0	%		60.1	%		62.7	%		65.4	%		57.3	%
2007		63.1	%		63.6	%		65.0	%		66.5	%		70.5	%
2008		66.7	%		72.6	%		75.6	%		88.2	%
2009		79.4	%		86.2	%		84.1	%
2010		83.4	%		66.2	%
2011		0.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—
2006		27,909			29,430			29,134			29,053			29,083			29,080
2007		207,462			207,672			202,093			201,820			202,018
2008		261,296			256,395			255,389			255,757
2009		125,412			123,853			123,778
2010		1,766			1,761
2011		—
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—						—
2004		—			—			—			—			—			—			—			—									—
2005		—			—			—			—			—			—			—												—
2006		19,397			2,995			(4,911	)		763			782			(2,362	)														(2,734	)
2007		127,571			865			2,857			3,006			8,198																		14,926
2008		170,507			15,139			7,620			32,282																					55,041
2009		98,306			8,338			(2,517	)																							5,822
2010		1,469			(304	)																										(304	)
2011		—
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			—			—			—			2,995			(4,047	)		18,759			19,747			35,297			72,751

Diagonals as of 12/31

Exhibit 4, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Other

Agriculture and Other Specialty

ITD SUMMARY

		xxxx		xxxx		xxxx		xxxx		xxxx		xxxx		xxxx		xxxx
Gross
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		6,766		—		—		—		—		—		—		0	%
2008		417,175		357,958		105		—		—		—		358,063		86	%
2009		386,644		321,678		233		—		146		—		322,058		83	%
2010		404,681		279,397		424		—		509		—		280,331		69	%
2011		566,243		461,335		48,246		—		18,797		—		528,379		93	%
		1,781,508		1,420,369		49,008		—		19,452		—		1,488,830		84	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		1,078		—		—		—		—		—		—		0	%
2008		60,717		44,250		13		—		—		—		44,263		73	%
2009		54,929		41,210		30		—		19		—		41,259		75	%
2010		6,796		—		—		—		—		—		—		0	%
2011		1,629		—		7,307		—		654		—		7,961		489	%
		125,149		85,460		7,350		—		673		—		93,483		75	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		5,688		—		—		—		—		—		—		0	%
2008		356,458		313,708		92		—		—		—		313,800		88	%
2009		331,714		280,468		203		—		127		—		280,799		85	%
2010		397,885		279,397		424		—		509		—		280,331		70	%
2011		564,614		461,335		40,939		—		18,143		—		520,418		92	%
		1,656,360		1,334,909		41,658		—		18,780		—		1,395,347		84	%

Insurance—Agriculture gross is net of FCIC cession

Exhibit 5, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Other

Agriculture and Other Specialty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		���
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		—		—		—		—		—		—
2007		26		276		891		7,698		—
2008		185,478		354,044		357,897		357,958
2009		204,192		320,757		321,678
2010		145,213		279,397
2011		461,335
Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		—		—		—		—		—		—
2007		368		276		891		7,711		—
2008		350,710		363,738		357,789		358,063
2009		332,521		323,672		321,912
2010		248,660		279,822
2011		509,582
Ultimate Loss
& LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		—		—		—		—		—		—
2007		5,903		276		891		7,711		—
2008		380,307		363,745		357,789		358,063
2009		340,564		323,648		322,058
2010		305,981		280,331
2011		528,379

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 5, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Other

Agriculture and Other Specialty

GROSS BASIS

Ultimate Loss
& LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2007		87.2	%		4.1	%		13.2	%		114.0	%		0.0	%
2008		91.2	%		87.2	%		85.8	%		85.8	%
2009		88.1	%		83.7	%		83.3	%
2010		75.6	%		69.3	%
2011		93.3	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—
2006		—			—			—			—			—			—
2007		6,766			6,766			6,766			6,766			6,766
2008		417,175			417,175			417,175			417,175
2009		386,897			386,644			386,644
2010		404,681			404,681
2011		566,243
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—						—
2004		—			—			—			—			—			—			—			—									—
2005		—			—			—			—			—			—			—												—
2006		—			—			—			—			—			—															—
2007		5,903			(5,627	)		615			6,820			(7,711	)																	(5,903	)
2008		380,307			(16,562	)		(5,956	)		274																					(22,244	)
2009		340,564			(16,916	)		(1,590	)																							(18,506	)
2010		305,981			(25,650	)																										(25,650	)
2011		528,379
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			—			—			—			—			(5,627	)		(15,947	)		(16,051	)		(34,677	)		(72,303	)

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 5, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

International Sourced Property

ITD SUMMARY

Gross

		xxxxx			xxxxx		xxxxx		xxxxx			xxxxx		xxxxx		xxxxx		xxxxx
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves			IBNR		ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		34,150			2,270		—		—			—		—		2,270		7	%
2003		66,746			19,511		37		—			7		1		19,556		29	%
2004		98,396			39,481		390		—			246		10		40,126		41	%
2005		93,778			151,859		384		—			601		15		152,859		163	%
2006		55,093			35,554		108		—			206		5		35,873		65	%
2007		46,368			39,456		95		—			579		10		40,140		87	%
2008		49,310			25,163		2,780		—			944		56		28,943		59	%
2009		33,019			11,024		1,538		—			800		35		13,397		41	%
2010		1,148			13		269		—			1,111		21		1,414		123	%
2011		880			23		147		—			655		12		838		95	%
		478,888			324,356		5,747		—			5,149		163		335,415		70	%
Ceded
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves			IBNR		ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		347			—		—		—			—		—		—		0	%
2003		1,785			41		—		—			0		—		41		2	%
2004		2,278			2,418		0		—			1		—		2,419		106	%
2005		1,542			—		—		—			13		—		13		1	%
2006		6,244			77		1		—			11		—		88		1	%
2007		15,562			13,828		—		—			30		—		13,858		89	%
2008		17,391			1,784		167		—			127		—		2,077		12	%
2009		15,008			1,074		286		108			250		—		1,718		11	%
2010		1,325			7		134		—			204		—		345		26	%
2011		437			12		73		—			246		—		331		76	%
		61,920			19,240		661		108			882		—		20,892		34	%
Net
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves			IBNR		ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		33,802			2,270		—		—			—		—		2,270		7	%
2003		64,961			19,471		37		—			7		1		19,515		30	%
2004		96,118			37,063		389		—			245		10		37,707		39	%
2005		92,235			151,859		384		—			588		15		152,846		166	%
2006		48,848			35,477		107		—			196		5		35,785		73	%
2007		30,806			25,628		95		—			549		10		26,282		85	%
2008		31,919			23,379		2,613		—			817		56		26,865		84	%
2009		18,010			9,950		1,252		(108	)		550		35		11,679		65	%
2010		(177	)		7		134		—			907		21		1,069		-604	%
2011		444			11		74		—			409		12		506		114	%
		416,968			305,116		5,086		(108	)		4,267		163		314,523		75	%

Exhibit 6, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

International Sourced Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		149		1,449		2,257		2,267		2,270		2,270		2,270		2,270		2,270		2,270
2003		59		11,319		15,241		17,242		17,529		18,690		19,484		19,513		19,511
2004		3,387		21,718		27,079		31,733		35,208		38,510		39,244		39,481
2005		24,190		88,254		135,919		153,947		151,136		151,725		151,859
2006		9,246		25,240		34,809		35,063		35,373		35,554
2007		11,656		26,517		38,481		38,826		39,456
2008		8,484		20,565		24,293		25,163
2009		7,393		10,295		11,024
2010		0		13
2011		23
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		1,600		3,392		2,404		2,268		2,271		2,270		2,270		2,270		2,270		2,270
2003		13,666		17,295		19,968		23,906		23,914		26,768		25,556		19,588		19,548
2004		24,953		43,290		40,155		39,781		40,782		40,992		40,117		39,871
2005		146,110		167,801		160,736		159,016		152,527		152,231		152,243
2006		39,775		35,788		35,846		35,842		35,705		35,662
2007		31,699		41,794		39,345		39,105		39,551
2008		30,447		27,436		27,034		27,943
2009		13,127		12,688		12,562
2010		266		282
2011		170
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		13,250		4,579		2,407		2,317		2,279		2,276		2,273		2,273		2,276		2,270
2003		32,391		19,396		20,117		24,046		24,048		26,894		25,660		19,605		19,556
2004		60,457		40,705		40,699		40,265		41,119		41,139		40,714		40,126
2005		191,408		171,413		165,544		163,912		157,139		157,258		152,859
2006		55,588		38,462		37,918		37,877		37,653		35,873
2007		42,738		42,411		39,736		39,771		40,140
2008		43,933		30,397		28,232		28,943
2009		18,317		13,342		13,397
2010		1,185		1,414
2011		838

Diagonals as of 12/31

Exhibit 6, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

International Sourced Property

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		38.8	%		13.4	%		7.0	%		6.8	%		6.7	%		6.7	%		6.7	%		6.7	%		6.7	%		6.6	%
2003		48.5	%		29.1	%		30.1	%		36.0	%		36.0	%		40.3	%		38.4	%		29.4	%		29.3	%
2004		61.4	%		41.4	%		41.4	%		40.9	%		41.8	%		41.8	%		41.4	%		40.8	%
2005		204.1	%		182.8	%		176.5	%		174.8	%		167.6	%		167.7	%		163.0	%
2006		100.9	%		69.8	%		68.8	%		68.8	%		68.3	%		65.1	%
2007		92.2	%		91.5	%		85.7	%		85.8	%		86.6	%
2008		89.1	%		61.6	%		57.3	%		58.7	%
2009		55.5	%		40.4	%		40.6	%
2010		103.2	%		123.2	%
2011		95.1	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		34,208			34,208			34,149			34,150			34,150			34,150			34,150			34,150			34,150			34,150
2003		66,925			66,662			66,594			66,701			66,680			66,744			66,744			66,744			66,746
2004		98,988			98,136			98,194			98,189			98,188			98,378			98,385			98,396
2005		94,105			93,655			93,509			93,595			93,774			93,779			93,778
2006		55,279			54,579			54,677			54,832			55,094			55,093
2007		45,193			46,141			46,338			46,367			46,368
2008		49,669			49,426			49,455			49,310
2009		33,274			33,018			33,019
2010		1,151			1,148
2011		880
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		13,250			(8,671	)		(2,173	)		(90	)		(37	)		(3	)		(3	)		0			3			(6	)		(10,980	)
2003		32,391			(12,995	)		721			3,928			3			2,846			(1,234	)		(6,055	)		(49	)					(12,835	)
2004		60,457			(19,752	)		(6	)		(434	)		854			20			(424	)		(589	)								(20,331	)
2005		191,408			(19,996	)		(5,868	)		(1,632	)		(6,773	)		119			(4,399	)											(38,549	)
2006		55,588			(17,126	)		(543	)		(41	)		(224	)		(1,780	)														(19,714	)
2007		42,738			(327	)		(2,676	)		36			369																		(2,598	)
2008		43,933			(13,536	)		(2,165	)		711																					(14,990	)
2009		18,317			(4,975	)		55																								(4,920	)
2010		1,185			229																											229
2011		838
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(8,671	)		(15,167	)		(19,121	)		(16,110	)		(23,429	)		1,195			(24,241	)		(13,686	)		(5,458	)		(124,689	)

Diagonals as of 12/31

Exhibit 6, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

United States Sourced Property

ITD SUMMARY

Gross

		xxxx		xxxx		xxxx		xxxx		xxxx			xxxx		xxxx		xxxx
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		—		—		—		—		—			—		—		0	%
2003		—		—		—		—		—			—		—		0	%
2004		—		—		—		—		—			—		—		0	%
2005		10,419		7,061		—		—		—			—		7,061		68	%
2006		80,427		2,184		—		—		—			—		2,184		3	%
2007		96,997		2,058		—		—		—			—		2,058		2	%
2008		84,318		7,277		169		—		132			7		7,586		9	%
2009		105,347		6,257		197		—		756			30		7,240		7	%
2010		125,171		11,183		1,163		—		2,825			118		15,289		12	%
2011		117,495		9,840		22,823		—		17,978			1,021		51,662		44	%
		620,174		45,859		24,352		—		21,692			1,176		93,079		15	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		—		—		—		—		—			—		—		0	%
2003		—		—		—		—		—			—		—		0	%
2004		—		—		—		—		—			—		—		0	%
2005		6,879		4,558		—		—		—			—		4,558		66	%
2006		67,223		1,161		—		—		(0	)		—		1,161		2	%
2007		89,310		983		— ��		—		3			—		986		1	%
2008		46,229		2,050		142		—		55			—		2,248		5	%
2009		47,848		418		49		—		374			—		841		2	%
2010		38,043		103		11		—		1,206			—		1,320		3	%
2011		44,605		1,143		5,028		—		2,534			—		8,705		20	%
		340,136		10,417		5,231		—		4,172			—		19,820		6	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		—		—		—		—		—			—		—		0	%
2003		—		—		—		—		—			—		—		0	%
2004		—		—		—		—		—			—		—		0	%
2005		3,541		2,503		—		—		—			—		2,503		71	%
2006		13,204		1,023		—		—		0			—		1,023		8	%
2007		7,687		1,075		—		—		(3	)		—		1,072		14	%
2008		38,089		5,227		27		—		77			7		5,338		14	%
2009		57,500		5,839		148		—		382			30		6,398		11	%
2010		87,128		11,079		1,152		—		1,619			118		13,969		16	%
2011		72,890		8,697		17,795		—		15,443			1,021		42,956		59	%
		280,038		35,443		19,122		—		17,519			1,176		73,260		26	%

Exhibit 7, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

United States Sourced Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		376		3,761		4,036		5,247		5,823		7,061		7,061
2006		428		1,161		1,691		2,280		2,184		2,184
2007		350		2,328		2,791		2,058		2,058
2008		3,849		6,145		6,690		7,277
2009		4,329		5,883		6,257
2010		5,481		11,183
2011		9,840
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		4,074		6,109		7,513		6,848		7,153		7,061		7,061
2006		1,122		2,442		2,531		2,587		2,217		2,184
2007		978		2,821		2,841		2,058		2,058
2008		6,112		6,791		6,916		7,446
2009		7,498		6,338		6,454
2010		12,153		12,346
2011		32,663
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		10,409		6,717		7,672		6,917		7,176		7,063		7,061
2006		13,850		4,712		2,976		2,669		2,223		2,184
2007		11,877		4,410		3,260		2,127		2,058
2008		18,860		9,012		7,410		7,586
2009		19,682		8,296		7,240
2010		29,193		15,289
2011		51,662

Diagonals as of 12/31

Exhibit 7, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

United States Sourced Property

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		99.9	%		64.5	%		73.6	%		66.4	%		68.9	%		67.8	%		67.8	%
2006		17.2	%		5.9	%		3.7	%		3.3	%		2.8	%		2.7	%
2007		12.2	%		4.5	%		3.4	%		2.2	%		2.1	%
2008		22.4	%		10.7	%		8.8	%		9.0	%
2009		18.7	%		7.9	%		6.9	%
2010		23.3	%		12.2	%
2011		44.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—
2005		10,321			10,384			10,388			10,391			10,419			10,419			10,419
2006		80,347			80,386			80,454			80,427			80,427			80,427
2007		97,111			97,010			96,997			96,997			96,997
2008		84,371			84,401			84,317			84,318
2009		105,458			105,355			105,347
2010		125,134			125,171
2011		117,495
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—						—
2004		—			—			—			—			—			—			—			—									—
2005		10,409			(3,692	)		955			(755	)		260			(114	)		(1	)											(3,347	)
2006		13,850			(9,138	)		(1,736	)		(307	)		(446	)		(39	)														(11,666	)
2007		11,877			(7,467	)		(1,150	)		(1,133	)		(69	)																	(9,819	)
2008		18,860			(9,849	)		(1,601	)		175																					(11,275	)
2009		19,682			(11,385	)		(1,057	)																							(12,442	)
2010		29,193			(13,904	)																										(13,904	)
2011		51,662
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			—			—			(3,692	)		(8,183	)		(9,958	)		(11,046	)		(14,679	)		(14,895	)		(62,453	)

