Endurance Specialty (ENH) 8-K 2012 Loss Development Triangle Cautionary Language

Exhibit 99.1

Endurance Specialty Holdings Ltd.

2012 Loss Development Triangles

Exhibit 99.1

2012 Loss Development Triangle Cautionary Language

This report is for informational purposes only and is current as of December 31, 2012. We are under no obligation and do not expect to update or revise this report, whether as a result of new information, future events or otherwise, even when such new data has been reflected in the filings of Endurance Specialty Holdings Ltd. (“Endurance” or the “Company”) with the U.S. Securities and Exchange Commission (the “SEC”) or otherwise. Although the loss development patterns disclosed in this report are an important factor in the process used to estimate loss reserve requirements, they are not the only factors considered in establishing reserves. The process for establishing reserves is subject to considerable variability and requires the use of informed estimates and judgments. Important details, such as specific loss development expectations for particular contracts, years or events, cannot be developed solely by analyzing the information provided in this report. In addition to analyzing loss development information, management incorporates additional information into the reserving process, such as pricing for insurance and reinsurance products 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 the Company with the SEC, including the most recent Annual Report on Form 10-K 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 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.

2012 GLOBAL LOSS TRIANGLES

Table of Contents

Section		Page
I.	Introduction		1
II.	Comments and 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
Agriculture	Exhibit 2
High Attaching Excess of Loss Casualty	Exhibit 3
United States Sourced Casualty	Exhibit 4
Workers’ Compensation	Exhibit 5
Professional Lines	Exhibit 6
International Sourced Property	Exhibit 7
United States Sourced Property	Exhibit 8
Reinsurance Segment
Catastrophe	Exhibit 9
Property	Exhibit 10
Casualty Motor	Exhibit 11
Casualty Other	Exhibit 12
Casualty Professional Liability	Exhibit 13
Workers’ Compensation	Exhibit 14
Agriculture and Other Specialty	Exhibit 15
Surety and Trade Credit	Exhibit 16
Aerospace and Marine	Exhibit 17
Insurance Agriculture	Exhibit 18
Insurance Casualty and Other Specialty	Exhibit 19
Insurance Professional Lines	Exhibit 20
Insurance Property	Exhibit 21
Reinsurance Catastrophe	Exhibit 22
Reinsurance Property	Exhibit 23
Reinsurance Casualty	Exhibit 24
Reinsurance Other Specialty	Exhibit 25
Insurance Segment	Exhibit 26
Reinsurance Segment	Exhibit 27

Endurance Specialty Holdings Ltd.

2012 Global Loss Triangles

I. INTRODUCTION

This report provides information on the loss development characteristics of Endurance Specialty Holdings Ltd. and its consolidated subsidiaries (“Endurance” or the “Company”) as of December 31, 2012. This report provides 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, 2012. In addition, accident year summary exhibits are provided which highlight the gross, ceded, and net results by business segment and triangle classes as of December 31, 2012. These summaries include: earned premiums, paid loss and ALAE, case outstanding losses, additional case reserves, incurred but not reported losses (“IBNR”), paid unallocated loss adjustment expense (“Paid ULAE”), unallocated loss adjustment expenses reserve (“ULAE Reserve”), and the ultimate loss & loss adjustment expenses (“LAE”) ratios as of December 31, 2012 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 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 sixteen 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. The losses in these exhibits and triangles represent the Company’s December 31, 2012 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. COMMENTS AND OBSERVATIONS ON DATA PRESENTED

• Certain triangle groupings have changed since last year. Grouping changes are as follows:

• The 2011 Global Loss Triangles subdivided the Insurance segment between Long Tail, Short Tail, and Other business. The 2012 Global Loss Triangles split the Insurance segment in accordance with the business lines included in our Annual Report on Form 10-K, as follows: Agriculture, Property, Casualty and Other Specialty, and Professional Lines.

• The 2011 Global Loss Triangles subdivided the Reinsurance segment between Long Tail, Short Tail, and Other business. The 2012 Global Loss Triangles split the Reinsurance segment in accordance with the business lines included in our Annual Report on Form 10-K, as follows: Catastrophe, Property, Casualty, and Other Specialty.

• The 2011 Global Loss Triangles provided a triangle for “Consolidated Workers’ Compensation”, which presented the combined data for workers’ compensation within the Insurance and Reinsurance segments. This year, this consolidated data was not provided, though we continue to provide information separately for insurance workers’ compensation and reinsurance workers compensation.

• In the 2012 presentation of our insurance Agriculture triangle is presented gross of the Federal Crop Insurance Corporation (“FCIC”) protection. This change has also impacted the presentation of the Insurance segment and consolidated total gross triangles. In 2011, the gross experience for the insurance Agriculture triangle was presented net of the impact of the FCIC protection.

• The 2012 Global Loss Triangles, “Ultimate Loss & LAE” information includes paid ULAE. This amount was not included in the “Ultimate Loss & LAE” information provided in the 2011 Global Loss Triangles.

• The 2012 Global Loss Triangles provide a triangulation of “Ultimate Loss and ALAE” rather than “Ultimate Loss and LAE”. However, “Paid ULAE” and “ULAE Reserves” as of December 31, 2012 are presented in page 1 of each exhibit.

Based on the data as of December 31, 2012 presented in this report, we believe the following general observations are noteworthy:

• On an inception to date basis, 57% and 43% of gross earned premium arises from the Reinsurance and Insurance segments, respectively. Correspondingly, on a gross basis 46% and 54% of loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively. On a net basis, 55% and 45% of the loss and LAE reserves arise from the Reinsurance and Insurance segments, respectively.

• Additional Case Reserves (“ACRs”) amount to 14% of reported net case reserves. Within Endurance’s Reinsurance Segment, this amount is approximately 23% of the net reported case reserves.

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

• Endurance’s overall inception to date net ultimate loss and LAE ratio of 65% is comprised of a 73% net loss ratio for the Insurance segment and a 61% net loss ratio for the Reinsurance segment.

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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 ALAE

• Earned Premium

• Ultimate loss and ALAE ratio

• Ultimate loss and ALAE emergence

• Summary Exhibits

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

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

• Net earned premium, paid losses, reserves (case outstanding, ACRs, IBNR, and ULAE)

Basis of Presentation

Information presented herein may differ materially from that reported in Endurance’s financial statements prepared in accordance with GAAP due to differences in foreign currency exchange rates, the impact of premium adjustments and other data adjustments.

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All amounts are presented in thousands of U.S. dollars and reflect the conversion from the original currency of the underlying business if not denominated in U.S. dollars (“USD”). Foreign currency denominated losses and premiums are converted based on exchange rates at the dates of the transactions to the currency of the legal underwriting entity, which are either USD or British Pounds (“GBP”). Endurance’s reporting currency is USD. Fluctuations in currency exchange rates can cause material shifts in loss development. To eliminate distortions caused by such fluctuations, data in the triangles have been restated using the year end 2012 rate of exchange of 1.6255 USD to GBP.

Some (re)insurance contracts and policies contain provisions resulting in a variation of the premium or acquisition expenses as a result of loss experience under the contract or policy. Within the analysis, estimated reinstatement premiums are included in the premium totals.

Intercompany reinsurance transactions have not been reflected in the triangles.

The loss development triangles are presented on the basis of applying reinsurance accounting to all Endurance’s business and do not reflect any adjustments that may be required for financial reporting purposes to comply with Accounting Standards Certification Topic 340 Subtopic 30“Other Assets and Deferred Cost Insurance Contracts that do not Transfer Risk”as highlighted in the reconciliation to GAAP reserves in Section VI of this document.

Earned Premium

The earned premium triangle includes the calendar year changes in accident year earned premium due to premium adjustments. For financial reporting purposes, the premium adjustments are recognized in the calendar year they were determined. For actuarial reserving purposes, these premium adjustments are allocated to the accident year or years based on the initial policy or treaty to which the adjustment belongs. For example, if a premium adjustment is recognized in calendar year 2012 from a policy written and exposures earned in 2005, the additional premium is recognized in the 2012 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 ALAE Ratio

The ultimate loss and ALAE ratio triangle shows the year to year changes in the ratio of all expected settlement amounts, whether paid or reserved, together with any associated settlement expenses to earned premium. The ultimate loss and ALAE ratio is presented to show the relationship between management’s best estimate of expected ultimate losses and ALAE and the associated premiums that were received by Endurance to assume the risks related to those losses. Ultimate losses and ALAE within an accident year are subject to many factors that impact the recorded value of such losses (such as favorable/adverse claims emergence, frequency/severity trends, inflation, methodology changes, foreign exchange fluctuations, and premium adjustments

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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 & ALAE 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 ALAE estimate is the product of the corresponding accident year earned premium and ultimate loss and ALAE ratio.

Ultimate Loss and ALAE

The triangle of ultimate loss and ALAE is derived by multiplying the most recent accident year earned premium (the last Diagonal of the earned premium triangle) by the historical accident year ultimate loss and ALAE ratio as presented in their respective triangles. This presentation removes the effect of premium adjustments from the development of ultimate losses, and provides a better picture of the changes occurring to the true accident year ultimate loss and ALAE. Reconciliation to Endurance’s GAAP financial statements is included in Section VI of this report.

Ultimate Loss Emergence

The triangle of ultimate loss emergence is calculated by taking the difference of corresponding cells in the ultimate loss and ALAE triangle. For example, using the consolidated triangles, the change in ultimate loss at the 12 month maturity for the 2006 accident year is derived by subtracting the ultimate loss & ALAE at the 12 month maturity for the 2006 accident year from the ultimate loss & ALAE at the 24 month maturity for the same accident year. The full calendar year emergence is represented by the total of any given diagonal (excluding the loss emergence within the first 12 months of an accident year), and is also shown as an additional row at the bottom of the triangle.