Diagonals as of 12/31

Exhibit 7, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Directors and Officers

ITD SUMMARY

Gross

Accident	Earned			Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium			& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		7,173			1,273		32		304		—		5		1,614		23	%
2003		46,746			16,190		2,609		—		198		42		19,039		41	%
2004		74,628			20,956		1,493		620		5,823		119		29,011		39	%
2005		81,442			20,289		3,168		—		7,345		158		30,960		38	%
2006		60,603			9,947		3,315		1,136		4,858		140		19,397		32	%
2007		53,323			10,768		7,548		8,314		3,563		291		30,485		57	%
2008		58,144			13,957		14,027		8,388		7,755		453		44,580		77	%
2009		63,525			11,045		6,180		1,823		21,875		448		41,371		65	%
2010		87,051			7,651		4,142		3,815		43,313		769		59,690		69	%
2011		67,516			1,007		1,071		3,097		44,520		730		50,425		75	%
		600,151			113,083		43,586		27,497		139,251		3,155		326,572		54	%
Ceded
Accident	Earned			Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium			& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—	��		—		—		—		—		—		—		0	%
2003		—			—		—		—		—		—		—		0	%
2004		—			—		—		—		—		—		—		0	%
2005		—			—		—		—		—		—		—		0	%
2006		—			—		—		—		—		—		—		0	%
2007		—			—		—		—		—		—		—		0	%
2008		—			—		—		—		—		—		—		0	%
2009		—			—		—		—		—		—		—		0	%
2010		—			—		—		—		—		—		—		0	%
2011		—			—		—		—		—		—		—		0	%
		—			—		—		—		—		—		—		0	%
Net
Accident	Earned			Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium			& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		7,173			1,273		32		304		—		5		1,614		23	%
2003		46,746			16,190		2,609		—		198		42		19,039		41	%
2004		74,628			20,956		1,493		620		5,823		119		29,011		39	%
2005		81,442			20,289		3,168		—		7,345		158		30,960		38	%
2006		60,603			9,947		3,315		1,136		4,858		140		19,397		32	%
2007		53,323			10,768		7,548		8,314		3,563		291		30,485		57	%
2008		58,144			13,957		14,027		8,388		7,755		453		44,580		77	%
2009		63,525			11,045		6,180		1,823		21,875		448		41,371		65	%
2010		87,051			7,651		4,142		3,815		43,313		769		59,690		69	%
2011		67,516			1,007		1,071		3,097		44,520		730		50,425		75	%
		600,151			113,083		43,586		27,497		139,251		3,155		326,572		54	%

Exhibit 8, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Directors and Officers

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		108		2		2		379		648		735		970		1,253		1,273
2003		130		227		619		2,943		6,675		8,905		12,571		14,731		16,190
2004		3		858		2,181		8,795		15,043		17,084		20,007		20,956
2005		8		1,175		3,171		10,692		15,523		19,790		20,289
2006		109		176		470		2,724		6,643		9,947
2007		44		1,481		4,256		6,936		10,768
2008		290		1,723		6,727		13,957
2009		391		3,436		11,045
2010		1,444		7,651
2011		1,007
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		110		242		1,824		4,725		4,692		1,685		1,568		1,609		1,609
2003		132		3,817		6,145		18,588		14,451		16,678		19,544		19,392		18,799
2004		1,269		13,537		26,876		24,383		24,925		25,646		24,269		23,070
2005		835		7,659		16,866		20,363		22,039		22,724		23,457
2006		567		4,378		5,504		7,372		11,294		14,399
2007		2,749		12,611		20,492		20,237		26,631
2008		993		13,424		25,958		36,372
2009		1,067		9,703		19,048
2010		3,296		15,607
2011		5,175
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		3,467		3,263		14,378		5,147		5,551		1,891		1,603		1,614		1,614
2003		25,520		27,010		16,275		22,779		21,410		19,253		20,523		19,722		19,039
2004		53,713		50,264		48,387		37,939		32,165		32,340		30,119		29,011
2005		47,159		35,640		39,913		34,814		32,002		30,485		30,960
2006		35,509		32,577		29,870		25,873		23,571		19,397
2007		35,428		41,855		41,376		33,388		30,485
2008		39,510		41,745		46,030		44,580
2009		41,068		43,037		41,371
2010		57,009		59,690
2011		50,425

Diagonals as of 12/31

Exhibit 8, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Directors and Officers

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		48.3	%		45.5	%		200.4	%		71.8	%		77.4	%		26.4	%		22.3	%		22.5	%		22.5	%
2003		54.6	%		57.8	%		34.8	%		48.7	%		45.8	%		41.2	%		43.9	%		42.2	%		40.7	%
2004		72.0	%		67.4	%		64.8	%		50.8	%		43.1	%		43.3	%		40.4	%		38.9	%
2005		57.9	%		43.8	%		49.0	%		42.7	%		39.3	%		37.4	%		38.0	%
2006		58.6	%		53.8	%		49.3	%		42.7	%		38.9	%		32.0	%
2007		66.4	%		78.5	%		77.6	%		62.6	%		57.2	%
2008		68.0	%		71.8	%		79.2	%		76.7	%
2009		64.6	%		67.7	%		65.1	%
2010		65.5	%		68.6	%
2011		74.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			5,326			7,125			7,158			7,171			7,173			7,174			7,173			7,173			7,173
2003		45,577			46,034			46,583			46,701			46,722			46,741			46,738			46,746			46,746
2004		72,610			73,843			74,347			74,386			74,532			74,578			74,634			74,628
2005		77,970			79,816			80,607			81,169			81,404			81,475			81,442
2006		59,230			60,561			60,422			60,553			60,606			60,603
2007		53,857			52,465			53,168			53,323			53,323
2008		55,561			58,183			57,921			58,144
2009		59,169			62,232			63,525
2010		86,078			87,051
2011		67,516
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			3,467			(204	)		11,115			(9,231	)		403			(3,660	)		(288	)		11			0			1,614
2003		25,520			1,490			(10,735	)		6,505			(1,369	)		(2,157	)		1,270			(801	)		(683	)					(6,481	)
2004		53,713			(3,449	)		(1,877	)		(10,448	)		(5,773	)		175			(2,221	)		(1,108	)								(24,702	)
2005		47,159			(11,520	)		4,274			(5,099	)		(2,813	)		(1,517	)		475												(16,200	)
2006		35,509			(2,931	)		(2,707	)		(3,997	)		(2,302	)		(4,174	)														(16,112	)
2007		35,428			6,427			(479	)		(7,988	)		(2,903	)																	(4,943	)
2008		39,510			2,235			4,285			(1,450	)																				5,070
2009		41,068			1,969			(1,666	)																							303
2010		57,009			2,681																											2,681
2011		50,425
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			3,467			1,286			(3,069	)		(16,123	)		(10,071	)		(12,969	)		(3,897	)		(8,563	)		(8,829	)		(58,769	)

Diagonals as of 12/31

Exhibit 8, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Directors and Officers

ITD SUMMARY

Gross

Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		13,328		7,612		0		—		63		1		7,677		58	%
2003		64,610		26,385		91		16		1,341		22		27,855		43	%
2004		35,961		23,928		248		—		13,508		206		37,890		105	%
2005		29,826		15,045		775		—		627		21		16,468		55	%
2006		23,631		17,742		1,243		—		1,778		45		20,808		88	%
2007		20,123		12,269		477		—		2,124		39		14,909		74	%
2008		15,136		6,660		710		—		1,100		27		8,497		56	%
2009		16,795		4,585		4,881		500		3,681		136		13,783		82	%
2010		34,536		17,613		5,676		277		8,112		211		31,889		92	%
2011		55,944		12,097		4,731		96		22,782		414		40,121		72	%
		309,891		143,936		18,833		890		55,116		1,123		219,897		71	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		1,521		1,201		13		—		8		—		1,222		80	%
2004		2,739		1,103		17		—		26		—		1,146		42	%
2005		2,910		1,544		22		—		31		—		1,597		55	%
2006		1,432		—		—		—		22		—		22		2	%
2007		181		—		—		—		34		—		34		19	%
2008		369		—		—		—		82		—		82		22	%
2009		452		—		—		—		250		—		250		55	%
2010		632		—		—		—		455		—		455		72	%
2011		784		—		—		—		428		—		428		55	%
		11,019		3,848		52		—		1,337		—		5,237		48	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		13,328		7,612		0		—		63		1		7,677		58	%
2003		63,089		25,184		78		16		1,333		22		26,633		42	%
2004		33,222		22,825		230		—		13,482		206		36,744		111	%
2005		26,917		13,501		753		—		596		21		14,871		55	%
2006		22,199		17,742		1,243		—		1,756		45		20,786		94	%
2007		19,942		12,269		477		—		2,090		39		14,875		75	%
2008		14,767		6,660		710		—		1,018		27		8,415		57	%
2009		16,343		4,585		4,881		500		3,431		136		13,533		83	%
2010		33,904		17,613		5,676		277		7,657		211		31,434		93	%
2011		55,160		12,097		4,731		96		22,354		414		39,693		72	%
		298,872		140,088		18,781		890		53,779		1,123		214,660		72	%

Exhibit 9, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Motor

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		4,082		5,434		6,559		7,085		7,394		7,611		7,612		7,612		7,612
2003		9,383		15,905		18,198		21,687		23,617		25,226		26,196		29,582		26,385
2004		6,951		13,904		18,673		21,244		22,385		23,363		20,418		23,928
2005		2,065		7,716		10,632		12,720		13,819		14,340		15,045
2006		2,942		10,243		13,973		15,925		17,149		17,742
2007		2,662		7,734		10,191		11,816		12,269
2008		1,173		4,243		5,937		6,660
2009		1,065		3,657		4,585
2010		6,791		17,613
2011		12,097
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		6,145		7,035		7,554		7,136		7,419		7,612		7,612		7,612		7,612
2003		14,456		23,331		23,213		24,095		26,421		26,949		26,673		29,802		26,492
2004		12,797		21,850		23,504		24,667		24,042		24,142		20,824		24,176
2005		5,515		12,753		14,668		15,091		15,308		15,918		15,820
2006		4,370		18,433		19,818		20,043		19,299		18,985
2007		5,851		11,332		11,729		12,623		12,746
2008		2,607		7,004		8,067		7,370
2009		3,150		8,180		9,966
2010		10,010		23,566
2011		16,925
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		8,634		10,262		10,211		10,802		10,413		9,936		9,206		7,732		7,677
2003		38,896		38,825		34,979		40,775		40,689		39,909		38,425		42,213		27,855
2004		26,136		25,401		26,667		27,223		25,657		26,123		23,683		37,890
2005		17,779		16,045		17,466		15,498		16,327		16,579		16,468
2006		18,200		22,040		22,386		22,086		20,734		20,808
2007		12,167		14,165		13,868		14,596		14,909
2008		8,542		9,527		9,607		8,497
2009		11,737		13,256		13,783
2010		25,511		31,889
2011		40,121

Diagonals as of 12/31

Exhibit 9, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Motor

GROSS BASIS

Ultimate Loss & LAE Ratio	12				24			36			48			60			72			84			96			108			120
2002 and P		0.0	%	��		64.8	%		77.0	%		76.6	%		81.0	%		78.1	%		74.5	%		69.1	%		58.0	%		57.6	%
2003		60.2	%			60.1	%		54.1	%		63.1	%		63.0	%		61.8	%		59.5	%		65.3	%		43.1	%
2004		72.7	%			70.6	%		74.2	%		75.7	%		71.3	%		72.6	%		65.9	%		105.4	%
2005		59.6	%			53.8	%		58.6	%		52.0	%		54.7	%		55.6	%		55.2	%
2006		77.0	%			93.3	%		94.7	%		93.5	%		87.7	%		88.1	%
2007		60.5	%			70.4	%		68.9	%		72.5	%		74.1	%
2008		56.4	%			62.9	%		63.5	%		56.1	%
2009		69.9	%			78.9	%		82.1	%
2010		73.9	%			92.3	%
2011		71.7	%
Earned Premium	12				24			36			48			60			72			84			96			108			120
2002 and P		—				12,801			13,375			13,337			13,327			13,329			13,329			13,328			13,328			13,328
2003		61,323				65,558			64,758			64,639			64,630			64,628			64,622			64,610			64,610
2004		36,317				35,968			35,978			35,970			35,967			35,960			35,961			35,961
2005		27,961				29,898			29,825			29,821			29,817			29,826			29,826
2006		25,048				23,676			23,670			23,668			23,631			23,631
2007		20,517				20,211			20,182			20,123			20,123
2008		13,368				14,319			15,137			15,136
2009		15,607				16,793			16,795
2010		33,975				34,536
2011		55,944
Loss Emergence	@ 12				12 - 24			24 - 36			36 - 48			48 - 60			Gross			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—				8,634			1,628			(51	)		590			(388	)		(477	)		(731	)		(1,474	)		(55	)		7,677
2003		38,896				(71	)		(3,847	)		5,796			(86	)		(780	)		(1,484	)		3,787			(14,358	)					(11,041	)
2004		26,136				(734	)		1,266			556			(1,567	)		466			(2,440	)		14,208									11,754
2005		17,779				(1,734	)		1,421			(1,968	)		829			252			(111	)											(1,311	)
2006		18,200				3,840			346			(299	)		(1,352	)		74															2,608
2007		12,167				1,997			(297	)		728			314																		2,742
2008		8,542				985			80			(1,110	)																				(45	)
2009		11,737				1,519			527																								2,046
2010		25,511				6,378																											6,378
2011		40,121

Calendar Year	CY 2002		CY 2003		CY 2004		CY 2005			CY 2006		CY 2007		CY 2008			CY 2009			CY 2010		CY 2011		Total Development
		NA		8,634		1,558		(4,632	)		5,918		5,344		(2,449	)		(530	)		1,100		5,866		20,808

Diagonals as of 12/31

Exhibit 9, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Other

ITD SUMMARY

Gross

Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		73,071		39,430		7,036		5,070		6,625		281		58,442		80	%
2003		210,989		111,303		12,693		5,376		34,875		794		165,041		78	%
2004		228,410		83,527		7,567		1,480		36,073		677		129,323		57	%
2005		230,288		70,548		15,342		6,401		34,531		844		127,665		55	%
2006		195,626		44,538		20,857		2,554		35,784		888		104,621		53	%
2007		140,849		40,471		15,764		6,303		38,538		909		101,986		72	%
2008		124,189		33,770		14,063		4,448		44,023		938		97,243		78	%
2009		128,115		24,741		13,593		4,477		55,160		1,098		99,071		77	%
2010		142,419		11,461		17,964		5,357		80,489		1,557		116,828		82	%
2011		140,854		4,750		9,105		3,293		95,197		1,614		113,958		81	%
		1,614,809		464,540		133,983		44,759		461,295		9,601		1,114,177		69	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		—		—		—		—		—		—		—		0	%
2008		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		0	%
		—		—		—		—		—		—		—		0	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		73,071		39,430		7,036		5,070		6,625		281		58,442		80	%
2003		210,989		111,303		12,693		5,376		34,875		794		165,041		78	%
2004		228,410		83,527		7,567		1,480		36,073		677		129,323		57	%
2005		230,288		70,548		15,342		6,401		34,531		844		127,665		55	%
2006		195,626		44,538		20,857		2,554		35,784		888		104,621		53	%
2007		140,849		40,471		15,764		6,303		38,538		909		101,986		72	%
2008		124,189		33,770		14,063		4,448		44,023		938		97,243		78	%
2009		128,115		24,741		13,593		4,477		55,160		1,098		99,071		77	%
2010		142,419		11,461		17,964		5,357		80,489		1,557		116,828		82	%
2011		140,854		4,750		9,105		3,293		95,197		1,614		113,958		81	%
		1,614,809		464,540		133,983		44,759		461,295		9,601		1,114,177		69	%