Global Loss Triangle Classes

Triangles are provided in 16 classes: 7 for the Insurance segment and 9 for the Reinsurance segment. 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, property, 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 16 triangle classes included in this report are listed below:

Insurance Segment Loss Triangle Classes

• Agriculture (Insurance Agriculture)

• High Attaching Excess of Loss Casualty (Insurance Casualty and Other Specialty)

• United States Sourced Casualty (Insurance Casualty and Other Specialty)

• Workers’ Compensation (Insurance Casualty and Other Specialty)

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• Professional Lines (Insurance Professional Lines)

• International Sourced Property (Insurance Property)

• United States Sourced Property (Insurance Property)

Reinsurance Segment Loss Triangle Classes

• Catastrophe (Reinsurance Catastrophe)

• Property (Reinsurance Property)

• Casualty Motor (Reinsurance Casualty)

• Casualty Other (Reinsurance Casualty)

• Casualty Professional Liability (Reinsurance Casualty)

• Workers’ Compensation (Reinsurance Casualty)

• Agriculture and Other Specialty (Reinsurance Other Specialty)

• Surety and Trade Credit (Reinsurance Other Specialty)

• Aerospace and Marine (Reinsurance Other Specialty)

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.

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.

Large Losses and Other Adjustments

The triangles are unadjusted with respect to large losses and catastrophic losses, including losses related to the 2004, 2005, 2008, 2011, and 2012 catastrophes. The loss amounts are 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

No business has been excluded from the analysis.

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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 ceding companies 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.

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.

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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, 2012.

Earned Premiumis the amount of policy premiums allocated between Accident Years in accordance with the assumed incidence of risk.

FCIC is the U.S. Federal Crop Insurance Corporation, the government reinsurer of multi-peril crop insurance underwritten by Endurance’s agriculture insurance subsidiary.

Gross Premiums and Gross Losses are shown before the impact of any third party outwards reinsurance that Endurance purchases 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, Additional Case Reserves and Additional Event 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.

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 Losses.

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), Paid ULAE, and ULAE Reserves.

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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 Agriculture – Agriculture

The agriculture 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.

b) Insurance Casualty and Other Specialty – High Attaching Excess of Loss Casualty

The high attaching excess of loss casualty insurance triangle class represents two of the three commercial casualty insurance businesses underwritten by Endurance’s Bermuda operating subsidiary. The businesses are as follows:

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.

Excess Casualty Insurance – Third-party excess 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.

c) Insurance Casualty and Other Specialty – United States Sourced Casualty

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

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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.

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

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

d) Insurance Casualty and Other Specialty – Workers’ Compensation

The workers’ compensation insurance 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 Endurance 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.

e) Insurance Professional Lines – Professional Lines

The professional liability insurance triangle class includes directors & officers liability (except managed care), errors & omissions, employment practice liability and fiduciary liability business underwritten by our Bermuda and United States subsidiaries. This class is comprised of three business units:

Bermuda 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. All business for this unit is underwritten in Bermuda.

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. Their business is underwritten in our U.S. insurance operating subsidiaries.

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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. Their business is underwritten in our U.S. insurance operating subsidiaries.

f) Insurance Property – International Sourced Property

The international sourced property insurance triangle class includes 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 Endurance’s 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 in 2009.

g) Insurance Property – United States Sourced Property

The United States sourced property insurance triangle class comprises commercial property insurance underwritten by Endurance’s U.S. insurance operating subsidiaries.

The products offered in this triangle class are named peril catastrophe protection and difference in conditions coverage for earthquake and flood for commercial occupancies 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.

h) Reinsurance Catastrophe – Catastrophe

The catastrophe reinsurance triangle class includes property and workers’ compensation catastrophe reinsurance, which are described in more detail below:

Endurance’s property catastrophe business 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,

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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. This business is underwritten in our Bermuda subsidiary and Zurich branch.

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. This business is underwritten in our Bermuda operating subsidiary.

i) Reinsurance Property – Property

The property reinsurance triangle class contains international and U.S. per risk excess of loss and proportional treaty business underwritten in Endurance’s U.S. and U.K. subsidiaries and its Singapore and Zurich branches.

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 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.

j) Reinsurance Casualty – Casualty Motor

The casualty motor reinsurance triangle class comprises treaty reinsurance of U.S. and international ceding companies underwriting motor business. Since accident year 2009, the international business is comprised largely of excess of loss protections. The U.S. business is a mix of proportional and excess of loss coverages. For both the international and U.S. books, the exposure is largely third party liability.

k) Reinsurance Casualty – Casualty Other

The casualty other reinsurance 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, 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. This business is underwritten by the Company’s Bermuda, U.K., and U.S. subsidiaries and its Singapore and Zurich branches.

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l) Reinsurance Casualty – Professional Liability

The professional liability reinsurance triangle class contains the reinsurance treaties covering the following classes of business: directors & officers liability, errors & omissions, employment practices liability, fidelity, and fiduciary liability for commercial and financial institutions. The underlying business is written almost exclusively on a claims made basis. Business in this triangle class is written on either an excess of loss or a proportional basis. It is underwritten in our U.S. reinsurance subsidiary.

m) Reinsurance Casualty – 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. Over 90% of the gross premium for this class was earned prior to 2008 and that business was largely comprised of ground up exposures reinsured on a pro-rata basis.

n) Reinsurance Other Specialty – Agriculture & Other Specialty

For accident years 2005 and later, the agriculture & other specialty reinsurance triangle class predominantly consists of U.S. and international 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. For accident years 2004 and prior, this class is comprised of a variety specialty business underwritten by our Bermuda and US subsidiaries

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. Accident years 2005 and prior contain a wide variety of specialty business including accident and health, general liability, terrorism, fidelity, surety, umbrella, marine, energy, errors and omissions, and workers’ compensation.

o) Reinsurance Other Specialty – Surety and Trade Credit

The surety and trade credit reinsurance triangle class is largely comprised of U.S. programs established on either a direct or brokered basis. Reinsured products include contract surety, commercial surety, and fidelity. Endurance’s business partners in connection with these products include national account writers, regional companies and specialty operations. Endurance underwrites surety reinsurance on both a proportional and excess of loss basis. Endurance’s surety reinsurance business is underwritten in our U.S. reinsurance subsidiary.

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In November of 2012, Endurance launched a new trade credit and surety business, which is underwritten in its Zurich branch. The trade credit and surety reinsurance business from this new operation will also be included in this triangle class.

p) Reinsurance Other Specialty – Aerospace & Marine

Endurance’s aerospace & marine reinsurance triangle class includes 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.

The marine products in the aerospace and marine reinsurance triangle class contain a wide range of marine and energy business underwritten on both a proportional and non-proportional basis 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 its 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.

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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, reinsureds, and brokers at the time individual contracts and policies are bound. In addition, management uses commercially available risk analysis models, contract by contract review by our underwriting teams and to a limited extent, overall market share assumptions to estimate our loss and loss expense reserves related to specific loss events. When the applicable information has been obtained, Endurance uses a variety of actuarial methods 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, 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 above. In addition, Endurance’s Reinsurance business segment is subject to additional factors which add to the uncertainty of estimating loss and loss expense reserves. Time lags in the reporting of losses can also introduce further ambiguity to the process of estimating loss and loss expense reserves.

Certain aspects of Endurance’s casualty 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 can be greater principally due to:

(i) the lag between the time claims are reported to the ceding company and the time they are reported through one or more reinsurance broker intermediaries to Endurance;

(ii) the differing reserving practices among ceding companies;

(iii) the diversity of loss development patterns among different types of reinsurance treaties or contracts; and

(iv) Endurance’s need to rely on its ceding companies for loss information.

In addition to the factors creating uncertainty in Endurance’s estimate of loss and loss expense reserves, Endurance’s estimated reserve for losses and loss expenses can change over time because of unexpected changes in the external environment. Potential changing external factors include:

• changes in the inflation rate for goods and services related to the covered damages;

• changes in the general economic environment that could cause unanticipated changes in claim frequency or severity;

• changes in the litigation environment regarding the representation of plaintiffs and potential plaintiffs;

• changes in the judicial and/or arbitration environment regarding the interpretation of policy and contract provisions relating to the determination of coverage and/or the amount of damages awarded for certain types of claims;

• changes in the social environment regarding the general attitude of juries in the determination of liability and damages;

• changes in the legislative environment regarding the definition of damages;

• new types of injuries caused by new types of injurious activities or exposures; and

• in the case of assumed reinsurance, changes in ceding company case reserving and reporting patterns.

Endurance’s estimates of reserves for losses and loss expenses can also change over time because of changes in internal company operations. Potential changing internal factors include:

• alterations in claims handling procedures;

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Endurance Specialty Holdings Ltd.

2012 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 and Quarterly Reports on Form 10-Q as filed with the SEC.

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Endurance Specialty Holdings Ltd.

2012 Global Loss Triangles

VI. RECONCILIATIONS

Reconciliation of Gross Unpaid Loss and LAE

The following table reconciles the reserves for losses and loss expenses as of December 31, 2012 as reported in Endurance’s financial statements prepared in accordance with GAAP to the reserves for losses and loss expenses published in the triangles (all amounts in millions of U.S. dollars, on a gross basis):

Consolidated triangles unpaid loss and LAE	$	4,253.6
Premium deficiency on 2012 MPCI and crop hail		8.9
Deposit accounting reserves		(22.0	)
Impact of audit premium provision		(0.8	)
Foreign exchange and other		1.2
Adjusted unpaid loss and LAE	$	4,240.9
Reserves for losses and loss expenses
Per December 31, 2012 GAAP Financial Statements	$	4,240.9

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Reconciliation of Calendar Year Loss Emergence

The following table reconciles the calendar year 2012 development of losses and loss adjustment expenses as of December 31, 2012 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).