Exhibit 10, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Other

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		1		824		3,925		6,953		22,478		22,325		29,286		36,087		38,175		39,430
2003		1,154		8,147		23,631		34,837		57,597		71,286		80,386		102,603		111,303
2004		5,338		13,178		23,129		41,449		56,659		71,943		75,026		83,527
2005		3,317		14,290		25,202		42,444		55,617		64,071		70,548
2006		3,646		9,881		18,244		26,483		35,820		44,538
2007		1,269		7,940		16,033		26,131		40,471
2008		855		9,582		25,017		33,770
2009		2,346		16,970		24,741
2010		2,963		11,461
2011		4,750
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		9		9,954		17,114		45,800		54,054		51,207		52,660		50,316		46,053		51,536
2003		14,837		30,998		53,867		64,727		91,774		99,402		112,087		119,025		129,372
2004		16,500		29,167		47,214		63,302		86,974		93,343		88,490		92,573
2005		11,606		27,815		51,064		66,799		85,501		89,607		92,291
2006		10,664		25,124		38,140		56,569		59,738		67,949
2007		9,410		23,890		42,618		54,000		62,539
2008		6,058		28,855		43,227		52,282
2009		9,469		33,839		42,812
2010		14,406		34,781
2011		17,148
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		62,940		53,003		52,623		62,454		66,707		62,229		66,662		60,472		54,817		58,442
2003		150,509		144,849		153,550		142,508		149,646		147,125		147,490		159,548		165,041
2004		158,237		143,816		138,353		137,395		150,091		147,925		132,704		129,323
2005		141,692		132,887		136,416		134,433		138,003		133,305		127,665
2006		125,234		120,790		116,456		117,716		106,452		104,621
2007		92,948		97,325		98,826		105,316		101,986
2008		82,981		92,051		98,136		97,243
2009		90,029		102,309		99,071
2010		115,935		116,828
2011		113,958

Diagonals as of 12/31

Exhibit 10, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Casualty Other

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		86.1	%		72.5	%		72.0	%		85.5	%		91.3	%		85.2	%		91.2	%		82.8	%		75.0	%		80.0	%
2003		71.3	%		68.7	%		72.8	%		67.5	%		70.9	%		69.7	%		69.9	%		75.6	%		78.2	%
2004		69.3	%		63.0	%		60.6	%		60.2	%		65.7	%		64.8	%		58.1	%		56.6	%
2005		61.5	%		57.7	%		59.2	%		58.4	%		59.9	%		57.9	%		55.4	%
2006		64.0	%		61.7	%		59.5	%		60.2	%		54.4	%		53.5	%
2007		66.0	%		69.1	%		70.2	%		74.8	%		72.4	%
2008		66.8	%		74.1	%		79.0	%		78.3	%
2009		70.3	%		79.9	%		77.3	%
2010		81.4	%		82.0	%
2011		80.9	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		66,656			70,614			71,117			81,548			75,315			75,164			72,933			73,042			73,051			73,071
2003		211,836			209,287			211,246			211,671			211,643			210,588			210,960			210,941			210,989
2004		223,451			227,336			228,251			226,405			226,502			228,162			228,358			228,410
2005		224,159			227,139			226,272			226,984			230,563			230,100			230,288
2006		192,938			193,860			194,438			196,526			195,490			195,626
2007		144,911			138,305			138,158			140,218			140,849
2008		126,353			123,105			123,745			124,189
2009		127,403			127,187			128,115
2010		142,407			142,419
2011		140,854
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		62,940			(9,938	)		(380	)		9,831			4,253			(4,478	)		4,433			(6,190	)		(5,655	)		3,625			(4,499	)
2003		150,509			(5,660	)		8,701			(11,042	)		7,137			(2,521	)		365			12,058			5,493						14,532
2004		158,237			(14,421	)		(5,463	)		(958	)		12,696			(2,166	)		(15,221	)		(3,381	)								(28,914	)
2005		141,692			(8,805	)		3,529			(1,983	)		3,570			(4,698	)		(5,639	)											(14,026	)
2006		125,234			(4,444	)		(4,334	)		1,260			(11,264	)		(1,831	)														(20,613	)
2007		92,948			4,377			1,501			6,490			(3,330	)																	9,038
2008		82,981			9,070			6,085			(893	)																				14,261
2009		90,029			12,280			(3,239	)																							9,042
2010		115,935			893																											893
2011		113,958
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(9,938	)		(6,039	)		4,111			(21,057	)		787			12,668			7,411			74			(8,303	)		(20,286	)

Diagonals as of 12/31

Exhibit 10, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Workers Compensation (Predominantly Ground Up Pro Rata)

ITD SUMMARY

Gross

Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		14,259		1,326		1,670		—		5,132		102		8,231		58	%
2003		35,934		22,281		3,486		—		3,411		103		29,281		81	%
2004		49,416		23,921		5,616		—		9,532		227		39,296		80	%
2005		71,753		45,381		4,570		—		3,948		128		54,027		75	%
2006		128,244		44,491		6,114		—		7,627		206		58,437		46	%
2007		24,004		2,427		397		—		2,119		38		4,981		21	%
2008		300		—		—		—		138		2		140		47	%
2009		—		—		—		—		—		—		—		0	%
2010		3,969		51		1,097		106		2,460		55		3,770		95	%
2011		4,516		—		9		366		3,311		55		3,742		83	%
		332,394		139,879		22,959		472		37,678		917		201,904		61	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		4		229		41		—		0		—		271		7163	%
2005		1,775		629		65		—		58		—		752		42	%
2006		2,783		—		—		—		101		—		101		4	%
2007		42		—		—		—		8		—		8		18	%
2008		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		0	%
		4,604		859		106		—		168		—		1,132		25	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		14,259		1,326		1,670		—		5,132		102		8,231		58	%
2003		35,934		22,281		3,486		—		3,411		103		29,281		81	%
2004		49,412		23,692		5,574		—		9,532		227		39,025		79	%
2005		69,978		44,751		4,506		—		3,890		128		53,274		76	%
2006		125,461		44,491		6,114		—		7,525		206		58,336		46	%
2007		23,962		2,427		397		—		2,111		38		4,973		21	%
2008		300		—		—		—		138		2		140		47	%
2009		—		—		—		—		—		—		—		0	%
2010		3,969		51		1,097		106		2,460		55		3,770		95	%
2011		4,516		—		9		366		3,311		55		3,742		83	%
		327,790		139,020		22,853		472		37,510		917		200,772		61	%

Exhibit 11, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Workers Compensation (Predominantly Ground Up Pro Rata)

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		98		122		266		318		424		906		947		1,326
2003		59		6,934		12,550		16,633		18,762		19,957		20,732		21,367		22,281
2004		3,306		9,835		14,376		16,905		19,362		22,028		22,931		23,921
2005		1,474		20,008		27,019		34,592		39,890		43,350		45,381
2006		2,781		21,080		29,847		36,252		40,591		44,491
2007		828		1,241		1,580		1,816		2,427
2008		—		—		—		—
2009		—		—		—
2010		—		51
2011		—
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		625		1,010		1,976		2,379		2,629		2,598		2,787		2,883		2,997
2003		2,178		16,794		21,018		23,761		24,610		24,331		24,611		25,040		25,767
2004		10,687		21,365		26,104		27,585		28,752		28,628		29,170		29,536
2005		5,750		43,224		44,239		48,142		50,874		48,487		49,951
2006		6,769		30,412		36,108		40,105		47,404		50,605
2007		1,069		1,391		1,637		2,123		2,824
2008		—		—		—		—
2009		—		—		—
2010		1,163		1,254
2011		375
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		13,322		9,450		11,229		11,112		11,182		11,146		10,745		10,189		9,382		8,231
2003		30,726		35,646		34,130		30,804		30,782		29,479		29,097		28,827		29,281
2004		41,855		45,963		41,173		41,248		40,518		39,380		39,397		39,296
2005		43,864		60,006		56,366		56,418		56,299		53,554		54,027
2006		59,035		65,610		56,409		53,173		57,225		58,437
2007		11,480		7,124		5,212		4,771		4,981
2008		203		203		203		140
2009		—		—		—
2010		4,000		3,770
2011		3,742

Diagonals as of 12/31

Exhibit 11, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

Workers Compensation (Predominantly Ground Up Pro Rata)

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		93.4	%		66.3	%		78.7	%		77.9	%		78.4	%		78.2	%		75.4	%		71.5	%		65.8	%		57.7	%
2003		85.5	%		99.2	%		95.0	%		85.7	%		85.7	%		82.0	%		81.0	%		80.2	%		81.5	%
2004		84.7	%		93.0	%		83.3	%		83.5	%		82.0	%		79.7	%		79.7	%		79.5	%
2005		61.1	%		83.6	%		78.6	%		78.6	%		78.5	%		74.6	%		75.3	%
2006		46.0	%		51.2	%		44.0	%		41.5	%		44.6	%		45.6	%
2007		47.8	%		29.7	%		21.7	%		19.9	%		20.7	%
2008		67.8	%		67.8	%		67.8	%		46.8	%
2009		0.0	%		0.0	%		0.0	%
2010		100.8	%		95.0	%
2011		82.9	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		14,224			15,286			14,224			14,239			14,244			14,246			14,254			14,259			14,259			14,259
2003		34,623			35,717			37,284			36,077			36,001			35,899			35,934			35,934			35,934
2004		50,952			50,438			49,555			49,475			49,383			49,412			49,416			49,416
2005		53,497			73,528			73,644			73,130			73,305			71,721			71,753
2006		122,779			131,198			129,112			129,188			128,225			128,244
2007		24,172			24,003			24,005			24,004			24,004
2008		300			300			300			300
2009		—			—			—
2010		3,628			3,969
2011		4,516
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		13,322			(3,872	)		1,779			(117	)		70			(36	)		(402	)		(556	)		(807	)		(1,151	)		(5,091	)
2003		30,726			4,919			(1,516	)		(3,326	)		(22	)		(1,303	)		(382	)		(271	)		454						(1,445	)
2004		41,855			4,108			(4,790	)		75			(730	)		(1,139	)		17			(101	)								(2,560	)
2005		43,864			16,142			(3,640	)		52			(119	)		(2,745	)		473												10,163
2006		59,035			6,574			(9,201	)		(3,235	)		4,052			1,212															(598	)
2007		11,480			(4,356	)		(1,912	)		(441	)		210																		(6,500	)
2008		203			—			—			(63	)																				(63	)
2009		—			—			—																								—
2010		4,000			(231	)																										(231	)
2011		3,742
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(3,872	)		6,698			2,475			8,097			2,952			(15,940	)		(7,343	)		(194	)		803			(6,324	)

Diagonals as of 12/31

Exhibit 11, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other

Agriculture and Other Specialty

ITD SUMMARY

Gross

Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		3,754		—		—		—		1		0		1		0	%
2003		2,327		—		—		—		—		—		—		0	%
2004		16,572		1,782		88		—		0		1		1,871		11	%
2005		51,967		29,300		—		—		49		1		29,349		56	%
2006		119,453		72,118		—		—		135		2		72,255		60	%
2007		147,176		87,538		13		—		1,376		21		88,948		60	%
2008		23,305		7,431		93		—		2,096		33		9,652		41	%
2009		18,035		5,560		5		—		2,249		34		7,848		44	%
2010		22,251		9,451		269		—		2,058		35		11,813		53	%
2011		17,941		9,164		333		—		6,538		103		16,137		90	%
		422,781		222,344		800		—		14,501		230		237,875		56	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		842		—		—		—		—		—		—		0	%
2007		1,989		—		—		—		—		—		—		0	%
2008		472		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		0	%
		3,302		—		—		—		—		—		—		0	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		3,754		—		—		—		1		0		1		0	%
2003		2,327		—		—		—		—		—		—		0	%
2004		16,572		1,782		88		—		0		1		1,871		11	%
2005		51,967		29,300		—		—		49		1		29,349		56	%
2006		118,611		72,118		—		—		135		2		72,255		61	%
2007		145,188		87,538		13		—		1,376		21		88,948		61	%
2008		22,833		7,431		93		—		2,096		33		9,652		42	%
2009		18,035		5,560		5		—		2,249		34		7,848		44	%
2010		22,251		9,451		269		—		2,058		35		11,813		53	%
2011		17,941		9,164		333		—		6,538		103		16,137		90	%
		419,479		222,344		800		—		14,501		230		237,875		57	%

Exhibit 12, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other

Agriculture and Other Specialty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		704		1,630		1,666		1,686		1,686		1,686		1,782		1,782
2005		4,073		29,191		29,232		29,315		29,297		29,300		29,300
2006		840		72,752		72,790		72,107		72,122		72,118
2007		626		86,887		87,534		87,558		87,538
2008		1,748		7,128		7,330		7,431
2009		1,162		5,518		5,560
2010		1,125		9,451
2011		9,164
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		923		1,831		1,867		1,844		1,844		1,844		1,869		1,869
2005		5,008		29,252		29,232		29,315		29,297		29,300		29,300
2006		842		72,753		72,790		72,107		72,122		72,118
2007		764		86,890		87,536		87,572		87,551
2008		1,748		7,295		7,393		7,524
2009		1,531		5,523		5,565
2010		2,346		9,720
2011		9,497
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		469		287		206		125		25		2		1		1		1
2003		823		477		349		256		141		28		3		1		—
2004		12,710		11,387		9,220		6,513		4,196		1,919		1,871		1,871
2005		42,648		36,063		34,259		32,633		30,922		29,380		29,349
2006		77,856		79,964		77,745		75,561		73,820		72,255
2007		115,194		92,108		91,673		90,199		88,948
2008		17,721		10,911		10,154		9,652
2009		13,065		8,667		7,848
2010		15,980		11,813
2011		16,137

Diagonals as of 12/31

Exhibit 12, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other

Agriculture and Other Specialty

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		12.5	%		7.6	%		5.5	%		3.3	%		0.7	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		35.4	%		20.5	%		15.0	%		11.0	%		6.1	%		1.2	%		0.1	%		0.0	%		0.0	%
2004		76.7	%		68.7	%		55.6	%		39.3	%		25.3	%		11.6	%		11.3	%		11.3	%
2005		82.1	%		69.4	%		65.9	%		62.8	%		59.5	%		56.5	%		56.5	%
2006		65.2	%		66.9	%		65.1	%		63.3	%		61.8	%		60.5	%
2007		78.3	%		62.6	%		62.3	%		61.3	%		60.4	%
2008		76.0	%		46.8	%		43.6	%		41.4	%
2009		72.4	%		48.1	%		43.5	%
2010		71.8	%		53.1	%
2011		89.9	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			3,650			3,749			3,756			3,754			3,754			3,754			3,754			3,754			3,754
2003		3,366			2,323			2,327			2,327			2,327			2,327			2,327			2,327			2,327
2004		17,231			16,406			16,444			16,544			16,615			16,569			16,572			16,572
2005		50,531			52,291			52,033			52,027			52,008			51,967			51,967
2006		119,439			119,256			119,480			119,462			119,453			119,453
2007		142,633			147,080			147,208			147,212			147,176
2008		22,936			23,384			23,316			23,305
2009		18,256			17,917			18,035
2010		22,300			22,251
2011		17,941
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			469			(182	)		(81	)		(81	)		(100	)		(24	)		(1	)		(0	)		(0	)		1
2003		823			(346	)		(128	)		(92	)		(115	)		(113	)		(25	)		(2	)		(1	)					(823	)
2004		12,710			(1,322	)		(2,167	)		(2,707	)		(2,317	)		(2,277	)		(48	)		(0	)								(10,839	)
2005		42,648			(6,585	)		(1,804	)		(1,625	)		(1,712	)		(1,542	)		(30	)											(13,298	)
2006		77,856			2,108			(2,219	)		(2,184	)		(1,741	)		(1,565	)														(5,600	)
2007		115,194			(23,086	)		(434	)		(1,474	)		(1,252	)																	(26,246	)
2008		17,721			(6,811	)		(756	)		(502	)																				(8,069	)
2009		13,065			(4,398	)		(819	)																							(5,217	)
2010		15,980			(4,167	)																										(4,167	)
2011		16,137
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			469			(528	)		(1,532	)		(8,925	)		(2,617	)		(29,384	)		(13,445	)		(9,961	)		(8,336	)		(74,259	)