Calendar year gross loss & ALAE emergence per triangles	($	158.8	)
Plus calendar year emergence on ULAE		0.5
Plus emergence on contracts subject to deposit accounting		(2.4	)
Plus misc. emergence due to foreign exchange & other*		19.0
Plus favorable emergence on ceded loss & LAE		21.5
Adjusted Calendar Year Emergence	($	120.2	)
Calendar Year Emergence per December 31, 2012
GAAP Financial Statements	($	120.2	)

Please note that the negative amount above indicates favorable development on prior year losses.

* A majority of the miscellaneous effect is due to the impact of premium adjustments and the level of aggregation used to compute the prior year development within the global loss triangles.

22

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Consolidated Total
Consolidated Total

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		1,707,624		519,122		19,260		10,667		64,616		321		1,418		615,403		36	%
2004		1,649,058		662,747		18,480		2,282		62,685		403		1,252		747,849		45	%
2005		1,809,733		1,546,463		67,671		8,267		83,921		1,682		2,454		1,710,459		95	%
2006		1,908,149		624,341		54,407		5,033		104,976		2,183		3,027		793,966		42	%
2007		1,779,668		685,197		80,849		14,097		138,372		9,873		4,486		932,874		52	%
2008		2,189,366		1,233,284		187,947		13,169		163,538		15,835		6,798		1,620,572		74	%
2009		2,093,638		907,566		101,548		13,992		248,695		15,377		7,912		1,295,089		62	%
2010		2,039,558		667,446		168,778		13,422		332,026		9,712		11,374		1,202,758		59	%
2011		2,387,328		1,687,595		286,392		29,648		461,341		7,954		16,958		2,489,888		104	%
2012		2,493,064		921,132		619,553		59,863		740,478		1,617		21,928		2,364,571		95	%
		20,057,186		9,454,893		1,604,885		170,439		2,400,649		64,956		77,609		13,773,429		69	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		36,110		1,064		—		—		268		—		—		1,332		4	%
2004		11,317		9,713		68		—		8		—		—		9,789		86	%
2005		28,565		13,628		486		—		1,376		—		—		15,490		54	%
2006		117,835		19,393		10,779		—		6,575		—		—		36,747		31	%
2007		204,218		30,537		11,072		—		13,105		—		—		54,713		27	%
2008		423,932		293,337		7,066		—		14,992		—		—		315,394		74	%
2009		437,480		282,852		8,197		—		35,685		—		—		326,734		75	%
2010		307,114		68,589		20,564		—		45,831		—		—		134,984		44	%
2011		437,421		605,802		12,414		523		69,160		—		—		687,899		157	%
2012		503,442		314,154		314,551		3,042		107,299		—		—		739,047		147	%
		2,507,434		1,639,070		385,197		3,565		294,297		—		—		2,322,130		93	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		1,671,514		518,058		19,260		10,667		64,348		321		1,418		614,071		37	%
2004		1,637,740		653,034		18,412		2,282		62,677		403		1,252		738,060		45	%
2005		1,781,168		1,532,835		67,185		8,267		82,546		1,682		2,454		1,694,969		95	%
2006		1,790,314		604,947		43,628		5,033		98,401		2,183		3,027		757,219		42	%
2007		1,575,450		654,660		69,777		14,097		125,268		9,873		4,486		878,161		56	%
2008		1,765,434		939,947		180,882		13,169		148,547		15,835		6,798		1,305,178		74	%
2009		1,656,158		624,714		93,350		13,992		213,010		15,377		7,912		968,355		58	%
2010		1,732,444		598,856		148,214		13,422		286,195		9,712		11,374		1,067,774		62	%
2011		1,949,907		1,081,793		273,978		29,125		392,181		7,954		16,958		1,801,989		92	%
2012		1,989,623		606,978		305,003		56,820		633,179		1,617		21,928		1,625,525		82	%
		17,549,752		7,815,823		1,219,688		166,873		2,106,351		64,956		77,609		11,451,300		65	%

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 1, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Consolidated Total
Consolidated Total

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		102,579		222,021		288,471		351,083		396,093		431,114		456,293		486,414		500,820		519,122
2004		128,450		365,831		464,756		539,466		582,106		615,691		633,537		650,445		662,747
2005		300,106		875,087		1,201,753		1,361,301		1,456,018		1,504,519		1,524,590		1,546,463
2006		66,050		310,911		416,627		498,943		550,111		584,356		624,341
2007		72,805		319,764		419,652		567,094		632,730		685,197
2008		490,336		937,381		1,083,332		1,160,053		1,233,284
2009		469,014		740,766		845,674		907,566
2010		292,727		559,270		667,446
2011		1,180,720		1,687,595
2012		921,132
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		264,203		383,065		443,949		492,847		515,084		526,625		537,579		533,617		545,378		549,048
2004		331,220		569,816		620,889		644,714		667,245		674,493		670,387		677,474		683,509
2005		970,526		1,460,820		1,545,146		1,605,726		1,639,653		1,613,937		1,617,205		1,622,402
2006		206,699		467,835		537,918		593,662		629,736		679,090		683,780
2007		208,438		508,045		629,293		703,535		743,218		780,143
2008		956,546		1,135,572		1,295,486		1,377,940		1,434,401
2009		754,664		907,646		960,252		1,023,105
2010		548,399		768,420		849,646
2011		1,705,845		2,003,635
2012		1,600,548
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		936,384		804,422		746,266		724,020		707,231		689,767		667,891		637,535		622,692		613,664
2004		1,090,102		992,309		908,465		880,476		849,438		828,683		783,731		781,469		746,194
2005		1,813,464		1,881,200		1,856,763		1,828,552		1,812,855		1,759,566		1,731,717		1,706,323
2006		992,636		915,695		868,401		841,403		820,451		816,841		788,756
2007		965,429		955,858		950,130		938,362		914,367		918,515
2008		1,658,077		1,553,694		1,612,055		1,609,829		1,597,939
2009		1,347,901		1,323,600		1,273,031		1,271,800
2010		1,305,067		1,222,699		1,181,672
2011		2,476,039		2,464,976
2012		2,341,026

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 1, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Consolidated Total
Consolidated Total

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		54.8	%		47.1	%		43.7	%		42.4	%		41.4	%		40.4	%		39.1	%		37.3	%		36.5	%		35.9	%
2004		66.1	%		60.2	%		55.1	%		53.4	%		51.5	%		50.3	%		47.5	%		47.4	%		45.2	%
2005		100.2	%		103.9	%		102.6	%		101.0	%		100.2	%		97.2	%		95.7	%		94.3	%
2006		52.0	%		48.0	%		45.5	%		44.1	%		43.0	%		42.8	%		41.3	%
2007		54.2	%		53.7	%		53.4	%		52.7	%		51.4	%		51.6	%
2008		75.7	%		71.0	%		73.6	%		73.5	%		73.0	%
2009		64.4	%		63.2	%		60.8	%		60.7	%
2010		64.0	%		59.9	%		57.9	%
2011		103.7	%		103.3	%
2012		93.9	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		1,682,711			1,701,267			1,714,528			1,706,833			1,707,845			1,707,025			1,707,647			1,707,626			1,707,545			1,707,624
2004		1,617,641			1,640,029			1,643,348			1,645,742			1,646,514			1,648,166			1,649,238			1,648,845			1,649,058
2005		1,790,944			1,807,288			1,811,177			1,812,522			1,814,092			1,809,910			1,809,414			1,809,733
2006		1,862,522			1,899,129			1,906,281			1,909,174			1,908,318			1,907,713			1,908,149
2007		1,779,041			1,781,871			1,777,335			1,778,449			1,778,817			1,779,668
2008		2,177,030			2,165,326			2,165,203			2,177,309			2,189,366
2009		2,087,883			2,092,668			2,093,736			2,093,638
2010		2,034,743			2,041,704			2,039,558
2011		2,376,243			2,387,328
2012		2,493,064
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		936,384			(131,961	)		(58,157	)		(22,246	)		(16,789	)		(17,463	)		(21,876	)		(30,356	)		(14,843	)		(9,028	)		(322,720	)
2004		1,090,102			(97,793	)		(83,844	)		(27,989	)		(31,037	)		(20,756	)		(44,951	)		(2,262	)		(35,275	)					(343,907	)
2005		1,813,464			67,736			(24,437	)		(28,211	)		(15,697	)		(53,289	)		(27,849	)		(25,394	)								(107,142	)
2006		992,636			(76,940	)		(47,295	)		(26,998	)		(20,951	)		(3,611	)		(28,085	)											(203,879	)
2007		965,429			(9,571	)		(5,728	)		(11,768	)		(23,996	)		4,148															(46,914	)
2008		1,658,077			(104,382	)		58,361			(2,226	)		(11,890	)																	(60,137	)
2009		1,347,901			(24,301	)		(50,569	)		(1,231	)																				(76,101	)
2010		1,305,067			(82,368	)		(41,027	)																							(123,395	)
2011		2,476,039			(11,064	)																										(11,064	)
2012		2,341,026
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(131,961	)		(155,950	)		(38,355	)		(146,155	)		(133,577	)		(195,438	)		(127,256	)		(207,723	)		(158,846	)		(1,295,261	)

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 1, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Agriculture
Agriculture