Diagonals as of 12/31

Exhibit 12, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Marine and Aerospace

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		42,832		19,747		830		—		6		13		20,596		48	%
2003		124,139		45,461		1,961		—		1,038		45		48,506		39	%
2004		175,844		89,191		3,482		—		3,337		102		96,111		55	%
2005		223,393		321,009		18,421		30		11,459		449		351,368		157	%
2006		201,625		70,053		14,050		1,447		7,067		338		92,956		46	%
2007		112,124		59,697		18,833		1,421		1,389		325		81,664		73	%
2008		78,460		31,236		11,161		891		1,165		198		44,651		57	%
2009		52,200		18,226		8,847		3,851		3,274		240		34,437		66	%
2010		50,920		13,547		10,410		211		6,016		250		30,434		60	%
2011		52,704		8,525		13,207		2,512		22,558		574		47,376		90	%
		1,114,241		676,691		101,202		10,363		57,310		2,533		848,098		76	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		2,898		—		—		—		—		—		—		0	%
2007		3,903		2,459		—		—		—		—		2,459		63	%
2008		3,372		—		—		—		—		—		—		0	%
2009		2,231		—		—		—		—		—		—		0	%
2010		1,765		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		0	%
		14,169		2,459		—		—		—		—		2,459		17	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		ULAE		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2002 and P		42,832		19,747		830		—		6		13		20,596		48	%
2003		124,139		45,461		1,961		—		1,038		45		48,506		39	%
2004		175,844		89,191		3,482		—		3,337		102		96,111		55	%
2005		223,393		321,009		18,421		30		11,459		449		351,368		157	%
2006		198,727		70,053		14,050		1,447		7,067		338		92,956		47	%
2007		108,221		57,237		18,833		1,421		1,389		325		79,205		73	%
2008		75,087		31,236		11,161		891		1,165		198		44,651		59	%
2009		49,969		18,226		8,847		3,851		3,274		240		34,437		69	%
2010		49,155		13,547		10,410		211		6,016		250		30,434		62	%
2011		52,704		8,525		13,207		2,512		22,558		574		47,376		90	%
		1,100,072		674,232		101,202		10,363		57,310		2,533		845,639		77	%

Exhibit 13, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Marine and Aerospace

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		408		11,875		16,720		17,841		19,027		19,643		20,187		20,743		20,320		19,747
2003		9,693		26,060		33,763		37,443		41,656		43,823		44,590		44,329		45,461
2004		9,466		45,854		64,565		79,482		83,182		86,038		88,021		89,191
2005		20,594		140,016		221,478		261,140		294,890		314,559		321,009
2006		6,463		23,286		41,761		54,300		63,923		70,053
2007		8,770		27,767		43,434		54,603		59,697
2008		7,035		20,600		27,034		31,236
2009		3,991		13,425		18,226
2010		4,564		13,547
2011		8,525
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		4,394		20,626		23,217		22,075		21,729		21,632		21,824		21,887		21,170		20,577
2003		28,374		47,442		47,681		48,894		49,832		48,602		48,372		47,332		47,423
2004		37,307		86,553		96,112		100,163		96,552		95,974		94,042		92,672
2005		165,781		296,439		316,437		335,418		346,453		340,250		339,460
2006		22,075		54,742		78,929		80,977		85,429		85,550
2007		26,600		62,674		72,311		79,134		79,951
2008		19,332		35,673		42,759		43,287
2009		13,475		28,466		30,923
2010		11,429		24,168
2011		24,244
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		14,980		27,503		24,750		22,210		21,757		21,832		21,879		21,907		21,269		20,596
2003		78,305		66,420		51,539		49,471		50,211		49,144		49,154		48,293		48,506
2004		113,598		113,468		102,363		102,080		97,353		98,331		96,567		96,111
2005		246,754		326,841		322,201		333,762		345,775		346,308		351,368
2006		91,895		84,092		90,057		86,375		90,347		92,956
2007		64,674		74,259		77,222		80,723		81,664
2008		54,270		50,462		53,770		44,651
2009		37,461		36,535		34,437
2010		32,521		30,434
2011		47,376

Diagonals as of 12/31

Exhibit 13, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Marine and Aerospace

GROSS BASIS

Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		35.0	%		64.2	%		57.8	%		51.9	%		50.8	%		51.0	%		51.1	%		51.1	%		49.7	%		48.1	%
2003		63.1	%		53.5	%		41.5	%		39.9	%		40.4	%		39.6	%		39.6	%		38.9	%		39.1	%
2004		64.6	%		64.5	%		58.2	%		58.1	%		55.4	%		55.9	%		54.9	%		54.7	%
2005		110.5	%		146.3	%		144.2	%		149.4	%		154.8	%		155.0	%		157.3	%
2006		45.6	%		41.7	%		44.7	%		42.8	%		44.8	%		46.1	%
2007		57.7	%		66.2	%		68.9	%		72.0	%		72.8	%
2008		69.2	%		64.3	%		68.5	%		56.9	%
2009		71.8	%		70.0	%		66.0	%
2010		63.9	%		59.8	%
2011		89.9	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		23,188			41,015			42,620			42,808			42,872			42,832			42,832			42,832			42,832			42,832
2003		118,518			119,654			123,248			123,879			123,955			123,940			123,988			124,042			124,139
2004		164,763			172,077			174,841			175,301			175,356			175,318			175,801			175,844
2005		238,981			225,802			226,436			227,067			226,441			224,079			223,393
2006		195,356			199,542			202,492			201,995			202,231			201,625
2007		111,285			113,880			113,657			112,133			112,124
2008		76,578			77,811			78,413			78,460
2009		49,899			51,914			52,200
2010		48,637			50,920
2011		52,704
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		14,980			12,522			(2,752	)		(2,540	)		(454	)		75			47			29			(638	)		(674	)		5,615
2003		78,305			(11,885	)		(14,881	)		(2,068	)		740			(1,067	)		10			(861	)		213						(29,799	)
2004		113,598			(130	)		(11,106	)		(283	)		(4,726	)		978			(1,764	)		(456	)								(17,487	)
2005		246,754			80,087			(4,640	)		11,562			12,012			534			5,059												104,614
2006		91,895			(7,803	)		5,966			(3,683	)		3,973			2,609															1,062
2007		64,674			9,585			2,963			3,501			941																		16,990
2008		54,270			(3,807	)		3,308			(9,119	)																				(9,618	)
2009		37,461			(926	)		(2,098	)																							(3,024	)
2010		32,521			(2,087	)																										(2,087	)
2011		47,376
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			12,522			(14,637	)		(17,551	)		66,459			(11,911	)		21,366			8,501			7,127			(5,612	)		66,265

Diagonals as of 12/31

Exhibit 13, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Property

ITD SUMMARY

		xxxx		xxxx			xxxx			xxxx		xxxx		xxxx		xxxx			xxxx
Gross
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		230,546		51,166			93			—		1,019		17		52,294			23	%
2003		516,332		129,270			3,163			—		2,737		88		135,258			26	%
2004		724,835		355,704			2,445			329		7,151		149		365,778			50	%
2005		699,863		810,896			11,446			4,349		12,343		422		839,456			120	%
2006		635,179		191,395			4,190			515		6,459		167		202,726			32	%
2007		542,036		135,641			3,031			623		3,968		114		143,378			26	%
2008		507,586		249,621			24,475			654		7,605		491		282,847			56	%
2009		508,757		86,653			10,232			665		4,666		233		102,449			20	%
2010		546,532		128,089			55,065			996		56,165		1,683		241,999			44	%
2011		593,988		230,964			215,657			33,824		188,570		6,721		675,737			114	%
		5,505,653		2,369,400			329,797			41,956		290,683		10,087		3,041,922			55	%
Ceded
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		25,994		(178	)		(1	)		—		0		—		(179	)		-1	%
2003		5,939		—			—			—		0		—		0			0	%
2004		5,810		5,920			—			—		0		—		5,920			102	%
2005		6,263		6,124			—			—		0		—		6,124			98	%
2006		5,930		—			—			—		0		—		0			0	%
2007		19,968		—			—			—		—		—		—			0	%
2008		16,060		—			—			—		—		—		—			0	%
2009		4,969		—			—			—		—		—		—			0	%
2010		7,000		—			—			—		33		—		33			0	%
2011		12,160		4,912			2,625			879		2,177		—		10,592			87	%
		110,092		16,777			2,624			879		2,210		—		22,490			20	%
Net
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		204,552		51,345			93			—		1,019		17		52,473			26	%
2003		510,392		129,270			3,163			—		2,736		88		135,258			27	%
2004		719,024		349,784			2,445			329		7,151		149		359,858			50	%
2005		693,600		804,772			11,446			4,349		12,343		422		833,332			120	%
2006		629,249		191,395			4,190			515		6,459		167		202,726			32	%
2007		522,069		135,641			3,031			623		3,968		114		143,378			27	%
2008		491,526		249,621			24,475			654		7,605		491		282,847			58	%
2009		503,788		86,653			10,232			665		4,666		233		102,449			20	%
2010		539,532		128,089			55,065			996		56,133		1,683		241,966			45	%
2011		581,828		226,052			213,032			32,946		186,393		6,721		665,144			114	%
		5,395,561		2,352,622			327,173			41,077		288,473		10,087		3,019,432			56	%

Exhibit 14, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		4,140		30,526		38,512		40,681		48,218		49,346		50,308		50,671		51,116		51,166
2003		33,180		86,297		109,682		120,196		127,761		130,126		130,759		128,577		129,270
2004		98,955		257,215		310,775		331,993		341,790		348,053		353,953		355,704
2005		238,809		554,317		715,370		778,545		814,251		807,800		810,896
2006		37,808		121,225		158,381		173,599		187,488		191,395
2007		33,577		104,822		124,907		134,294		135,641
2008		91,102		191,451		231,432		249,621
2009		28,395		73,297		86,653
2010		44,004		128,089
2011		230,964
Case Incurred Loss
& ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		44,587		58,185		51,519		46,712		52,752		51,580		51,039		50,969		51,247		51,259
2003		91,224		135,146		136,973		139,147		138,093		138,548		137,743		133,317		132,433
2004		225,436		348,930		355,754		355,770		355,805		356,414		359,344		358,478
2005		599,714		829,649		857,740		857,877		850,184		827,505		826,691
2006		104,959		157,283		172,102		184,296		195,551		196,100
2007		95,207		149,864		141,584		140,334		139,295
2008		208,471		252,150		271,560		274,751
2009		64,801		96,581		97,550
2010		122,097		184,150
2011		480,445
Ultimate Loss
& LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		86,752		74,949		55,272		48,646		54,353		53,161		52,365		52,250		52,415		52,294
2003		255,362		182,652		150,779		146,013		143,042		142,574		141,293		136,047		135,258
2004		469,224		419,653		369,603		367,256		364,657		364,622		367,474		365,778
2005		834,642		875,722		869,689		865,895		861,178		837,702		839,456
2006		229,410		185,683		184,147		194,883		204,948		202,726
2007		188,160		169,220		148,065		145,922		143,378
2008		311,070		287,588		282,980		282,847
2009		149,224		117,101		102,449
2010		281,924		241,999
2011		675,737

Diagonals as of 12/31

Exhibit 14, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Property

GROSS BASIS

Ultimate Loss
& LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		37.6	%		32.5	%		24.0	%		21.1	%		23.6	%		23.1	%		22.7	%		22.7	%		22.7	%		22.7	%
2003		49.5	%		35.4	%		29.2	%		28.3	%		27.7	%		27.6	%		27.4	%		26.3	%		26.2	%
2004		64.7	%		57.9	%		51.0	%		50.7	%		50.3	%		50.3	%		50.7	%		50.5	%
2005		119.3	%		125.1	%		124.3	%		123.7	%		123.0	%		119.7	%		119.9	%
2006		36.1	%		29.2	%		29.0	%		30.7	%		32.3	%		31.9	%
2007		34.7	%		31.2	%		27.3	%		26.9	%		26.5	%
2008		61.3	%		56.7	%		55.8	%		55.7	%
2009		29.3	%		23.0	%		20.1	%
2010		51.6	%		44.3	%
2011		113.8	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		210,944			226,110			229,184			229,763			229,756			229,792			230,570			230,629			230,551			230,546
2003		512,087			519,938			515,057			513,572			514,815			516,554			516,556			516,573			516,332
2004		707,765			721,054			720,895			724,623			725,207			725,026			725,314			724,835
2005		701,891			699,637			703,332			703,097			700,818			700,893			699,863
2006		611,474			630,206			634,944			635,197			635,121			635,179
2007		542,895			543,298			541,965			542,238			542,036
2008		507,486			509,361			508,385			507,586
2009		511,507			510,289			508,757
2010		544,324			546,532
2011		593,988
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		86,752			(11,803	)		(19,677	)		(6,626	)		5,707			(1,192	)		(795	)		(115	)		164			(120	)		(34,458	)
2003		255,362			(72,710	)		(31,872	)		(4,767	)		(2,971	)		(468	)		(1,281	)		(5,245	)		(789	)					(120,104	)
2004		469,224			(49,571	)		(50,050	)		(2,347	)		(2,599	)		(35	)		2,852			(1,696	)								(103,446	)
2005		834,642			41,080			(6,033	)		(3,794	)		(4,717	)		(23,476	)		1,755												4,814
2006		229,410			(43,727	)		(1,535	)		10,735			10,065			(2,221	)														(26,684	)
2007		188,160			(18,940	)		(21,155	)		(2,143	)		(2,545	)																	(44,783	)
2008		311,070			(23,482	)		(4,608	)		(133	)																				(28,223	)
2009		149,224			(32,123	)		(14,652	)																							(46,775	)
2010		281,924			(39,925	)																										(39,925	)
2011		675,737
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(11,803	)		(92,388	)		(88,069	)		(8,030	)		(56,271	)		(28,131	)		(40,049	)		(54,514	)		(60,328	)		(439,583	)

Diagonals as of 12/31

Exhibit 14, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Property

ITD SUMMARY

Gross
Accident	Earned		Paid Loss			Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE			& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		0		—			—		—			—		—		—		0	%
2003		1,270		171			—		—			—		—		171		13	%
2004		4,649		625			6		—			95		2		727		16	%
2005		40,761		15,452			1,230		762			1,187		48		18,678		46	%
2006		65,019		21,866			3,983		476			1,890		95		28,310		44	%
2007		64,868		17,884			3,029		(273	)		2,853		84		23,578		36	%
2008		47,571		3,734			1,692		447			2,626		71		8,571		18	%
2009		35,593		6,029			2,346		232			4,567		107		13,282		37	%
2010		34,452		2,756			2,306		212			8,573		166		14,013		41	%
2011		33,808		789			663		—			15,462		242		17,156		51	%
		327,991		69,307			15,254		1,856			37,254		815		124,487		38	%
Ceded
Accident	Earned		Paid Loss			Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE			& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—			—		—			—		—		—		0	%
2003		—		—			—		—			—		—		—		0	%
2004		—		—			—		—			—		—		—		0	%
2005		4,392		1,144			219		—			189		—		1,552		35	%
2006		4,267		—			307		107			202		—		616		14	%
2007		47		(122	)		241		—			2		—		120		258	%
2008		75		—			—		—			3		—		3		4	%
2009		1		—			—		—			0		—		0		6	%
2010		—		—			—		—			—		—		—		0	%
2011		—		—			—		—			—		—		—		0	%
		8,782		1,021			768		107			396		—		2,292		26	%
Net
Accident	Earned		Paid Loss			Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE			& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		0		—			—		—			—		—		—		0	%
2003		1,270		171			—		—			—		—		171		13	%
2004		4,649		625			6		—			95		2		727		16	%
2005		36,369		14,309			1,010		762			998		48		17,126		47	%
2006		60,752		21,866			3,676		369			1,688		95		27,695		46	%
2007		64,821		18,006			2,788		(273	)		2,852		84		23,458		36	%
2008		47,496		3,734			1,692		447			2,623		71		8,568		18	%
2009		35,592		6,029			2,346		232			4,567		107		13,282		37	%
2010		34,452		2,756			2,306		212			8,573		166		14,013		41	%
2011		33,808		789			663		—			15,462		242		17,156		51	%
		319,210		68,286			14,487		1,749			36,858		815		122,195		38	%