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		13,413		—		—		—		—		—		—		—		0	%
2008		622,185		592,425		113		—		—		—		—		592,538		95	%
2009		599,813		530,388		859		—		1,252		—		—		532,499		89	%
2010		564,234		334,744		536		—		1,929		—		—		337,209		60	%
2011		847,048		1,101,196		1,037		—		9,212		—		—		1,111,444		131	%
2012		885,139		788,015		389,663		—		50,298		—		—		1,227,976		139	%
		3,531,834		3,346,767		392,209		—		62,690		—		—		3,801,666		108	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		7,725		—		—		—		—		—		—		—		0	%
2008		253,728		278,702		21		—		—		—		—		278,723		110	%
2009		268,099		249,397		485		—		952		—		—		250,833		94	%
2010		166,349		54,976		295		—		1,530		—		—		56,801		34	%
2011		282,434		594,291		719		—		6,906		—		—		601,916		213	%
2012		336,266		309,218		310,240		—		27,192		—		—		646,649		192	%
		1,314,601		1,486,584		311,760		—		36,580		—		—		1,834,923		140	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		5,688		—		—		—		—		—		—		—		0	%
2008		368,458		313,722		92		—		—		—		—		313,814		85	%
2009		331,714		280,991		375		—		300		—		—		281,666		85	%
2010		397,885		279,768		241		—		399		—		—		280,408		70	%
2011		564,614		506,905		318		—		2,305		—		—		509,528		90	%
2012		548,873		478,797		79,424		—		23,106		—		—		581,327		106	%
		2,217,232		1,860,184		80,449		—		26,110		—		—		1,966,743		89	%

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 2, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Agriculture
Agriculture

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—
2006		—		—		—		—		—		—		—
2007		28		505		1,467		13,216		—		—
2008		339,001		587,514		597,530		592,317		592,425
2009		402,835		523,951		528,783		530,388
2010		222,620		334,129		334,744
2011		897,889		1,101,196
2012		788,015
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		75		—		—		—
2005		—		—		—		—		—		—		—		—
2006		—		—		—		163		—		—		—
2007		724		505		1,467		13,226		—		—
2008		586,040		601,083		598,096		592,430		592,538
2009		571,689		533,684		529,366		531,247
2010		328,705		336,464		335,280
2011		1,098,453		1,102,233
2012		1,177,678
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—
2006		—		—		—		—		—		—		—
2007		11,963		505		1,467		13,226		—		—
2008		668,958		625,208		622,092		604,081		592,538
2009		588,691		534,134		529,723		532,499
2010		402,433		338,069		337,209
2011		1,148,248		1,111,444
2012		1,227,976

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 2, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Agriculture
Agriculture

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		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	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2007		89.2	%		3.8	%		10.9	%		98.6	%		0.0	%		0.0	%
2008		107.5	%		100.5	%		100.0	%		97.1	%		95.2	%
2009		98.1	%		89.1	%		88.3	%		88.8	%
2010		71.3	%		59.9	%		59.8	%
2011		135.6	%		131.2	%
2012		138.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—
2006		—			—			—			—			—			—			—
2007		13,413			13,413			13,413			13,413			13,413			13,413
2008		610,185			598,185			598,185			610,185			622,185
2009		600,073			599,813			599,813			599,813
2010		564,234			564,234			564,234
2011		847,048			847,048
2012		885,139
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—						—
2005		—			—			—			—			—			—			—			—									—
2006		—			—			—			—			—			—			—												—
2007		11,963			(11,458	)		962			11,759			(13,226	)		—															(11,963	)
2008		668,958			(43,750	)		(3,116	)		(18,011	)		(11,543	)																	(76,421	)
2009		588,691			(54,557	)		(4,411	)		2,776																					(56,192	)
2010		402,433			(64,364	)		(860	)																							(65,224	)
2011		1,148,248			(36,803	)																										(36,803	)
2012		1,227,976
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			—			—			—			—			(11,458	)		(42,788	)		(45,915	)		(100,012	)		(46,430	)		(246,603	)

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 2, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
High Attaching Excess of Loss Casualty

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		193,231		3,428		—			—		11,650		—			175		15,252		8	%
2004		189,315		9,078		—			—		18,538		92			278		27,987		15	%
2005		205,860		10,379		25,013			—		31,083		107			841		67,424		33	%
2006		199,923		35,415		2,024			—		39,223		13			619		77,295		39	%
2007		172,436		22,825		178			—		47,104		2,037			709		72,853		42	%
2008		146,526		14,984		35,287			—		52,798		1,509			1,321		105,899		72	%
2009		139,939		19,474		1,135			—		66,200		1,807			1,010		89,627		64	%
2010		147,518		25,809		53,575			—		83,722		1,156			2,059		166,321		113	%
2011		144,133		30		1,032			—		95,669		24			1,451		98,205		68	%
2012		138,776		35		158			—		93,571		(4	)		1,406		95,167		69	%
		1,677,658		141,457		118,403			—		539,559		6,741			9,869		816,030		49	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—			—		—		—			—		—		0	%
2004		—		—		—			—		—		—			—		—		0	%
2005		180		—		—			—		68		—			—		68		38	%
2006		170		—		—			—		90		—			—		90		53	%
2007		3,728		—		—			—		1,283		—			—		1,283		34	%
2008		5,526		—		—			—		1,153		—			—		1,153		21	%
2009		14,871		3,958		240			—		7,449		—			—		11,647		78	%
2010		23,186		8,180		16,656			—		14,906		—			—		39,743		171	%
2011		31,108		18		(2	)		—		20,101		—			—		20,117		65	%
2012		40,152		—		47			—		26,257		—			—		26,305		66	%
		118,920		12,156		16,942			—		71,308		—			—		100,406		84	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE			Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		193,231		3,428		—			—		11,650		—			175		15,252		8	%
2004		189,315		9,078		—			—		18,538		92			278		27,987		15	%
2005		205,680		10,379		25,013			—		31,015		107			841		67,356		33	%
2006		199,753		35,415		2,024			—		39,133		13			619		77,205		39	%
2007		168,708		22,825		178			—		45,822		2,037			709		71,570		42	%
2008		141,000		14,984		35,287			—		51,645		1,509			1,321		104,745		74	%
2009		125,068		15,515		895			—		58,752		1,807			1,010		77,980		62	%
2010		124,332		17,629		36,919			—		68,816		1,156			2,059		126,578		102	%
2011		113,025		12		1,034			—		75,567		24			1,451		78,088		69	%
2012		98,624		35		111			—		67,314		(4	)		1,406		68,863		70	%
		1,558,737		129,301		101,462			—		468,251		6,741			9,869		715,624		46	%

Exhibit 3, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
High Attaching Excess of Loss Casualty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		18		19		22		22		1,728		1,728		3,428		3,428		3,428
2004		—		—		—		—		3		4		29		38		9,078
2005		2,780		2,737		7,711		8,041		8,470		10,158		10,311		10,379
2006		25		6,681		8,833		35,366		35,366		35,405		35,415
2007		—		20		2,348		18,728		21,914		22,825
2008		12,263		9,987		14,874		14,878		14,984
2009		12		69		18,564		19,474
2010		44		483		25,809
2011		—		30
2012		35
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		0		5,018		5,019		772		772		1,756		1,728		3,428		3,428		3,428
2004		—		—		—		—		3		4		79		3,079		9,078
2005		5,780		10,787		12,761		29,541		42,616		35,211		35,356		35,393
2006		5,525		15,548		24,411		35,390		35,390		35,440		37,440
2007		2,000		2,520		2,498		18,877		23,766		23,003
2008		12,513		17,237		45,644		45,146		50,271
2009		12		20,689		19,063		20,609
2010		25,544		78,094		79,384
2011		—		1,062
2012		194
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		133,572		116,815		100,472		84,772		71,672		65,672		55,942		31,552		24,071		15,078
2004		130,280		113,642		107,571		94,941		73,156		61,279		39,727		30,927		27,616
2005		152,500		150,630		140,309		122,380		114,324		91,788		74,212		66,476
2006		155,455		149,492		132,833		121,567		97,763		82,591		76,662
2007		126,241		109,673		90,682		91,929		81,729		70,107
2008		108,849		98,761		123,272		109,205		103,069
2009		83,160		103,199		95,965		86,809
2010		135,604		170,067		163,106
2011		95,713		96,731
2012		93,765

Diagonals as of 12/31

Exhibit 3, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
High Attaching Excess of Loss Casualty

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		69.1	%		60.5	%		52.0	%		43.9	%		37.1	%		34.0	%		29.0	%		16.3	%		12.5	%		7.8	%
2004		68.8	%		60.0	%		56.8	%		50.1	%		38.6	%		32.4	%		21.0	%		16.3	%		14.6	%
2005		74.1	%		73.2	%		68.2	%		59.4	%		55.5	%		44.6	%		36.0	%		32.3	%
2006		77.8	%		74.8	%		66.4	%		60.8	%		48.9	%		41.3	%		38.3	%
2007		73.2	%		63.6	%		52.6	%		53.3	%		47.4	%		40.7	%
2008		74.3	%		67.4	%		84.1	%		74.5	%		70.3	%
2009		59.4	%		73.7	%		68.6	%		62.0	%
2010		91.9	%		115.3	%		110.6	%
2011		66.4	%		67.1	%
2012		67.6	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		217,315			193,231			193,231			193,231			193,231			193,231			193,231			193,231			193,231			193,231
2004		190,817			189,354			189,354			189,314			189,314			189,315			189,315			189,315			189,315
2005		205,798			205,265			205,096			204,894			204,915			204,914			205,860			205,860
2006		200,617			200,785			200,412			200,445			200,443			199,847			199,923
2007		173,365			172,731			172,714			172,712			172,362			172,436
2008		146,605			146,534			146,526			146,526			146,526
2009		139,898			139,943			139,939			139,939
2010		147,811			147,522			147,518
2011		144,128			144,133
2012		138,776
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		133,572			(16,756	)		(16,344	)		(15,700	)		(13,101	)		(5,999	)		(9,730	)		(24,390	)		(7,480	)		(8,994	)		(118,494	)
2004		130,280			(16,638	)		(6,070	)		(12,630	)		(21,785	)		(11,877	)		(21,552	)		(8,800	)		(3,310	)					(102,664	)
2005		152,500			(1,869	)		(10,321	)		(17,929	)		(8,056	)		(22,536	)		(17,575	)		(7,736	)								(86,024	)
2006		155,455			(5,963	)		(16,658	)		(11,266	)		(23,804	)		(15,172	)		(5,928	)											(78,792	)
2007		126,241			(16,567	)		(18,991	)		1,246			(10,200	)		(11,622	)														(56,134	)
2008		108,849			(10,088	)		24,511			(14,067	)		(6,136	)																	(5,780	)
2009		83,160			20,039			(7,235	)		(9,155	)																				3,650
2010		135,604			34,464			(6,961	)																							27,502
2011		95,713			1,018																											1,018
2012		93,765
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(16,756	)		(32,982	)		(23,639	)		(42,015	)		(78,939	)		(70,008	)		(46,486	)		(46,066	)		(58,825	)		(415,718	)

Diagonals as of 12/31

Exhibit 3, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
United States Sourced Casualty

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		6,146		110		32		—		1,402		114		78		1,736		28	%
2006		34,859		25,422		11,311		—		8,501		696		779		46,709		134	%
2007		53,932		13,070		15,512		—		14,241		1,277		1,210		45,311		84	%
2008		75,164		15,927		12,139		—		22,680		1,755		1,581		54,082		72	%
2009		139,207		57,339		17,572		0		50,534		4,821		3,263		133,528		96	%
2010		155,863		24,499		18,217		—		68,947		2,039		4,293		117,996		76	%
2011		192,039		19,769		32,671		—		102,119		2,633		6,515		163,708		85	%
2012		214,790		4,762		8,353		—		143,278		292		8,110		164,795		77	%
		871,998		160,898		115,807		0		411,702		13,627		25,828		727,863		83	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		4,336		83		24		—		1,061		—		—		1,168		27	%
2006		25,175		18,166		8,330		—		6,207		—		—		32,704		130	%
2007		37,001		8,761		10,644		—		10,186		—		—		29,590		80	%
2008		37,913		6,686		6,715		—		11,657		—		—		25,058		66	%
2009		48,951		22,233		3,484		—		20,076		—		—		45,793		94	%
2010		48,896		700		2,344		—		23,746		—		—		26,790		55	%
2011		48,379		1,669		4,182		—		30,141		—		—		35,993		74	%
2012		47,015		2		—		—		33,956		—		—		33,958		72	%
		297,666		58,301		35,722		—		137,031		—		—		231,054		78	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		1,810		27		8		—		340		114		78		567		31	%
2006		9,683		7,256		2,981		—		2,294		696		779		14,005		145	%
2007		16,930		4,310		4,868		—		4,056		1,277		1,210		15,721		93	%
2008		37,252		9,241		5,424		—		11,023		1,755		1,581		29,024		78	%
2009		90,255		35,105		14,089		0		30,457		4,821		3,263		87,735		97	%
2010		106,967		23,799		15,874		—		45,201		2,039		4,293		91,205		85	%
2011		143,659		18,100		28,488		—		71,978		2,633		6,515		127,715		89	%
2012		167,775		4,760		8,353		—		109,322		292		8,110		130,837		78	%
		574,332		102,597		80,085		0		274,671		13,627		25,828		496,808		87	%

Exhibit 4, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
United States Sourced Casualty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		14		25		110
2006		29		163		9,741		12,760		15,933		19,032		25,422
2007		63		662		1,647		4,565		6,797		13,070
2008		335		2,005		6,040		11,641		15,927
2009		593		36,922		44,997		57,339
2010		1,679		14,101		24,499
2011		4,801		19,769
2012		4,762
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		25		58		141
2006		445		12,990		13,939		15,828		19,319		35,616		36,733
2007		1,031		2,318		6,290		9,252		14,216		28,582
2008		1,982		5,771		11,794		21,251		28,066
2009		16,187		46,926		61,650		74,911
2010		11,240		25,696		42,717
2011		14,775		52,440
2012		13,115
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		4,707		5,024		4,085		3,519		2,771		2,440		1,782		1,543
2006		29,342		37,659		35,344		30,052		31,411		45,303		45,234
2007		41,299		37,908		32,610		29,962		30,109		42,824
2008		55,134		47,556		48,277		48,850		50,745
2009		97,493		122,292		124,737		125,445
2010		104,791		108,012		111,663
2011		138,544		154,559
2012		156,393

Diagonals as of 12/31

Exhibit 4, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
United States Sourced Casualty

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		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	%		0.0	%
2005		76.6	%		81.8	%		66.5	%		57.3	%		45.1	%		39.7	%		29.0	%		25.1	%
2006		84.2	%		108.0	%		101.4	%		86.2	%		90.1	%		130.0	%		129.8	%
2007		76.6	%		70.3	%		60.5	%		55.6	%		55.8	%		79.4	%
2008		73.4	%		63.3	%		64.2	%		65.0	%		67.5	%
2009		70.0	%		87.8	%		89.6	%		90.1	%
2010		67.2	%		69.3	%		71.6	%
2011		72.1	%		80.5	%
2012		72.8	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—
2005		6,119			6,146			6,146			6,146			6,146			6,146			6,146			6,146
2006		34,671			34,811			34,856			34,855			34,855			34,855			34,859
2007		53,507			53,793			53,979			54,008			53,932			53,932
2008		73,963			74,977			75,237			75,185			75,164
2009		137,748			139,294			139,316			139,207
2010		154,524			155,839			155,863
2011		189,496			192,039
2012		214,790
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—						—
2005		4,707			317			(939	)		(566	)		(748	)		(331	)		(658	)		(239	)								(3,164	)
2006		29,342			8,317			(2,316	)		(5,292	)		1,359			13,892			(69	)											15,892
2007		41,299			(3,392	)		(5,298	)		(2,648	)		147			12,715															1,524
2008		55,134			(7,578	)		721			572			1,896																		(4,388	)
2009		97,493			24,799			2,445			708																					27,952
2010		104,791			3,221			3,651																								6,873
2011		138,544			16,016																											16,016
2012		156,393
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			—			—			317			7,378			(6,274	)		(18,915	)		23,901			19,620			34,677			60,704

Diagonals as of 12/31

Exhibit 4, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
Workers’ Compensation

ITD SUMMARY

Gross
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—			—		—		—		—			—		—		—		0	%
2004		—			—		—		—		—			—		—		—		0	%
2005		—			—		—		—		—			—		—		—		0	%
2006		29,080			13,537		1,633		—		2,000			10		119		17,299		59	%
2007		202,018			109,252		21,661		—		20,727			181		824		152,645		76	%
2008		255,758			168,712		40,037		—		18,953			795		1,043		229,539		90	%
2009		123,795			61,498		26,423		—		16,594			900		505		105,920		86	%
2010		1,761			583		272		—		290			885		7		2,038		116	%
2011		—			—		—		—		—			—		—		—		0	%
2012		—			—		—		—		—			—		—		—		0	%
		612,413			353,583		90,026		—		58,564			2,770		2,498		507,441		83	%
Ceded
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—			—		—		—		—			—		—		—		0	%
2004		—			—		—		—		—			—		—		—		0	%
2005		—			—		—		—		—			—		—		—		0	%
2006		756			—		1,631		—		—			—		—		1,631		216	%
2007		17,271			—		—		—		1,000			—		—		1,000		6	%
2008		26,813			—		—		—		215			—		—		215		1	%
2009		15,984			—		2,816		—		3,384			—		—		6,200		39	%
2010		1,797			—		—		—		650			—		—		650		36	%
2011		—			—		—		—		—			—		—		—		0	%
2012		—			—		—		—		—			—		—		—		0	%
		62,621			—		4,447		—		5,249			—		—		9,696		15	%
Net
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—			—		—		—		—			—		—		—		0	%
2004		—			—		—		—		—			—		—		—		0	%
2005		—			—		—		—		—			—		—		—		0	%
2006		28,324			13,537		3		—		2,000			10		119		15,669		55	%
2007		184,747			109,252		21,661		—		19,727			181		824		151,645		82	%
2008		228,945			168,712		40,037		—		18,738			795		1,043		229,324		100	%
2009		107,811			61,498		23,607		—		13,211			900		505		99,721		92	%
2010		(36	)		583		272		—		(360	)		885		7		1,387		–3908	%
2011		—			—		—		—		—			—		—		—		0	%
2012		—			—		—		—		—			—		—		—		0	%
		549,792			353,583		85,580		—		53,315			2,770		2,498		497,746		91	%

Exhibit 5, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
Workers’ Compensation

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—
2006		321		6,581		6,698		9,045		10,527		12,251		13,537
2007		9,027		38,427		63,513		81,913		97,121		109,252
2008		23,720		70,730		109,635		141,756		168,712
2009		14,752		35,823		50,495		61,498
2010		272		461		583
2011		—		—
2012		—
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—
2006		1,797		16,724		10,238		11,854		12,464		14,053		15,171
2007		17,365		68,463		90,710		107,482		121,577		130,913
2008		76,641		120,368		161,624		192,035		208,749
2009		44,300		70,132		83,913		87,921
2010		630		808		856
2011		—		—
2012		—
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		—		—		—		—		—		—		—		—
2006		17,797		21,324		16,413		17,176		18,906		16,544		17,171
2007		120,157		121,021		123,879		133,475		141,673		151,640
2008		161,121		176,260		192,223		224,505		227,701
2009		93,776		106,154		103,636		104,516
2010		1,462		1,159		1,146
2011		—		—
2012		—