Exhibit 15, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Property

GROSS BASIS

Paid Loss & ALAE	12			24		36		48		60		72		84		96		108		120
2002 and P		—			—		—		—		—		—		—		—		—		—
2003		20			92		107		92		164		166		166		160		171
2004		41			513		738		785		848		871		886		625
2005		751			5,738		9,975		11,121		12,895		15,297		15,452
2006		403			8,620		13,682		16,641		19,970		21,866
2007		2,968			8,708		13,845		14,833		17,884
2008		(105	)		1,501		2,820		3,734
2009		281			3,560		6,029
2010		780			2,756
2011		789
Case Incurred Loss
& ALAE (incl ACRs)	12			24		36		48		60		72		84		96		108		120
2002 and P		—			—		—		—		—		—		—		—		—		—
2003		77			97		225		188		164		166		166		160		171
2004		43			820		939		1,396		1,324		1,196		907		631
2005		4,388			9,571		13,182		16,177		16,605		17,600		17,443
2006		2,100			14,612		20,011		22,741		25,651		26,325
2007		10,211			13,099		17,596		18,503		20,641
2008		179			2,187		4,353		5,873
2009		2,158			6,155		8,608
2010		1,835			5,273
2011		1,452
Ultimate Loss
& LAE	12			24		36		48		60		72		84		96		108		120
2002 and P		—			—		—		—		—		—		—		—		—		—
2003		748			416		270		179		160		166		166		161		171
2004		2,320			1,689		1,182		1,435		1,390		1,258		931		727
2005		26,829			20,173		16,515		18,941		18,498		19,352		18,678
2006		30,001			26,442		25,217		26,692		30,963		28,310
2007		37,556			25,964		23,803		24,674		23,578
2008		23,560			14,665		9,371		8,571
2009		22,981			15,752		13,282
2010		18,265			14,013
2011		17,156

Diagonals as of 12/31

Exhibit 15, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

Short Tail Surety

GROSS BASIS

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		58.9	%		32.7	%		21.2	%		14.1	%		12.6	%		13.1	%		13.1	%		12.7	%		13.5	%
2004		49.9	%		36.3	%		25.4	%		30.9	%		29.9	%		27.1	%		20.0	%		15.6	%
2005		65.8	%		49.5	%		40.5	%		46.5	%		45.4	%		47.5	%		45.8	%
2006		46.1	%		40.7	%		38.8	%		41.1	%		47.6	%		43.5	%
2007		57.9	%		40.0	%		36.7	%		38.0	%		36.3	%
2008		49.5	%		30.8	%		19.7	%		18.0	%
2009		64.6	%		44.3	%		37.3	%
2010		53.0	%		40.7	%
2011		50.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			0			0			0			0			0			0			0
2003		1,095			1,065			1,340			1,345			1,300			1,270			1,270			1,270			1,270
2004		3,853			4,656			4,703			4,715			4,640			4,649			4,649			4,649
2005		35,957			39,826			39,739			40,053			40,377			40,594			40,761
2006		59,288			62,027			63,166			63,933			64,603			65,019
2007		60,034			62,857			64,185			64,643			64,868
2008		48,034			47,685			47,544			47,571
2009		35,225			35,579			35,593
2010		34,876			34,452
2011		33,808
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		748			(333	)		(146	)		(91	)		(19	)		6			0			(5	)		10						(577	)
2004		2,320			(631	)		(507	)		253			(45	)		(132	)		(327	)		(204	)								(1,593	)
2005		26,829			(6,656	)		(3,658	)		2,425			(442	)		853			(673	)											(8,150	)
2006		30,001			(3,559	)		(1,224	)		1,474			4,272			(2,653	)														(1,690	)
2007		37,556			(11,592	)		(2,161	)		871			(1,096	)																	(13,978	)
2008		23,560			(8,895	)		(5,294	)		(800	)																				(14,989	)
2009		22,981			(7,229	)		(2,470	)																							(9,699	)
2010		18,265			(4,252	)																										(4,252	)
2011		17,156
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			(333	)		(777	)		(7,253	)		(6,982	)		(10,431	)		(10,156	)		(6,859	)		(12,138	)		(54,930	)

Diagonals as of 12/31

Exhibit 15, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Workers Compensation Total

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		14,259		1,326		1,670		—		5,132		102		8,231		58	%
2003		35,934		22,281		3,486		—		3,411		103		29,281		81	%
2004		49,416		23,921		5,616		—		9,532		227		39,296		80	%
2005		71,753		45,381		4,570		—		3,948		128		54,027		75	%
2006		157,324		56,741		7,916		—		10,117		325		75,100		48	%
2007		226,022		99,549		24,852		—		22,215		862		147,478		65	%
2008		256,057		141,756		50,279		—		32,607		1,045		225,688		88	%
2009		123,778		50,495		33,418		—		19,709		505		104,127		84	%
2010		5,730		513		1,443		106		2,811		62		4,935		86	%
2011		4,516		—		9		366		3,311		55		3,742		83	%
		944,789		441,963		133,260		472		112,793		3,415		691,904		73	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		4		229		41		—		0		—		271		7163	%
2005		1,775		629		65		—		58		—		752		42	%
2006		3,539		—		738		—		118		—		857		24	%
2007		17,314		—		—		—		2,051		—		2,051		12	%
2008		26,813		—		—		—		215		—		215		1	%
2009		15,984		—		2,816		—		3,540		—		6,356		40	%
2010		1,796		—		—		—		650		—		650		36	%
2011		—		—		—		—		—		—		—		0	%
		67,224		859		3,660		—		6,633		—		11,151		17	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		14,259		1,326		1,670		—		5,132		102		8,231		58	%
2003		35,934		22,281		3,486		—		3,411		103		29,281		81	%
2004		49,412		23,692		5,574		—		9,532		227		39,025		79	%
2005		69,978		44,751		4,506		—		3,890		128		53,274		76	%
2006		153,785		56,741		7,178		—		9,999		325		74,243		48	%
2007		208,709		99,549		24,852		—		20,164		862		145,427		70	%
2008		229,244		141,756		50,279		—		32,393		1,045		225,473		98	%
2009		107,794		50,495		30,602		—		16,169		505		97,771		91	%
2010		3,933		513		1,443		106		2,161		62		4,285		109	%
2011		4,516		—		9		366		3,311		55		3,742		83	%
		877,565		441,105		129,600		472		106,161		3,415		680,753		78	%

Exhibit 16, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Workers Compensation Total

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		98		122		266		318		424		906		947		1,326
2003		59		6,934		12,550		16,633		18,762		19,957		20,732		21,367		22,281
2004		3,306		9,835		14,376		16,905		19,362		22,028		22,931		23,921
2005		1,474		20,008		27,019		34,592		39,890		43,350		45,381
2006		3,102		27,661		36,545		45,297		51,118		56,741
2007		9,855		39,668		65,093		83,729		99,549
2008		23,720		70,730		109,635		141,756
2009		14,752		35,823		50,495
2010		272		513
2011		—
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		625		1,010		1,976		2,379		2,629		2,598		2,787		2,883		2,997
2003		2,178		16,794		21,018		23,761		24,610		24,331		24,611		25,040		25,767
2004		10,687		21,365		26,104		27,585		28,752		28,628		29,170		29,536
2005		5,750		43,224		44,239		48,142		50,874		48,487		49,951
2006		8,566		47,136		46,347		51,959		59,868		64,658
2007		18,434		69,854		92,347		109,605		124,401
2008		76,641		120,368		161,624		192,035
2009		44,300		70,132		83,913
2010		1,793		2,062
2011		375
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		13,322		9,450		11,229		11,112		11,182		11,146		10,745		10,189		9,382		8,231
2003		30,726		35,646		34,130		30,804		30,782		29,479		29,097		28,827		29,281
2004		41,855		45,963		41,173		41,248		40,518		39,380		39,397		39,296
2005		43,864		60,006		56,366		56,418		56,299		53,554		54,027
2006		78,444		87,935		73,870		71,375		76,251		75,100
2007		139,115		135,758		136,508		139,060		147,478
2008		170,710		185,849		193,469		225,688
2009		98,306		106,644		104,127
2010		5,449		4,935
2011		3,742

Diagonals as of 12/31

Exhibit 16, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Workers Compensation Total

GROSS BASIS

		September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		93.4	%		66.3	%		78.7	%		77.9	%		78.4	%		78.2	%		75.4	%		71.5	%		65.8	%		57.7	%
2003		85.5	%		99.2	%		95.0	%		85.7	%		85.7	%		82.0	%		81.0	%		80.2	%		81.5	%
2004		84.7	%		93.0	%		83.3	%		83.5	%		82.0	%		79.7	%		79.7	%		79.5	%
2005		61.1	%		83.6	%		78.6	%		78.6	%		78.5	%	��	74.6	%		75.3	%
2006		49.9	%		55.9	%		47.0	%		45.4	%		48.5	%		47.7	%
2007		61.5	%		60.1	%		60.4	%		61.5	%		65.2	%
2008		66.7	%		72.6	%		75.6	%		88.1	%
2009		79.4	%		86.2	%		84.1	%
2010		95.1	%		86.1	%
2011		82.9	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		14,224			15,286			14,224			14,239			14,244			14,246			14,254			14,259			14,259			14,259
2003		34,623			35,717			37,284			36,077			36,001			35,899			35,934			35,934			35,934
2004		50,952			50,438			49,555			49,475			49,383			49,412			49,416			49,416
2005		53,497			73,528			73,644			73,130			73,305			71,721			71,753
2006		150,689			160,628			158,245			158,241			157,308			157,324
2007		231,634			231,675			226,098			225,824			226,022
2008		261,596			256,695			255,689			256,057
2009		125,412			123,853			123,778
2010		5,394			5,730
2011		4,516
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		13,322			(3,872	)		1,779			(117	)		70			(36	)		(402	)		(556	)		(807	)		(1,151	)		(5,091	)
2003		30,726			4,919			(1,516	)		(3,326	)		(22	)		(1,303	)		(382	)		(271	)		454						(1,445	)
2004		41,855			4,108			(4,790	)		75			(730	)		(1,139	)		17			(101	)								(2,560	)
2005		43,864			16,142			(3,640	)		52			(119	)		(2,745	)		473												10,163
2006		78,444			9,491			(14,065	)		(2,495	)		4,876			(1,151	)														(3,344	)
2007		139,115			(3,357	)		750			2,552			8,418																		8,363
2008		170,710			15,139			7,620			32,219																					54,978
2009		98,306			8,338			(2,517	)																							5,822
2010		5,449			(514	)																										(514	)
2011		3,742
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(3,872	)		6,698			2,475			8,097			5,868			(19,804	)		11,198			19,582			36,128			66,371

Diagonals as of 12/31

Exhibit 16, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		43,815		32		18		—		4,094		62		4,205		10	%
2003		174,168		7,006		71		—		16,737		252		24,066		14	%
2004		235,163		9,230		3,235		—		28,081		470		41,016		17	%
2005		265,477		22,816		25,098		—		41,793		1,073		90,780		34	%
2006		330,520		67,333		33,925		—		71,453		2,231		174,942		53	%
2007		509,564		219,529		44,124		—		113,933		3,306		380,892		75	%
2008		573,298		186,500		132,814		—		155,227		5,551		480,093		84	%
2009		529,263		141,818		54,292		1		215,103		7,030		418,244		79	%
2010		427,868		23,144		97,315		—		242,559		9,496		372,513		87	%
2011		442,450		5,530		13,439		—		290,750		10,645		320,364		72	%
		3,531,588		682,938		404,330		1		1,179,730		40,115		2,307,114		65	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		509		—		—		—		0		—		0		0	%
2004		446		41		29		—		2		—		72		16	%
2005		5,364		19		24		—		1,488		—		1,532		29	%
2006		26,589		13,558		12,820		—		7,383		—		33,761		127	%
2007		64,844		7,420		5,764		—		15,502		—		28,685		44	%
2008		85,594		8,633		6,685		—		18,187		—		33,505		39	%
2009		98,185		28,079		6,967		—		40,892		—		75,938		77	%
2010		91,680		3,819		26,131		—		50,976		—		80,927		88	%
2011		95,074		679		451		—		62,771		—		63,901		67	%
		468,285		62,248		58,871		—		197,201		—		318,320		68	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		43,815		32		18		—		4,094		62		4,205		10	%
2003		173,660		7,006		71		—		16,736		252		24,066		14	%
2004		234,717		9,190		3,206		—		28,080		470		40,945		17	%
2005		260,113		22,797		25,074		—		40,305		1,073		89,248		34	%
2006		303,931		53,775		21,105		—		64,070		2,231		141,181		46	%
2007		444,721		212,110		38,360		—		98,431		3,306		352,207		79	%
2008		487,704		177,867		126,130		—		137,040		5,551		446,587		92	%
2009		431,078		113,738		47,325		1		174,211		7,030		342,306		79	%
2010		336,188		19,325		71,183		—		191,583		9,496		291,586		87	%
2011		347,376		4,851		12,987		—		227,979		10,645		256,463		74	%
		3,063,303		620,691		345,459		1		982,529		40,115		1,988,794		65	%

Exhibit 17, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		32
2003		—		18		24		48		58		1,766		1,768		3,472		7,006
2004		—		44		160		3,746		4,071		4,079		9,168		9,230
2005		2,780		2,744		8,030		8,050		8,480		22,544		22,816
2006		392		13,454		25,303		57,259		62,016		67,333
2007		9,173		41,156		71,065		170,287		219,529
2008		36,496		85,178		146,320		186,500
2009		16,426		79,971		141,818
2010		2,961		23,144
2011		5,530
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		50
2003		0		5,018		6,108		4,048		4,058		5,044		5,028		6,728		7,077
2004		—		44		160		3,769		4,071		4,092		9,217		12,465
2005		10,780		15,794		18,056		34,550		47,625		47,652		47,914
2006		9,283		45,291		48,724		63,243		67,394		101,258
2007		20,568		96,035		184,859		228,890		263,653
2008		92,050		150,786		256,915		319,314
2009		65,770		165,273		196,111
2010		40,421		120,458
2011		18,969
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		33,623		28,419		22,995		20,490		16,449		14,668		13,370		9,624		5,478		4,205
2003		124,562		114,944		93,978		81,589		68,616		59,697		51,369		30,037		24,066
2004		161,955		146,298		134,875		122,134		94,267		76,543		50,265		41,016
2005		201,509		195,478		180,496		151,708		136,578		115,303		90,780
2006		259,060		257,004		225,716		196,671		168,690		174,942
2007		357,415		396,805		414,984		383,809		380,892
2008		410,192		404,068		456,014		480,093
2009		372,982		442,207		418,244
2010		339,221		372,513
2011		320,364

Diagonals as of 12/31

Exhibit 17, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

GROSS BASIS

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		76.7	%		64.9	%		52.5	%		46.8	%		37.5	%		33.5	%		30.5	%		22.0	%		12.5	%		9.6	%
2003		71.5	%		66.0	%		54.0	%		46.8	%		39.4	%		34.3	%		29.5	%		17.2	%		13.8	%
2004		68.9	%		62.2	%		57.4	%		51.9	%		40.1	%		32.5	%		21.4	%		17.4	%
2005		75.9	%		73.6	%		68.0	%		57.1	%		51.4	%		43.4	%		34.2	%
2006		78.4	%		77.8	%		68.3	%		59.5	%		51.0	%		52.9	%
2007		70.1	%		77.9	%		81.4	%		75.3	%		74.7	%
2008		71.5	%		70.5	%		79.5	%		83.7	%
2009		70.5	%		83.6	%		79.0	%
2010		79.3	%		87.1	%
2011		72.4	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		44,252			44,252			43,815			43,815			43,815			43,815			43,815			43,815			43,815			43,815
2003		173,063			174,352			174,168			174,168			174,168			174,168			174,168			174,168			174,168
2004		236,951			235,206			235,202			235,162			235,162			235,163			235,163			235,163
2005		265,176			264,882			264,714			264,512			264,532			264,531			265,477
2006		329,830			331,764			331,139			331,090			331,118			330,520
2007		515,353			515,233			510,039			509,792			509,564
2008		576,831			573,718			572,967			573,298
2009		528,867			529,313			529,263
2010		426,946			427,868
2011		442,450
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		33,623			(5,204	)		(5,424	)		(2,505	)		(4,041	)		(1,782	)		(1,298	)		(3,746	)		(4,146	)		(1,272	)		(29,418	)
2003		124,562			(9,618	)		(20,966	)		(12,388	)		(12,973	)		(8,919	)		(8,328	)		(21,332	)		(5,971	)					(100,496	)
2004		161,955			(15,657	)		(11,423	)		(12,741	)		(27,866	)		(17,724	)		(26,278	)		(9,248	)								(120,938	)
2005		201,509			(6,031	)		(14,982	)		(28,788	)		(15,130	)		(21,275	)		(24,523	)											(110,729	)
2006		259,060			(2,056	)		(31,287	)		(29,046	)		(27,981	)		6,252															(84,119	)
2007		357,415			39,390			18,179			(31,175	)		(2,918	)																	23,476
2008		410,192			(6,124	)		51,945			24,079																					69,900
2009		372,982			69,225			(23,963	)																							45,262
2010		339,221			33,292																											33,292
2011		320,364
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(5,204	)		(15,042	)		(39,128	)		(33,883	)		(44,534	)		(58,769	)		(61,919	)		(11,016	)		(4,274	)		(273,770	)

Diagonals as of 12/31

Exhibit 17, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Other

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		6,766		—		—		—		—		—		—		0	%
2008		417,175		357,958		105		—		—		—		358,063		86	%
2009		386,644		321,678		233		—		146		—		322,058		83	%
2010		404,681		279,397		424		—		509		—		280,331		69	%
2011		566,243		461,335		48,246		—		18,797		—		528,379		93	%
		1,781,508		1,420,369		49,008		—		19,452		—		1,488,830		84	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		1,078		—		—		—		—		—		—		0	%
2008		60,717		44,250		13		—		—		—		44,263		73	%
2009		54,929		41,210		30		—		19		—		41,259		75	%
2010		6,796		—		—		—		—		—		—		0	%
2011		1,629		—		7,307		—		654		—		7,961		489	%
		125,149		85,460		7,350		—		673		—		93,483		75	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		0	%
2007		5,688		—		—		—		—		—		—		0	%
2008		356,458		313,708		92		—		—		—		313,800		88	%
2009		331,714		280,468		203		—		127		—		280,799		85	%
2010		397,885		279,397		424		—		509		—		280,331		70	%
2011		564,614		461,335		40,939		—		18,143		—		520,418		92	%
		1,656,360		1,334,909		41,658		—		18,780		—		1,395,347		84	%

Insurance—Agriculture gross is net of FCIC cession

Exhibit 18, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Other

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		—		—		—		—		—		—
2007		26		276		891		7,698		—
2008		185,478		354,044		357,897		357,958
2009		204,192		320,757		321,678
2010		145,213		279,397
2011		461,335
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		—		—		—		—		—		—
2007		368		276		891		7,711		—
2008		350,710		363,738		357,789		358,063
2009		332,521		323,672		321,912
2010		248,660		279,822
2011		509,582
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—
2006		—		—		—		—		—		—
2007		5,903		276		891		7,711		—
2008		380,307		363,745		357,789		358,063
2009		340,564		323,648		322,058
2010		305,981		280,331
2011		528,379

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 18, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Other

GROSS BASIS

		September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2007		87.2	%		4.1	%		13.2	%		114.0	%		0.0	%
2008		91.2	%		87.2	%		85.8	%		85.8	%
2009		88.1	%		83.7	%		83.3	%
2010		75.6	%		69.3	%
2011		93.3	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—
2006		—			—			—			—			—			—
2007		6,766			6,766			6,766			6,766			6,766
2008		417,175			417,175			417,175			417,175
2009		386,897			386,644			386,644
2010		404,681			404,681
2011		566,243
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—						—
2004		—			—			—			—			—			—			—			—									—
2005		—			—			—			—			—			—			—												—
2006		—			—			—			—			—			—															—
2007		5,903			(5,627	)		615			6,820			(7,711	)																	(5,903	)
2008		380,307			(16,562	)		(5,956	)		274																					(22,244	)
2009		340,564			(16,916	)		(1,590	)																							(18,506	)
2010		305,981			(25,650	)																										(25,650	)
2011		528,379
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			—			—			—			—			(5,627	)		(15,947	)		(16,051	)		(34,677	)		(72,303	)

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 18, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,			September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		34,150		2,270		—		—			—		—		2,270		7	%
2003		66,746		19,511		37		—			7		1		19,556		29	%
2004		98,396		39,481		390		—			246		10		40,126		41	%
2005		104,197		158,921		384		—			601		15		159,920		153	%
2006		135,519		37,738		108		—			206		5		38,057		28	%
2007		143,365		41,514		95		—			579		10		42,198		29	%
2008		133,628		32,440		2,949		—			1,076		63		36,528		27	%
2009		138,366		17,280		1,735		—			1,556		65		20,636		15	%
2010		126,319		11,196		1,432		—			3,936		139		16,703		13	%
2011		118,375		9,863		22,970		—			18,633		1,033		52,500		44	%
		1,099,062		370,215		30,099		—			26,841		1,339		428,495		39	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		347		—		—		—			—		—		—		0	%
2003		1,785		41		—		—			0		—		41		2	%
2004		2,278		2,418		0		—			1		—		2,419		106	%
2005		8,421		4,558		—		—			13		—		4,571		54	%
2006		73,467		1,238		1		—			11		—		1,249		2	%
2007		104,872		14,811		—		—			33		—		14,844		14	%
2008		63,620		3,834		309		—			182		—		4,325		7	%
2009		62,856		1,492		336		108			624		—		2,559		4	%
2010		39,368		110		146		—			1,410		—		1,666		4	%
2011		45,041		1,155		5,101		—			2,781		—		9,037		20	%
		402,055		29,657		5,892		108			5,055		—		40,712		10	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		33,802		2,270		—		—			—		—		2,270		7	%
2003		64,961		19,471		37		—			7		1		19,515		30	%
2004		96,118		37,063		389		—			245		10		37,707		39	%
2005		95,776		154,363		384		—			588		15		155,349		162	%
2006		62,052		36,500		107		—			196		5		36,808		59	%
2007		38,493		26,703		95		—			546		10		27,354		71	%
2008		70,008		28,606		2,640		—			894		63		32,203		46	%
2009		75,510		15,789		1,400		(108	)		932		65		18,077		24	%
2010		86,951		11,086		1,286		—			2,526		139		15,037		17	%
2011		73,334		8,708		17,869		—			15,853		1,033		43,463		59	%
		697,006		340,558		24,207		(108	)		21,786		1,339		387,783		56	%

Exhibit 19, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		149		1,449		2,257		2,267		2,270		2,270		2,270		2,270		2,270		2,270
2003		59		11,319		15,241		17,242		17,529		18,690		19,484		19,513		19,511
2004		3,387		21,718		27,079		31,733		35,208		38,510		39,244		39,481
2005		24,566		92,015		139,954		159,193		156,959		158,786		158,921
2006		9,674		26,400		36,501		37,343		37,557		37,738
2007		12,006		28,845		41,272		40,884		41,514
2008		12,333		26,709		30,982		32,440
2009		11,722		16,178		17,280
2010		5,481		11,196
2011		9,863
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		1,600		3,392		2,404		2,268		2,271		2,270		2,270		2,270		2,270		2,270
2003		13,666		17,295		19,968		23,906		23,914		26,768		25,556		19,588		19,548
2004		24,953		43,290		40,155		39,781		40,782		40,992		40,117		39,871
2005		150,184		173,910		168,249		165,864		159,680		159,293		159,305
2006		40,897		38,230		38,378		38,428		37,922		37,846
2007		32,677		44,615		42,186		41,163		41,609
2008		36,559		34,227		33,950		35,389
2009		20,625		19,026		19,016
2010		12,419		12,628
2011		32,833
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		13,250		4,579		2,407		2,317		2,279		2,276		2,273		2,273		2,276		2,270
2003		32,391		19,396		20,117		24,046		24,048		26,894		25,660		19,605		19,556
2004		60,457		40,705		40,699		40,265		41,119		41,139		40,714		40,126
2005		201,943		178,153		173,217		170,837		164,315		164,321		159,920
2006		69,557		42,988		40,726		40,445		39,877		38,057
2007		53,945		46,684		42,979		41,898		42,198
2008		62,931		39,430		35,686		36,528
2009		38,060		21,637		20,636
2010		30,380		16,703
2011		52,500

Diagonals as of 12/31

Exhibit 19, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

GROSS BASIS

		xxxx			xxxx			xxxx			xxxx				xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
Ultimate Loss & LAE Ratio	12			24			36			48				60			72			84			96			108			120
2002 and P		38.8	%		13.4	%		7.0	%		6.8	%			6.7	%		6.7	%		6.7	%		6.7	%		6.7	%		6.6	%
2003		48.5	%		29.1	%		30.1	%		36.0	%			36.0	%		40.3	%		38.4	%		29.4	%		29.3	%
2004		61.4	%		41.4	%		41.4	%		40.9	%			41.8	%		41.8	%		41.4	%		40.8	%
2005		193.8	%		171.0	%		166.2	%		164.0	%			157.7	%		157.7	%		153.5	%
2006		51.3	%		31.7	%		30.1	%		29.8	%	��		29.4	%		28.1	%
2007		37.6	%		32.6	%		30.0	%		29.2	%			29.4	%
2008		47.1	%		29.5	%		26.7	%		27.3	%
2009		27.5	%		15.6	%		14.9	%
2010		24.1	%		13.2	%
2011		44.4	%
Earned Premium	12			24			36			48				60			72			84			96			108			120
2002 and P		34,208			34,208			34,149			34,150				34,150			34,150			34,150			34,150			34,150			34,150
2003		66,925			66,662			66,594			66,701				66,680			66,744			66,744			66,744			66,746
2004		98,988			98,136			98,194			98,189				98,188			98,378			98,385			98,396
2005		104,426			104,038			103,897			103,986				104,193			104,199			104,197
2006		135,626			134,964			135,131			135,258				135,521			135,519
2007		142,304			143,151			143,335			143,364				143,365
2008		134,040			133,828			133,772			133,628
2009		138,732			138,373			138,366
2010		126,285			126,319
2011		118,375
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48				48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		13,250			(8,671	)		(2,173	)		(90	)			(37	)		(3	)		(3	)		0			3			(6	)		(10,980	)
2003		32,391			(12,995	)		721			3,928				3			2,846			(1,234	)		(6,055	)		(49	)					(12,835	)
2004		60,457			(19,752	)		(6	)		(434	)			854			20			(424	)		(589	)								(20,331	)
2005		201,943			(23,791	)		(4,935	)		(2,381	)			(6,522	)		6			(4,401	)											(42,023	)
2006		69,557			(26,569	)		(2,263	)		(281	)			(568	)		(1,820	)														(31,500	)
2007		53,945			(7,261	)		(3,705	)		(1,081	)			300																		(11,747	)
2008		62,931			(23,500	)		(3,744	)		842																						(26,402	)
2009		38,060			(16,423	)		(1,001	)																								(17,424	)
2010		30,380			(13,677	)																											(13,677	)
2011		52,500
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005				CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(8,671	)		(15,167	)		(19,121	)			(19,905	)		(31,939	)		(8,207	)		(35,223	)		(28,286	)		(20,399	)		(186,919	)

Diagonals as of 12/31

Exhibit 19, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		113,157		50,245		8,739		5,374		11,821		389		76,568		68	%
2003		383,277		180,978		18,900		5,392		39,833		962		246,065		64	%
2004		414,945		158,575		14,968		2,100		64,974		1,231		241,847		58	%
2005		417,633		152,188		23,993		6,401		46,479		1,153		230,213		55	%
2006		408,474		116,718		31,530		3,690		50,047		1,279		203,263		50	%
2007		238,943		65,938		24,186		14,617		46,346		1,277		152,365		64	%
2008		197,948		54,387		28,801		12,836		53,016		1,420		150,460		76	%
2009		208,519		40,371		24,655		6,801		80,717		1,683		154,225		74	%
2010		267,975		36,776		28,878		9,555		134,375		2,592		212,177		79	%
2011		268,833		17,854		14,917		6,852		165,810		2,814		208,246		77	%
		2,919,704		874,031		219,566		73,618		693,417		14,799		1,875,429		64	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		1,521		1,201		13		—		8		—		1,222		80	%
2004		2,743		1,332		59		—		26		—		1,417		52	%
2005		4,684		2,173		87		—		89		—		2,349		50	%
2006		4,215		—		—		—		123		—		123		3	%
2007		224		—		—		—		42		—		42		19	%
2008		369		—		—		—		82		—		82		22	%
2009		452		—		—		—		250		—		250		55	%
2010		632		—		—		—		455		—		455		72	%
2011		784		—		—		—		428		—		428		55	%
		15,623		4,707		158		—		1,504		—		6,369		41	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		113,157		50,245		8,739		5,374		11,821		389		76,568		68	%
2003		381,756		179,776		18,887		5,392		39,825		962		244,843		64	%
2004		412,202		157,243		14,909		2,100		64,947		1,231		240,430		58	%
2005		412,949		150,014		23,906		6,401		46,390		1,153		227,864		55	%
2006		404,259		116,718		31,530		3,690		49,923		1,279		203,140		50	%
2007		238,720		65,938		24,186		14,617		46,304		1,277		152,323		64	%
2008		197,579		54,387		28,801		12,836		52,934		1,420		150,378		76	%
2009		208,067		40,371		24,655		6,801		80,466		1,683		153,975		74	%
2010		267,343		36,776		28,878		9,555		133,920		2,592		211,721		79	%
2011		268,049		17,854		14,917		6,852		165,381		2,814		207,818		78	%
		2,904,081		869,324		219,407		73,618		691,913		14,799		1,869,060		64	%