Diagonals as of 12/31

Exhibit 5, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty
Workers’ Compensation

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		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	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		61.2	%		73.3	%		56.4	%		59.1	%		65.0	%		56.9	%		59.0	%
2007		59.5	%		59.9	%		61.3	%		66.1	%		70.1	%		75.1	%
2008		63.0	%		68.9	%		75.2	%		87.8	%		89.0	%
2009		75.8	%		85.7	%		83.7	%		84.4	%
2010		83.0	%		65.8	%		65.1	%
2011		0.0	%		0.0	%
2012		0.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—
2006		27,909			29,430			29,134			29,053			29,083			29,080			29,080
2007		207,462			207,672			202,093			201,820			202,018			202,018
2008		261,296			256,395			255,389			255,757			255,758
2009		125,412			123,853			123,778			123,795
2010		1,766			1,761			1,761
2011		—			—
2012		—
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—						—
2005		—			—			—			—			—			—			—			—									—
2006		17,797			3,527			(4,911	)		763			1,730			(2,362	)		627												(627	)
2007		120,157			865			2,857			9,596			8,198			9,967															31,483
2008		161,121			15,139			15,963			32,282			3,196																		66,580
2009		93,776			12,378			(2,517	)		879																					10,740
2010		1,462			(304	)		(13	)																							(316	)
2011		—			—																											—
2012		—
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			—			—			—			3,527			(4,047	)		18,759			39,667			35,296			14,656			107,860

Diagonals as of 12/31

Exhibit 5, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines
Professional Lines

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		24,753		3,626		71		—		207			1		4		3,909		16	%
2004		45,848		9,258		201		—		—			99		3		9,561		21	%
2005		53,472		12,487		0		—		17			2		0		12,506		23	%
2006		66,737		16,175		1,167		—		3,192			180		81		20,795		31	%
2007		81,252		104,439		5,521		—		12,697			2,298		308		125,263		154	%
2008		95,830		18,511		60,751		—		19,478			2,478		1,315		102,532		107	%
2009		126,223		30,406		13,527		—		44,422			3,485		1,241		93,081		74	%
2010		122,716		15,586		4,180		—		58,082			1,332		1,614		80,793		66	%
2011		109,285		7,368		5,797		—		61,665			1,226		1,860		77,916		71	%
2012		105,779		881		2,659		—		72,303			89		2,260		78,191		74	%
		831,895		218,736		93,874		—		272,063			11,188		8,687		604,548		73	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		509		—		—		—		262			—		—		262		51	%
2004		446		42		28		—		0			—		—		70		16	%
2005		290		—		—		—		50			—		—		50		17	%
2006		253		167		817		—		19			—		—		1,003		397	%
2007		6,752		3,879		187		—		579			—		—		4,645		69	%
2008		15,028		4,016		95		—		1,750			—		—		5,861		39	%
2009		18,264		5,533		1,098		—		3,021			—		—		9,652		53	%
2010		17,774		4,553		1,179		—		3,920			—		—		9,652		54	%
2011		16,725		772		1,854		—		9,767			—		—		12,393		74	%
2012		22,750		61		26		—		15,272			—		—		15,358		68	%
		98,790		19,022		5,284		—		34,640			—		—		58,946		60	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		24,244		3,626		71		—		(54	)		1		4		3,647		15	%
2004		45,402		9,216		174		—		(0	)		99		3		9,491		21	%
2005		53,181		12,487		0		—		(34	)		2		0		12,456		23	%
2006		66,485		16,008		350		—		3,173			180		81		19,792		30	%
2007		74,500		100,560		5,334		—		12,118			2,298		308		120,618		162	%
2008		80,803		14,495		60,656		—		17,728			2,478		1,315		96,671		120	%
2009		107,959		24,873		12,429		—		41,400			3,485		1,241		83,429		77	%
2010		104,942		11,033		3,001		—		54,162			1,332		1,614		71,141		68	%
2011		92,560		6,596		3,943		—		51,898			1,226		1,860		65,523		71	%
2012		83,030		820		2,633		—		57,031			89		2,260		62,833		76	%
		733,105		199,714		88,590		—		237,423			11,188		8,687		545,601		74	%

Exhibit 6, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines
Professional Lines

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		5		26		36		39		41		44		3,611		3,626
2004		—		44		160		3,746		4,068		4,075		9,139		9,192		9,258
2005		0		7		318		9		9		12,372		12,479		12,487
2006		17		29		32		87		190		645		16,175
2007		83		2,046		3,558		65,081		93,697		104,439
2008		178		2,455		15,771		18,225		18,511
2009		1,068		7,157		27,762		30,406
2010		965		8,099		15,586
2011		729		7,368
2012		881
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		1,089		3,276		3,286		3,289		3,300		3,300		3,699		3,696
2004		—		44		160		3,769		4,068		4,088		9,139		9,386		9,459
2005		5,000		5,007		5,295		5,009		5,009		12,415		12,500		12,487
2006		1,517		29		137		172		221		16,149		17,342
2007		172		22,733		85,361		93,279		104,094		109,960
2008		914		7,410		37,852		60,882		79,262
2009		5,272		27,525		31,485		43,933
2010		3,007		15,861		19,765
2011		4,194		13,165
2012		3,540
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		19,063		12,231		11,818		10,383		6,341		4,176		3,490		3,886		3,904
2004		29,278		30,412		25,312		25,443		19,779		14,193		9,931		9,620		9,459
2005		41,123		36,781		33,401		23,578		17,527		19,626		13,713		12,504
2006		50,116		43,054		36,416		24,320		18,568		28,309		20,534
2007		57,512		116,260		155,262		124,397		124,110		122,657
2008		70,130		66,961		86,045		91,969		98,739
2009		85,575		101,811		86,787		88,355
2010		87,274		83,771		77,847
2011		77,626		74,830
2012		75,842

Diagonals as of 12/31

Exhibit 6, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines
Professional Lines

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		77.0	%		49.4	%		47.7	%		41.9	%		25.6	%		16.9	%		14.1	%		15.7	%		15.8	%
2004		63.9	%		66.3	%		55.2	%		55.5	%		43.1	%		31.0	%		21.7	%		21.0	%		20.6	%
2005		76.9	%		68.8	%		62.5	%		44.1	%		32.8	%		36.7	%		25.6	%		23.4	%
2006		75.1	%		64.5	%		54.6	%		36.4	%		27.8	%		42.4	%		30.8	%
2007		70.8	%		143.1	%		191.1	%		153.1	%		152.7	%		151.0	%
2008		73.2	%		69.9	%		89.8	%		96.0	%		103.0	%
2009		67.8	%		80.7	%		68.8	%		70.0	%
2010		71.1	%		68.3	%		63.4	%
2011		71.0	%		68.5	%
2012		71.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			24,936			24,752			24,752			24,752			24,752			24,752			24,752			24,752			24,753
2004		46,134			45,853			45,848			45,848			45,848			45,848			45,848			45,848			45,848
2005		53,258			53,472			53,472			53,472			53,472			53,472			53,472			53,472
2006		66,633			66,737			66,737			66,737			66,737			66,737			66,737
2007		81,019			81,037			81,252			81,252			81,252			81,252
2008		94,966			95,812			95,815			95,830			95,830
2009		125,809			126,223			126,229			126,223
2010		122,845			122,746			122,716
2011		108,826			109,285
2012		105,779
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			19,063			(6,832	)		(413	)		(1,436	)		(4,042	)		(2,165	)		(686	)		396			18			3,904
2004		29,278			1,133			(5,099	)		131			(5,665	)		(5,586	)		(4,262	)		(310	)		(161	)					(19,819	)
2005		41,123			(4,342	)		(3,380	)		(9,823	)		(6,051	)		2,100			(5,914	)		(1,209	)								(28,619	)
2006		50,116			(7,062	)		(6,637	)		(12,096	)		(5,752	)		9,740			(7,774	)											(29,581	)
2007		57,512			58,748			39,002			(30,864	)		(287	)		(1,453	)														65,145
2008		70,130			(3,169	)		19,084			5,924			6,770																		28,609
2009		85,575			16,236			(15,024	)		1,568																					2,779
2010		87,274			(3,503	)		(5,924	)																							(9,427	)
2011		77,626			(2,796	)																										(2,796	)
2012		75,842
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			19,063			(5,699	)		(9,854	)		(11,747	)		32,581			9,934			(4,145	)		(8,978	)		(10,961	)		10,196

Diagonals as of 12/31

Exhibit 6, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property
International Sourced Property