Exhibit 20, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		1		5,427		9,998		14,234		30,821		31,302		38,659		46,171		48,585		50,245
2003		11,791		33,749		58,264		79,840		110,906		129,785		144,487		172,890		180,978
2004		17,977		41,769		63,243		94,140		119,244		140,410		144,528		158,575
2005		7,363		43,760		66,713		101,156		125,594		142,339		152,188
2006		9,478		41,381		62,535		81,385		100,204		116,718
2007		4,803		18,397		32,059		46,699		65,938
2008		2,318		15,547		37,681		54,387
2009		3,803		24,063		40,371
2010		11,198		36,776
2011		17,854
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		9		17,339		26,095		57,789		68,924		66,591		65,170		62,892		58,755		64,358
2003		33,305		79,118		108,318		135,538		161,783		171,961		187,570		197,894		205,270
2004		44,765		91,500		129,984		146,747		170,953		178,430		169,233		175,643
2005		24,298		92,381		127,840		151,336		174,650		177,690		182,581
2006		22,370		78,347		99,571		124,089		137,735		151,938
2007		19,079		49,225		76,475		88,983		104,742
2008		9,658		49,283		77,252		96,024
2009		13,686		51,722		71,826
2010		28,875		75,210
2011		39,623
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		98,920		76,127		78,182		98,624		94,644		90,100		89,833		82,075		74,143		76,568
2003		260,453		253,580		244,330		241,548		247,206		240,465		240,290		255,015		246,065
2004		298,594		282,031		268,538		255,247		256,972		252,580		232,435		241,847
2005		253,516		248,018		252,721		243,060		244,178		234,903		230,213
2006		238,987		240,845		225,029		218,830		207,986		203,263
2007		152,409		160,435		159,200		158,024		152,365
2008		131,564		143,620		153,967		150,460
2009		142,993		158,678		154,225
2010		202,477		212,177
2011		208,246

Diagonals as of 12/31

Exhibit 20, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

GROSS BASIS

		xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx			xxxx
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		87.4	%		67.3	%		69.1	%		87.2	%		83.6	%		79.6	%		79.4	%		72.5	%		65.5	%		67.7	%
2003		68.0	%		66.2	%		63.7	%		63.0	%		64.5	%		62.7	%		62.7	%		66.5	%		64.2	%
2004		72.0	%		68.0	%		64.7	%		61.5	%		61.9	%		60.9	%		56.0	%		58.3	%
2005		60.7	%		59.4	%		60.5	%		58.2	%		58.5	%		56.2	%		55.1	%
2006		58.5	%		59.0	%		55.1	%		53.6	%		50.9	%		49.8	%
2007		63.8	%		67.1	%		66.6	%		66.1	%		63.8	%
2008		66.5	%		72.6	%		77.8	%		76.0	%
2009		68.6	%		76.1	%		74.0	%
2010		75.6	%		79.2	%
2011		77.5	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		80,880			108,736			111,046			121,617			115,379			115,236			113,014			113,128			113,137			113,157
2003		377,811			382,584			385,075			383,828			383,886			382,654			383,096			383,132			383,277
2004		409,871			413,689			414,208			412,775			412,868			414,534			414,846			414,945
2005		387,625			414,475			414,741			415,492			419,364			417,400			417,633
2006		400,251			409,599			407,979			410,287			408,314			408,474
2007		243,895			235,569			236,128			238,307			238,943
2008		195,724			196,073			197,285			197,948
2009		202,262			206,298			208,519
2010		266,088			267,975
2011		268,833
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		98,920			(22,793	)		2,055			20,442			(3,980	)		(4,544	)		(267	)		(7,758	)		(7,933	)		2,426			(22,352	)
2003		260,453			(6,873	)		(9,250	)		(2,782	)		5,659			(6,741	)		(175	)		14,725			(8,950	)					(14,388	)
2004		298,594			(16,563	)		(13,493	)		(13,292	)		1,725			(4,392	)		(20,146	)		9,412									(56,747	)
2005		253,516			(5,498	)		4,703			(9,661	)		1,118			(9,274	)		(4,690	)											(23,303	)
2006		238,987			1,859			(15,817	)		(6,199	)		(10,844	)		(4,722	)														(35,724	)
2007		152,409			8,027			(1,235	)		(1,176	)		(5,659	)																	(43	)
2008		131,564			12,056			10,347			(3,507	)																				18,896
2009		142,993			15,685			(4,453	)																							11,232
2010		202,477			9,700																											9,700
2011		208,246
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(22,793	)		(4,818	)		(5,371	)		(25,753	)		(5,615	)		(22,733	)		(6,585	)		(8,616	)		(10,443	)		(112,729	)

Diagonals as of 12/31

Exhibit 20, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		68		2		—		—		—		—		2		3	%
2005		37,822		28,360		—		—		0		—		28,360		75	%
2006		105,096		71,280		—		—		0		0		71,280		68	%
2007		135,912		85,977		—		—		0		0		85,977		63	%
2008		14,152		6,447		—		—		—		—		6,447		46	%
2009		10,712		4,310		0		—		—		0		4,310		40	%
2010		16,964		9,230		207		—		9		3		9,449		56	%
2011		14,352		8,989		197		—		4,299		67		13,552		94	%
		335,078		214,595		404		—		4,308		71		219,377		65	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		0	%
2006		842		—		—		—		—		—		—		0	%
2007		1,989		—		—		—		—		—		—		0	%
2008		472		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		0	%
		3,302		—		—		—		—		—		—		0	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional						Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves		IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		—		—		—		—		—		—		—		0	%
2003		—		—		—		—		—		—		—		0	%
2004		68		2		—		—		—		—		2		3	%
2005		37,822		28,360		—		—		0		—		28,360		75	%
2006		104,255		71,280		—		—		0		0		71,280		68	%
2007		133,923		85,977		—		—		0		0		85,977		64	%
2008		13,680		6,447		—		—		—		—		6,447		47	%
2009		10,712		4,310		0		—		—		0		4,310		40	%
2010		16,964		9,230		207		—		9		3		9,449		56	%
2011		14,352		8,989		197		—		4,299		67		13,552		94	%
		331,776		214,595		404		—		4,308		71		219,377		66	%

Exhibit 21, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		2		2		2		2		2		2		2
2005		3,462		28,260		28,293		28,375		28,358		28,360		28,360
2006		275		71,952		71,952		71,269		71,283		71,280
2007		26		85,438		86,049		85,997		85,977
2008		1,450		6,244		6,447		6,447
2009		403		4,268		4,310
2010		1,088		9,230
2011		8,989
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		—		2		2		2		2		2		2		2
2005		4,397		28,322		28,293		28,375		28,358		28,360		28,360
2006		275		71,952		71,952		71,269		71,283		71,280
2007		26		85,438		86,049		85,997		85,977
2008		1,450		6,244		6,447		6,447
2009		483		4,268		4,310
2010		2,078		9,437
2011		9,185
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		—		—		—		—		—		—		—		—		—		—
2003		—		—		—		—		—		—		—		—		—
2004		61		2		2		2		2		2		2		2
2005		33,287		27,961		28,276		28,389		28,372		28,372		28,360
2006		69,039		72,670		72,149		71,434		71,443		71,280
2007		108,059		85,529		86,083		86,028		85,977
2008		12,049		6,168		6,443		6,447
2009		8,936		4,307		4,310
2010		12,630		9,449
2011		13,552

Diagonals as of 12/31

Exhibit 21, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other

GROSS BASIS

		September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2003		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		90.3	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
2005		88.0	%		73.9	%		74.8	%		75.1	%		75.0	%		75.0	%		75.0	%
2006		65.7	%		69.1	%		68.7	%		68.0	%		68.0	%		67.8	%
2007		79.5	%		62.9	%		63.3	%		63.3	%		63.3	%
2008		85.1	%		43.6	%		45.5	%		45.6	%
2009		83.4	%		40.2	%		40.2	%
2010		74.5	%		55.7	%
2011		94.4	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—
2004		1,626			68			68			68			68			68			68			68
2005		37,217			38,317			37,853			37,819			37,821			37,822			37,822
2006		105,944			105,050			105,100			105,074			105,096			105,096
2007		131,990			135,909			135,949			135,946			135,912
2008		14,334			14,338			14,161			14,152
2009		11,419			10,623			10,712
2010		17,532			16,964
2011		14,352
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		—			—			—			—			—			—			—			—			—			—			—
2003		—			—			—			—			—			—			—			—			—						—
2004		61			(59	)		0			—			—			—			—			(0	)								(59	)
2005		33,287			(5,326	)		315			113			(17	)		(0	)		(12	)											(4,927	)
2006		69,039			3,631			(521	)		(715	)		8			(163	)														2,241
2007		108,059			(22,530	)		554			(55	)		(51	)																	(22,082	)
2008		12,049			(5,881	)		275			4																					(5,602	)
2009		8,936			(4,629	)		3																								(4,626	)
2010		12,630			(3,181	)																										(3,181	)
2011		13,552
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			—			—			(59	)		(5,326	)		3,946			(22,938	)		(6,059	)		(4,400	)		(3,399	)		(38,237	)

Diagonals as of 12/31

Exhibit 21, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

ITD SUMMARY

Gross

		September 30,		September 30,			September 30,			September 30,		September 30,		September 30,		September 30,			September 30,
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		271,807		70,309			922			—		1,025		29		72,286			27	%
2003		619,069		170,084			5,103			—		3,767		133		179,086			29	%
2004		895,300		441,056			5,975			329		10,545		253		458,158			51	%
2005		973,839		1,147,371			30,959			5,141		25,010		917		1,209,398			124	%
2006		915,811		284,152			22,223			2,439		15,551		603		324,968			35	%
2007		729,648		214,781			24,906			1,771		9,584		544		251,587			34	%
2008		642,590		285,575			37,421			1,992		13,493		794		339,275			53	%
2009		603,788		112,158			21,429			4,748		14,756		614		153,705			25	%
2010		637,191		144,613			67,844			1,419		72,804		2,131		288,810			45	%
2011		684,086		240,454			229,663			36,336		228,828		7,572		742,854			109	%
		6,973,129		3,110,554			446,446			54,175		395,363		13,590		4,020,127			58	%
Ceded
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		25,994		(178	)		(1	)		—		0		—		(179	)		-1	%
2003		5,939		—			—			—		0		—		0			0	%
2004		5,810		5,920			—			—		0		—		5,920			102	%
2005		10,655		7,267			219			—		190		—		7,676			72	%
2006		13,095		—			307			107		202		—		616			5	%
2007		23,918		2,337			241			—		2		—		2,580			11	%
2008		19,506		—			—			—		3		—		3			0	%
2009		7,200		—			—			—		0		—		0			0	%
2010		8,765		—			—			—		33		—		33			0	%
2011		12,160		4,912			2,625			879		2,177		—		10,592			87	%
		133,043		20,258			3,392			986		2,606		—		27,242			20	%
Net
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		245,813		70,487			923			—		1,025		29		72,464			29	%
2003		613,130		170,084			5,103			—		3,766		133		179,086			29	%
2004		889,490		435,136			5,975			329		10,545		253		452,238			51	%
2005		963,184		1,140,104			30,739			5,141		24,821		917		1,201,722			125	%
2006		902,715		284,152			21,916			2,332		15,349		603		324,352			36	%
2007		705,730		212,444			24,665			1,771		9,583		544		249,007			35	%
2008		623,084		285,575			37,421			1,992		13,490		794		339,272			54	%
2009		596,588		112,158			21,429			4,748		14,756		614		153,705			26	%
2010		628,426		144,613			67,844			1,419		72,771		2,131		288,777			46	%
2011		671,926		235,542			227,038			35,457		226,651		7,572		732,262			109	%
		6,840,086		3,090,296			443,054			53,189		392,757		13,590		3,992,886			58	%

Exhibit 22, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		4,548		41,987		54,693		57,924		66,630		68,372		69,893		70,816		70,839		70,309
2003		41,828		109,913		140,286		153,991		165,324		169,704		170,912		168,461		170,084
2004		106,786		301,217		372,858		408,197		421,709		430,656		438,494		441,056
2005		260,268		700,431		947,073		1,051,038		1,122,230		1,137,807		1,147,371
2006		45,239		153,931		214,663		245,378		272,219		284,152
2007		45,916		142,747		183,672		205,290		214,781
2008		98,332		214,435		262,169		285,575
2009		33,426		91,532		112,158
2010		49,385		144,613
2011		240,454
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		48,981		78,306		74,042		68,151		73,852		72,568		72,247		72,248		71,819		71,231
2003		117,972		178,507		180,805		183,863		183,562		182,714		181,626		176,173		175,187
2004		260,197		432,551		448,384		452,360		449,262		448,755		449,680		447,361
2005		769,903		1,135,659		1,187,296		1,209,471		1,213,253		1,185,342		1,183,471
2006		129,702		227,438		271,882		288,853		307,470		308,814
2007		132,756		227,089		232,979		239,544		241,459
2008		228,280		291,060		319,618		324,989
2009		81,483		132,456		138,335
2010		135,629		213,875
2011		506,454
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		101,564		101,508		79,519		70,458		75,645		74,405		73,629		73,546		73,085		72,286
2003		320,007		241,565		197,895		191,428		188,992		187,220		185,891		179,812		179,086
2004		579,271		529,792		468,473		465,867		458,966		459,301		460,305		458,158
2005		1,116,490		1,229,256		1,213,782		1,222,646		1,227,871		1,203,645		1,209,398
2006		359,661		303,173		305,008		312,029		328,637		324,968
2007		296,036		276,276		255,172		255,466		251,587
2008		394,093		357,378		349,846		339,275
2009		212,411		173,525		153,705
2010		335,716		288,810
2011		742,854

Diagonals as of 12/31

Exhibit 22, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

GROSS BASIS

		September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		37.4	%		37.3	%		29.3	%		25.9	%		27.8	%		27.4	%		27.1	%		27.1	%		26.9	%		26.6	%
2003		51.7	%		39.0	%		32.0	%		30.9	%		30.5	%		30.2	%		30.0	%		29.0	%		28.9	%
2004		64.7	%		59.2	%		52.3	%		52.0	%		51.3	%		51.3	%		51.4	%		51.2	%
2005		114.6	%		126.2	%		124.6	%		125.5	%		126.1	%		123.6	%		124.2	%
2006		39.3	%		33.1	%		33.3	%		34.1	%		35.9	%		35.5	%
2007		40.6	%		37.9	%		35.0	%		35.0	%		34.5	%
2008		61.3	%		55.6	%		54.4	%		52.8	%
2009		35.2	%		28.7	%		25.5	%
2010		52.7	%		45.3	%
2011		108.6	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		234,132			266,066			270,346			270,992			271,059			271,053			271,830			271,889			271,812			271,807
2003		610,615			616,990			616,768			616,383			617,506			619,293			619,299			619,311			619,069
2004		865,445			888,023			890,737			894,575			895,265			895,071			895,792			895,300
2005		986,104			975,145			979,295			980,036			977,546			975,434			973,839
2006		879,358			905,677			914,645			915,161			915,951			915,811
2007		724,420			730,621			730,451			729,641			729,648
2008		640,558			643,738			643,315			642,590
2009		603,385			604,990			603,788
2010		632,604			637,191
2011		684,086
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		101,564			(55	)		(21,989	)		(9,061	)		5,187			(1,240	)		(777	)		(83	)		(461	)		(800	)		(29,278	)
2003		320,007			(78,442	)		(43,670	)		(6,468	)		(2,436	)		(1,772	)		(1,329	)		(6,079	)		(725	)					(140,921	)
2004		579,271			(49,479	)		(61,318	)		(2,607	)		(6,900	)		334			1,004			(2,147	)								(121,113	)
2005		1,116,490			112,765			(15,474	)		8,864			5,225			(24,226	)		5,753												92,908
2006		359,661			(56,487	)		1,835			7,021			16,608			(3,670	)														(34,693	)
2007		296,036			(19,760	)		(21,104	)		294			(3,879	)																	(44,449	)
2008		394,093			(36,716	)		(7,532	)		(10,571	)																				(54,819	)
2009		212,411			(38,886	)		(19,820	)																							(58,706	)
2010		335,716			(46,906	)																										(46,906	)
2011		742,854
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(55	)		(100,431	)		(102,211	)		50,166			(78,244	)		(18,510	)		(46,651	)		(59,278	)		(82,764	)		(437,976	)

Diagonals as of 12/31

Exhibit 22, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment

ITD SUMMARY

Gross

		September 30,		September 30,		September 30,		September 30,			September 30,		September 30,		September 30,		September 30,
Accident	Earned		Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		77,965		2,303		18		—			4,094		62		6,476		8	%
2003		240,915		26,518		107		—			16,744		253		43,622		18	%
2004		333,559		48,711		3,624		—			28,327		479		81,142		24	%
2005		369,674		181,736		25,482		—			42,394		1,088		250,700		68	%
2006		466,039		105,071		34,033		—			71,659		2,235		212,999		46	%
2007		659,695		261,043		44,218		—			114,512		3,316		423,090		64	%
2008		1,124,101		576,898		135,868		—			156,303		5,614		874,684		78	%
2009		1,054,273		480,776		56,260		1			216,805		7,095		760,938		72	%
2010		958,868		313,737		99,171		—			247,004		9,634		669,547		70	%
2011		1,127,069		476,729		84,655		—			328,180		11,678		901,242		80	%
		6,412,158		2,473,523		483,437		1			1,226,023		41,454		4,224,438		66	%
Ceded
Accident	Earned		Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		347		—		—		—			—		—		—		0	%
2003		2,294		41		—		—			0		—		41		2	%
2004		2,724		2,459		29		—			3		—		2,491		91	%
2005		13,786		4,577		24		—			1,501		—		6,103		44	%
2006		100,057		14,796		12,821		—			7,394		—		35,010		35	%
2007		170,793		22,231		5,764		—			15,534		—		43,529		25	%
2008		209,931		56,717		7,007		—			18,370		—		82,093		39	%
2009		215,970		70,781		7,332		108			41,535		—		119,756		55	%
2010		137,844		3,929		26,277		—			52,386		—		82,593		60	%
2011		141,744		1,834		12,860		—			66,205		—		80,899		57	%
		995,489		177,365		72,113		108			202,928		—		452,515		45	%
Net
Accident	Earned		Paid Loss		Case Reserves		Additional							Ultimate Loss		Ultimate Loss
Year	Premium		& ALAE		& ALAE		Case Reserves			IBNR		ULAE		& LAE		& LAE Ratio
2002 and P		77,618		2,303		18		—			4,094		62		6,476		8	%
2003		238,621		26,477		107		—			16,743		253		43,581		18	%
2004		330,835		46,253		3,595		—			28,324		479		78,652		24	%
2005		355,889		177,159		25,458		—			40,893		1,088		244,597		69	%
2006		365,983		90,275		21,212		—			64,266		2,235		177,988		49	%
2007		488,902		238,813		38,454		—			98,977		3,316		379,561		78	%
2008		914,170		520,181		128,861		—			137,933		5,614		792,590		87	%
2009		838,302		409,995		48,928		(107	)		175,271		7,095		641,181		76	%
2010		821,024		309,808		72,894		—			194,618		9,634		586,954		71	%
2011		985,325		474,895		71,796		—			261,975		11,678		820,344		83	%
		5,416,668		2,296,158		411,324		(107	)		1,023,095		41,454		3,771,924		70	%

Insurance—Agriculture gross is net of FCIC cession

Exhibit 23, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		149		1,449		2,257		2,267		2,270		2,270		2,270		2,270		2,270		2,303
2003		59		11,338		15,266		17,290		17,588		20,456		21,253		22,985		26,518
2004		3,387		21,762		27,239		35,479		39,279		42,589		48,412		48,711
2005		27,346		94,760		147,984		167,244		165,439		181,330		181,736
2006		10,066		39,854		61,804		94,602		99,573		105,071
2007		21,205		70,277		113,228		218,869		261,043
2008		234,307		465,931		535,199		576,898
2009		232,340		416,907		480,776
2010		153,654		313,737
2011		476,729
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		1,600		3,392		2,404		2,268		2,271		2,270		2,270		2,270		2,270		2,320
2003		13,666		22,313		26,076		27,953		27,972		31,813		30,583		26,315		26,625
2004		24,953		43,334		40,315		43,551		44,854		45,084		49,335		52,336
2005		160,964		189,705		186,305		200,414		207,305		206,945		207,218
2006		50,181		83,521		87,102		101,672		105,316		139,104
2007		53,614		140,927		227,936		277,764		305,262
2008		479,319		548,750		648,654		712,766
2009		418,916		507,970		537,038
2010		301,501		412,908
2011		561,384
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		46,933		33,079		25,402		22,807		18,728		16,944		15,642		11,897		7,754		6,476
2003		156,852		134,381		114,121		105,638		92,666		86,592		77,029		49,641		43,622
2004		222,420		187,044		175,599		162,415		135,384		117,680		90,978		81,142
2005		403,746		373,684		353,713		322,674		301,174		279,931		250,700
2006		328,542		300,339		266,616		237,219		208,604		212,999
2007		417,929		444,435		458,922		433,440		423,090
2008		853,158		807,154		849,406		874,684
2009		751,491		787,492		760,938
2010		675,516		669,547
2011		901,242

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 23, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment

GROSS BASIS

		September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		60.2	%		42.4	%		32.6	%		29.3	%		24.0	%		21.7	%		20.1	%		15.3	%		9.9	%		8.3	%
2003		65.1	%		55.8	%		47.4	%		43.8	%		38.5	%		35.9	%		32.0	%		20.6	%		18.1	%
2004		66.7	%		56.1	%		52.6	%		48.7	%		40.6	%		35.3	%		27.3	%		24.3	%
2005		109.2	%		101.1	%		95.7	%		87.3	%		81.5	%		75.7	%		67.8	%
2006		70.5	%		64.4	%		57.2	%		50.9	%		44.8	%		45.7	%
2007		63.4	%		67.4	%		69.6	%		65.7	%		64.1	%
2008		75.9	%		71.8	%		75.6	%		77.8	%
2009		71.3	%		74.7	%		72.2	%
2010		70.4	%		69.8	%
2011		80.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		78,460			78,460			77,965			77,965			77,965			77,965			77,965			77,965			77,965			77,965
2003		239,988			241,013			240,762			240,870			240,848			240,912			240,913			240,913			240,915
2004		335,938			333,343			333,395			333,351			333,349			333,541			333,548			333,559
2005		369,601			368,920			368,611			368,498			368,725			368,730			369,674
2006		465,457			466,728			466,270			466,349			466,639			466,039
2007		664,423			665,150			660,139			659,922			659,695
2008		1,128,046			1,124,721			1,123,914			1,124,101
2009		1,054,497			1,054,330			1,054,273
2010		957,912			958,868
2011		1,127,069
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		46,933			(13,854	)		(7,678	)		(2,595	)		(4,078	)		(1,785	)		(1,301	)		(3,745	)		(4,143	)		(1,278	)		(40,457	)
2003		156,852			(22,470	)		(20,260	)		(8,483	)		(12,972	)		(6,075	)		(9,563	)		(27,387	)		(6,020	)					(113,230	)
2004		222,420			(35,377	)		(11,445	)		(13,184	)		(27,031	)		(17,703	)		(26,703	)		(9,835	)								(141,278	)
2005		403,746			(30,063	)		(19,970	)		(31,040	)		(21,500	)		(21,243	)		(29,231	)											(153,046	)
2006		328,542			(28,203	)		(33,723	)		(29,397	)		(28,615	)		4,395															(115,544	)
2007		417,929			26,506			14,487			(25,482	)		(10,351	)																	5,161
2008		853,158			(46,004	)		42,252			25,278																					21,526
2009		751,491			36,001			(26,555	)																							9,446
2010		675,516			(5,970	)																										(5,970	)
2011		901,242
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(13,854	)		(30,148	)		(58,232	)		(54,069	)		(76,114	)		(72,664	)		(113,425	)		(55,319	)		(59,567	)		(533,392	)

Diagonals as of 12/31

Insurance—Agriculture gross is net of FCIC cession

Exhibit 23, Page 3

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment

ITD SUMMARY

Gross

		September 30,		September 30,			September 30,			September 30,		September 30,		September 30,		September 30,			September 30,
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		384,964		120,554			9,661			5,374		12,846		418		148,854			39	%
2003		1,002,346		351,062			24,003			5,392		43,600		1,095		425,151			42	%
2004		1,310,314		599,633			20,944			2,429		75,518		1,483		700,007			53	%
2005		1,429,294		1,327,919			54,951			11,542		71,489		2,070		1,467,972			103	%
2006		1,429,381		472,150			53,752			6,129		65,598		1,882		599,511			42	%
2007		1,104,503		366,696			49,093			16,389		55,930		1,821		489,929			44	%
2008		854,690		346,409			66,221			14,829		66,509		2,213		496,182			58	%
2009		823,019		156,839			46,084			11,548		95,473		2,297		312,241			38	%
2010		922,129		190,619			96,929			10,974		207,188		4,726		510,436			55	%
2011		967,271		267,297			244,777			43,188		398,937		10,454		964,652			100	%
		10,227,911		4,199,179			666,415			127,793		1,093,088		28,459		6,114,934			60	%
Ceded
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		25,994		(178	)		(1	)		—		0		—		(179	)		-1	%
2003		7,460		1,201			13			—		8		—		1,222			16	%
2004		8,553		7,252			59			—		26		—		7,337			86	%
2005		15,339		9,441			306			—		278		—		10,025			65	%
2006		18,152		—			307			107		325		—		739			4	%
2007		26,130		2,337			241			—		44		—		2,622			10	%
2008		20,347		—			—			—		85		—		85			0	%
2009		7,652		—			—			—		250		—		250			3	%
2010		9,397		—			—			—		488		—		488			5	%
2011		12,944		4,912			2,625			879		2,605		—		11,021			85	%
		151,968		24,965			3,550			986		4,110		—		33,611			22	%
Net
Accident	Earned		Paid Loss			Case Reserves			Additional						Ultimate Loss			Ultimate Loss
Year	Premium		& ALAE			& ALAE			Case Reserves		IBNR		ULAE		& LAE			& LAE Ratio
2002 and P		358,970		120,733			9,662			5,374		12,846		418		149,033			42	%
2003		994,886		349,860			23,990			5,392		43,592		1,095		423,929			43	%
2004		1,301,760		592,381			20,885			2,429		75,492		1,483		692,670			53	%
2005		1,413,954		1,318,479			54,645			11,542		71,211		2,070		1,457,946			103	%
2006		1,411,229		472,150			53,445			6,022		65,272		1,882		598,772			42	%
2007		1,078,373		364,359			48,851			16,389		55,887		1,821		487,307			45	%
2008		834,343		346,409			66,221			14,829		66,424		2,213		496,097			59	%
2009		815,367		156,839			46,084			11,548		95,222		2,297		311,990			38	%
2010		912,733		190,619			96,929			10,974		206,700		4,726		509,948			56	%
2011		954,327		262,385			242,152			42,309		396,332		10,454		953,631			100	%
		10,075,943		4,174,215			662,864			126,807		1,088,978		28,459		6,081,323			60	%

Exhibit 24, Page 1

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment

GROSS BASIS

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2002 and P		4,549		47,414		64,691		72,158		97,451		99,675		108,552		116,988		119,424		120,554
2003		53,619		143,662		198,550		233,831		276,230		299,489		315,399		341,350		351,062
2004		124,763		342,988		436,102		502,339		540,956		571,067		583,025		599,633
2005		271,092		772,450		1,042,078		1,180,569		1,276,182		1,308,507		1,327,919
2006		54,992		267,264		349,150		398,032		443,706		472,150
2007		50,744		246,581		301,780		337,986		366,696
2008		102,100		236,227		306,297		346,409
2009		37,632		119,864		156,839
2010		61,671		190,619
2011		267,297
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2002 and P		48,990		95,645		100,137		125,941		142,775		139,160		137,417		135,140		130,574		135,590
2003		151,278		257,625		289,123		319,401		345,345		354,675		369,196		374,067		380,457
2004		304,962		524,053		578,370		599,109		620,218		627,187		618,915		623,005
2005		798,597		1,256,362		1,343,429		1,389,182		1,416,260		1,391,393		1,394,413
2006		152,346		377,737		443,404		484,210		516,488		532,031
2007		151,862		361,752		395,503		414,524		432,177
2008		239,387		346,587		403,317		427,460
2009		95,651		188,447		214,471
2010		166,582		298,521
2011		555,262
Ultimate Loss & LAE	12		24		36		48		60		72		84		96		108		120
2002 and P		193,318		177,194		157,274		172,812		171,284		165,385		163,406		155,601		147,222		148,854
2003		580,436		495,245		442,858		433,415		436,529		427,532		426,116		434,759		425,151
2004		878,746		811,952		737,131		720,996		715,790		711,863		692,731		700,007
2005		1,416,794		1,506,803		1,497,133		1,496,383		1,500,399		1,467,362		1,467,972
2006		669,650		617,880		602,226		602,547		608,043		599,511
2007		556,537		521,476		499,777		499,391		489,929
2008		537,700		506,845		510,096		496,182
2009		363,124		335,581		312,241
2010		550,932		510,436
2011		964,652

Diagonals as of 12/31

Exhibit 24, Page 2

Valuation Date: December 31, 2011	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.5541 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment

GROSS BASIS

		September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
Ultimate Loss & LAE Ratio	12			24			36			48			60			72			84			96			108			120
2002 and P		50.2	%		46.0	%		40.9	%		44.9	%		44.5	%		43.0	%		42.4	%		40.4	%		38.2	%		38.7	%
2003		57.9	%		49.4	%		44.2	%		43.2	%		43.6	%		42.7	%		42.5	%		43.4	%		42.4	%
2004		67.1	%		62.0	%		56.3	%		55.0	%		54.6	%		54.3	%		52.9	%		53.4	%
2005		99.1	%		105.4	%		104.7	%		104.7	%		105.0	%		102.7	%		102.7	%
2006		46.8	%		43.2	%		42.1	%		42.2	%		42.5	%		41.9	%
2007		50.4	%		47.2	%		45.2	%		45.2	%		44.4	%
2008		62.9	%		59.3	%		59.7	%		58.1	%
2009		44.1	%		40.8	%		37.9	%
2010		59.7	%		55.4	%
2011		99.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2002 and P		315,012			374,802			381,393			392,609			386,439			386,289			384,845			385,018			384,949			384,964
2003		988,426			999,574			1,001,843			1,000,211			1,001,392			1,001,948			1,002,395			1,002,443			1,002,346
2004		1,276,942			1,301,780			1,305,013			1,307,419			1,308,202			1,309,673			1,310,705			1,310,314
2005		1,410,946			1,427,937			1,431,889			1,433,347			1,434,732			1,430,656			1,429,294
2006		1,385,553			1,420,326			1,427,724			1,430,522			1,429,361			1,429,381
2007		1,100,304			1,102,099			1,102,528			1,103,894			1,104,503
2008		850,616			854,148			854,761			854,690
2009		817,067			821,912			823,019
2010		916,224			922,129
2011		967,271
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2002 and P		193,318			(16,124	)		(19,920	)		15,538			(1,528	)		(5,898	)		(1,980	)		(7,804	)		(8,379	)		1,632			(44,464	)
2003		580,436			(85,191	)		(52,387	)		(9,443	)		3,114			(8,997	)		(1,417	)		8,643			(9,607	)					(155,285	)
2004		878,746			(66,793	)		(74,822	)		(16,134	)		(5,206	)		(3,927	)		(19,132	)		7,276									(178,739	)
2005		1,416,794			90,009			(9,670	)		(750	)		4,015			(33,037	)		610												51,177
2006		669,650			(51,770	)		(15,654	)		321			5,496			(8,532	)														(70,139	)
2007		556,537			(35,061	)		(21,699	)		(386	)		(9,462	)																	(66,609	)
2008		537,700			(30,854	)		3,251			(13,914	)																				(41,518	)
2009		363,124			(27,543	)		(23,341	)																							(50,884	)
2010		550,932			(40,497	)																										(40,497	)
2011		964,652
Calendar Year	CY 2002			CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			Total Development
		N/A			(16,124	)		(105,111	)		(103,643	)		4,217			(80,359	)		(67,649	)		(61,365	)		(71,086	)		(95,836	)		(596,956	)

Diagonals as of 12/31

Exhibit 24, Page 3