ITD SUMMARY

Gross
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		101,240			21,815		—		—		0			3		—		21,818		22	%
2004		100,154			40,091		74		—		506			50		9		40,730		41	%
2005		96,095			153,478		23		—		149			122		3		153,774		160	%
2006		57,061			37,170		32		—		135			118		3		37,457		66	%
2007		48,471			41,239		49		—		401			448		7		42,144		87	%
2008		51,564			28,249		336		—		1,102			534		22		30,243		59	%
2009		34,505			11,422		179		—		976			37		17		12,631		37	%
2010		1,184			39		132		—		145			6		4		325		27	%
2011		936			62		561		—		280			5		13		922		98	%
2012		537			—		63		—		263			—		5		330		61	%
		491,747			333,566		1,449		—		3,956			1,324		81		340,376		69	%
Ceded
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		2,148			41		—		—		1			—		—		42		2	%
2004		2,318			2,418		0		—		2			—		—		2,420		104	%
2005		1,604			—		—		—		2			—		—		2		0	%
2006		6,508			80		1		—		3			—		—		84		1	%
2007		16,259			14,464		—		—		25			—		—		14,488		89	%
2008		18,191			1,876		93		—		152			—		—		2,121		12	%
2009		15,702			1,313		25		—		448			—		—		1,786		11	%
2010		1,384			20		66		—		90			—		—		176		13	%
2011		468			31		281		—		96			—		—		408		87	%
2012		265			—		35		—		65			—		—		100		38	%
		64,846			20,243		500		—		884			—		—		21,627		33	%
Net
Accident Year	Earned Premium			Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		99,092			21,774		—		—		(1	)		3		—		21,777		22	%
2004		97,836			37,673		74		—		504			50		9		38,310		39	%
2005		94,491			153,478		23		—		147			122		3		153,772		163	%
2006		50,553			37,090		31		—		132			118		3		37,373		74	%
2007		32,213			26,776		49		—		376			448		7		27,656		86	%
2008		33,373			26,373		243		—		950			534		22		28,122		84	%
2009		18,804			10,109		154		—		528			37		17		10,845		58	%
2010		(200	)		19		65		—		55			6		4		149		–75	%
2011		467			31		281		—		184			5		13		514		110	%
2012		272			—		28		—		198			—		5		231		85	%
		426,901			313,323		949		—		3,072			1,324		81		318,749		75	%

Exhibit 7, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property
International Sourced Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		1,510		13,582		17,515		19,519		19,806		20,980		21,810		21,839		21,837		21,815
2004		3,398		21,883		27,329		32,054		35,660		39,110		39,848		40,085		40,091
2005		24,702		89,379		137,245		155,580		152,631		153,257		153,396		153,478
2006		9,671		26,385		36,393		36,654		36,976		37,162		37,170
2007		12,191		27,731		40,243		40,599		41,232		41,239
2008		8,856		21,472		25,370		26,280		28,249
2009		7,733		10,768		11,530		11,422
2010		0		14		39
2011		24		62
2012		—
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		17,070		19,705		22,244		26,183		26,190		29,154		27,883		21,915		21,874		21,815
2004		25,158		44,006		40,710		40,302		41,440		41,643		40,738		40,491		40,166
2005		147,501		169,567		162,507		160,859		154,063		153,784		153,796		153,501
2006		41,596		37,415		37,469		37,459		37,320		37,275		37,202
2007		33,154		43,705		41,143		40,892		41,331		41,288
2008		31,802		28,655		28,220		29,170		28,585
2009		13,730		13,271		13,139		11,601
2010		278		295		171
2011		178		624
2012		63
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		36,626		21,712		22,358		26,227		26,229		29,161		27,898		21,936		21,881		21,815
2004		60,485		41,084		41,070		40,677		41,699		41,753		41,328		40,749		40,671
2005		190,709		171,988		166,920		165,646		158,614		158,762		154,429		153,650
2006		57,210		39,936		39,510		39,458		39,239		37,487		37,337
2007		44,235		44,117		41,542		41,583		41,949		41,689
2008		45,366		31,605		29,415		30,164		29,687
2009		18,976		13,898		13,967		12,577
2010		1,208		1,408		315
2011		878		904
2012		325

Diagonals as of 12/31

Exhibit 7, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property
International Sourced Property

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		36.2	%		21.4	%		22.1	%		25.9	%		25.9	%		28.8	%		27.6	%		21.7	%		21.6	%		21.5	%
2004		60.4	%		41.0	%		41.0	%		40.6	%		41.6	%		41.7	%		41.3	%		40.7	%		40.6	%
2005		198.5	%		179.0	%		173.7	%		172.4	%		165.1	%		165.2	%		160.7	%		159.9	%
2006		100.3	%		70.0	%		69.2	%		69.2	%		68.8	%		65.7	%		65.4	%
2007		91.3	%		91.0	%		85.7	%		85.8	%		86.5	%		86.0	%
2008		88.0	%		61.3	%		57.0	%		58.5	%		57.6	%
2009		55.0	%		40.3	%		40.5	%		36.5	%
2010		102.0	%		118.9	%		26.6	%
2011		93.8	%		96.5	%
2012		60.5	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		101,487			101,152			101,081			101,193			101,171			101,238			101,238			101,238			101,240			101,240
2004		100,772			99,882			99,940			99,935			99,932			100,131			100,138			100,150			100,154
2005		96,442			95,962			95,807			95,895			96,082			96,088			96,086			96,095
2006		57,274			56,540			56,641			56,803			57,065			57,063			57,061
2007		47,228			48,219			48,425			48,456			48,457			48,471
2008		51,928			51,674			51,704			51,553			51,564
2009		34,794			34,526			34,526			34,505
2010		1,200			1,197			1,184
2011		921			936
2012		537
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		36,626			(14,914	)		646			3,870			2			2,932			(1,262	)		(5,962	)		(55	)		(66	)		(14,811	)
2004		60,485			(19,401	)		(14	)		(392	)		1,022			54			(426	)		(578	)		(78	)					(19,814	)
2005		190,709			(18,722	)		(5,068	)		(1,273	)		(7,032	)		148			(4,332	)		(779	)								(37,059	)
2006		57,210			(17,274	)		(426	)		(52	)		(219	)		(1,753	)		(150	)											(19,873	)
2007		44,235			(118	)		(2,576	)		41			366			(259	)														(2,546	)
2008		45,366			(13,762	)		(2,189	)		749			(478	)																	(15,680	)
2009		18,976			(5,078	)		69			(1,390	)																				(6,399	)
2010		1,208			200			(1,092	)																							(892	)
2011		878			26																											26
2012		325
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(14,914	)		(18,756	)		(14,866	)		(22,733	)		2,137			(24,629	)		(13,686	)		(5,334	)		(4,267	)		(117,048	)

Diagonals as of 12/31

Exhibit 7, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property
United States Sourced Property

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—			—		—		—		0	%
2004		—		—		—		—		—			—		—		—		0	%
2005		10,419		7,061		—		—		0			65		—		7,126		68	%
2006		80,425		2,184		—		—		0			72		—		2,256		3	%
2007		96,997		2,058		—		—		—			497		—		2,555		3	%
2008		84,211		6,747		1		—		41			1,062		1		7,853		9	%
2009		105,147		6,012		138		—		328			1,353		14		7,845		7	%
2010		124,848		12,017		514		—		1,633			865		66		15,096		12	%
2011		116,624		22,333		14,761		—		3,835			1,923		392		43,243		37	%
2012		82,101		10,109		38,151		—		10,509			579		988		60,336		73	%
		700,772		68,521		53,565		—		16,347			6,416		1,461		146,309		21	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—			—		—		—		0	%
2004		—		—		—		—		—			—		—		—		0	%
2005		6,808		4,057		—		—		0			—		—		4,057		60	%
2006		66,801		980		—		—		0			—		—		980		1	%
2007		89,283		976		—		—		0			—		—		976		1	%
2008		46,220		1,847		—		—		4			—		—		1,851		4	%
2009		47,852		382		45		—		185			—		—		612		1	%
2010		37,935		99		11		—		683			—		—		793		2	%
2011		44,272		1,425		3,757		—		1,032			—		—		6,213		14	%
2012		30,104		1,698		1,172		—		783			—		—		3,653		12	%
		369,273		11,463		4,985		—		2,687			—		—		19,135		5	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—			—		—		—		0	%
2004		—		—		—		—		—			—		—		—		0	%
2005		3,611		3,005		—		—		0			65		—		3,069		85	%
2006		13,624		1,204		—		—		—			72		—		1,276		9	%
2007		7,714		1,082		—		—		(0	)		497		—		1,579		20	%
2008		37,991		4,900		1		—		37			1,062		1		6,002		16	%
2009		57,295		5,630		93		—		143			1,353		14		7,233		13	%
2010		86,913		11,919		503		—		950			865		66		14,303		16	%
2011		72,352		20,908		11,004		—		2,803			1,923		392		37,030		51	%
2012		51,997		8,411		36,979		—		9,726			579		988		56,683		109	%
		331,498		57,059		48,580		—		13,659			1,461		127,175		127,175		38	%

Exhibit 8, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property
United States Sourced Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		376		3,761		4,036		5,247		5,823		7,061		7,061		7,061
2006		428		1,161		1,691		2,280		2,184		2,184		2,184
2007		350		2,328		2,791		2,058		2,058		2,058
2008		3,849		6,145		6,638		6,738		6,747
2009		4,329		5,883		6,068		6,012
2010		5,481		11,159		12,017
2011		9,834		22,333
2012		10,109
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		4,074		6,109		7,513		6,848		7,153		7,061		7,061		7,061
2006		1,122		2,442		2,531		2,587		2,217		2,184		2,184
2007		978		2,821		2,841		2,058		2,058		2,058
2008		6,112		6,791		6,702		6,765		6,748
2009		7,498		6,338		6,208		6,150
2010		12,153		12,319		12,532
2011		32,657		37,093
2012		48,260
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		—		—		—		—		—		—		—		—
2004		—		—		—		—		—		—		—		—		—
2005		10,242		6,657		7,608		6,888		7,153		7,063		7,061		7,061
2006		13,407		4,613		2,946		2,661		2,222		2,184		2,184
2007		11,498		4,348		3,245		2,125		2,058		2,058
2008		18,306		8,907		7,171		6,893		6,789
2009		19,142		8,199		6,954		6,478
2010		28,404		15,081		14,165
2011		50,338		40,928
2012		58,768

Diagonals as of 12/31

Exhibit 8, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property
United States Sourced Property

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		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	%		0.0	%
2005		98.3	%		63.9	%		73.0	%		66.1	%		68.7	%		67.8	%		67.8	%		67.8	%
2006		16.7	%		5.7	%		3.7	%		3.3	%		2.8	%		2.7	%		2.7	%
2007		11.9	%		4.5	%		3.3	%		2.2	%		2.1	%		2.1	%
2008		21.7	%		10.6	%		8.5	%		8.2	%		8.1	%
2009		18.2	%		7.8	%		6.6	%		6.2	%
2010		22.8	%		12.1	%		11.3	%
2011		43.2	%		35.1	%
2012		71.6	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—
2005		10,321			10,384			10,388			10,391			10,419			10,419			10,419			10,419
2006		80,347			80,386			80,454			80,427			80,427			80,427			80,425
2007		97,111			97,010			96,997			96,997			96,997			96,997
2008		84,049			84,204			84,209			84,210			84,211
2009		105,204			105,152			105,148			105,147
2010		124,936			124,888			124,848
2011		116,452			116,624
2012		82,101
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—						—
2005		10,242			(3,585	)		951			(720	)		265			(90	)		(1	)		0									(3,180	)
2006		13,407			(8,794	)		(1,667	)		(285	)		(439	)		(38	)		0												(11,224	)
2007		11,498			(7,150	)		(1,103	)		(1,120	)		(67	)		0															(9,440	)
2008		18,306			(9,399	)		(1,736	)		(278	)		(104	)																	(11,517	)
2009		19,142			(10,943	)		(1,245	)		(476	)																				(12,664	)
2010		28,404			(13,323	)		(916	)																							(14,239	)
2011		50,338			(9,409	)																										(9,409	)
2012		58,768
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			—			—			(3,585	)		(7,843	)		(9,537	)		(10,522	)		(14,329	)		(14,952	)		(10,906	)		(71,673	)

Diagonals as of 12/31

Exhibit 8, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Catastrophe
Catastrophe

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		353,626		37,619		259		—		0		11			4		37,893		11	%
2004		275,128		101,874		680		—		—		26			10		102,590		37	%
2005		285,007		352,391		891		1,428		8,721		(144	)		166		363,453		128	%
2006		287,644		29,121		120		—		4,529		3			70		33,843		12	%
2007		327,218		52,082		744		—		3,571		990			65		57,453		18	%
2008		319,703		183,949		3,271		759		3,434		4,678			112		196,204		61	%
2009		308,657		28,048		1,444		88		2,074		338			54		32,046		10	%
2010		315,463		55,422		27,490		1,267		3,248		6			480		87,913		28	%
2011		349,277		291,126		68,502		12,473		19,457		10			1,506		393,073		113	%
2012		377,972		43,019		40,461		41,290		47,500		5			1,939		174,214		46	%
		3,199,694		1,174,651		143,864		57,303		92,535		5,923			4,406		1,478,682		46	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		31,355		—		—		—		—		—			—		—		0	%
2004		5,775		5,920		—		—		—		—			—		5,920		103	%
2005		6,223		6,115		—		—		—		—			—		6,115		98	%
2006		3,943		—		—		—		—		—			—		—		0	%
2007		16,355		—		—		—		—		—			—		—		0	%
2008		14,994		—		—		—		—		—			—		—		0	%
2009		4,969		—		—		—		—		—			—		—		0	%
2010		7,215		1		0		—		2		—			—		3		0	%
2011		12,785		7,568		1,624		523		667		—			—		10,382		81	%
2012		24,605		3,175		3,032		3,042		3,071		—			—		12,321		50	%
		128,219		22,779		4,655		3,565		3,740		—			—		34,740		27	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		322,271		37,619		259		—		0		11			4		37,893		12	%
2004		269,352		95,954		680		—		—		26			10		96,670		36	%
2005		278,784		346,276		891		1,428		8,721		(144	)		166		357,338		128	%
2006		283,701		29,121		120		—		4,529		3			70		33,843		12	%
2007		310,863		52,082		744		—		3,571		990			65		57,453		18	%
2008		304,709		183,949		3,271		759		3,434		4,678			112		196,204		64	%
2009		303,688		28,048		1,444		88		2,074		338			54		32,046		11	%
2010		308,249		55,421		27,490		1,267		3,246		6			480		87,910		29	%
2011		336,492		283,557		66,878		11,949		18,790		10			1,506		382,692		114	%
2012		353,367		39,844		37,430		38,247		44,429		5			1,939		161,894		46	%
		3,071,475		1,151,872		139,209		53,738		88,795		5,923			4,406		1,443,942		47	%

Exhibit 9, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Catastrophe
Catastrophe

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		14,893		24,316		27,764		35,042		36,511		37,388		37,518		37,596		37,732		37,619
2004		47,114		87,818		95,422		98,520		99,894		100,778		101,209		101,473		101,874
2005		140,049		267,489		324,909		347,638		361,680		353,780		352,129		352,391
2006		8,782		15,209		20,540		20,936		29,014		29,092		29,121
2007		17,663		48,889		50,864		51,721		51,976		52,082
2008		78,313		129,080		154,096		167,900		183,949
2009		13,885		23,940		27,068		28,048
2010		19,498		43,931		55,422
2011		181,048		291,126
2012		43,019
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		44,737		35,452		34,214		38,737		39,085		38,909		38,744		39,027		39,136		37,878
2004		77,424		103,142		99,668		101,039		101,465		101,970		102,253		102,319		102,554
2005		292,259		372,969		373,423		373,206		370,966		358,426		355,369		354,710
2006		9,567		16,284		21,280		21,060		29,376		29,298		29,242
2007		58,366		61,528		55,550		54,974		53,675		52,826
2008		143,156		164,069		181,985		185,304		187,980
2009		29,662		30,559		29,917		29,580
2010		44,733		61,586		84,179
2011		343,077		372,100
2012		124,770
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		84,357		41,184		39,462		42,401		43,827		43,740		43,228		42,283		42,434		37,878
2004		128,204		124,932		115,238		109,164		109,518		109,542		109,341		108,855		102,554
2005		348,184		440,210		376,574		380,890		381,394		368,808		366,273		363,431
2006		38,871		28,923		28,867		29,075		37,300		34,076		33,770
2007		97,281		72,453		59,821		58,873		57,297		56,397
2008		199,034		185,715		190,139		191,830		191,414
2009		51,817		39,011		32,346		31,654
2010		134,621		88,613		87,427
2011		397,993		391,557
2012		172,270

Diagonals as of 12/31

Exhibit 9, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Catastrophe
Catastrophe

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		23.9	%		11.6	%		11.2	%		12.0	%		12.4	%		12.4	%		12.2	%		12.0	%		12.0	%		10.7	%
2004		46.6	%		45.4	%		41.9	%		39.7	%		39.8	%		39.8	%		39.7	%		39.6	%		37.3	%
2005		122.2	%		154.5	%		132.1	%		133.6	%		133.8	%		129.4	%		128.5	%		127.5	%
2006		13.5	%		10.1	%		10.0	%		10.1	%		13.0	%		11.8	%		11.7	%
2007		29.7	%		22.1	%		18.3	%		18.0	%		17.5	%		17.2	%
2008		62.3	%		58.1	%		59.5	%		60.0	%		59.9	%
2009		16.8	%		12.6	%		10.5	%		10.3	%
2010		42.7	%		28.1	%		27.7	%
2011		113.9	%		112.1	%
2012		45.6	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		322,043			323,245			323,827			323,598			353,760			353,722			353,728			353,666			353,635			353,626
2004		238,076			238,688			237,964			275,335			275,114			275,119			275,120			275,097			275,128
2005		268,671			247,356			288,478			286,525			284,817			284,677			284,782			285,007
2006		244,113			288,095			287,439			287,350			287,277			287,238			287,644
2007		338,498			328,164			327,374			327,193			327,168			327,218
2008		329,433			322,595			321,245			320,477			319,703
2009		311,065			310,514			309,177			308,657
2010		320,872			318,460			315,463
2011		353,055			349,277
2012		377,972
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		84,357			(43,174	)		(1,721	)		2,938			1,426			(87	)		(512	)		(945	)		151			(4,555	)		(46,479	)
2004		128,204			(3,272	)		(9,694	)		(6,074	)		354			24			(201	)		(487	)		(6,301	)					(25,650	)
2005		348,184			92,025			(63,635	)		4,315			504			(12,586	)		(2,535	)		(2,842	)								15,247
2006		38,871			(9,947	)		(56	)		208			8,226			(3,224	)		(305	)											(5,100	)
2007		97,281			(24,827	)		(12,632	)		(948	)		(1,577	)		(899	)														(40,883	)
2008		199,034			(13,319	)		4,424			1,692			(416	)																	(7,620	)
2009		51,817			(12,805	)		(6,665	)		(692	)																				(20,163	)
2010		134,621			(46,008	)		(1,186	)																							(47,194	)
2011		397,993			(6,436	)																										(6,436	)
2012		172,270
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(43,174	)		(4,993	)		85,270			(78,230	)		(20,301	)		(25,728	)		(14,835	)		(58,654	)		(23,633	)		(184,278	)

Diagonals as of 12/31

Exhibit 9, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Property
Property

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2003 & Prior		400,107		148,632			1,345		—		560		20			29		150,586			38	%
2004		468,833		259,797			1,702		329		301		78			35		262,241			56	%
2005		432,264		488,607			8,255		2,313		894		266			172		500,507			116	%
2006		354,305		166,512			2,628		50		1,496		151			63		170,900			48	%
2007		217,275		85,017			1,166		150		33		314			20		86,700			40	%
2008		188,135		83,371			5,543		136		409		841			91		90,391			48	%
2009		199,933		64,136			3,578		282		1,050		985			74		70,106			35	%
2010		228,562		101,645			21,544		283		2,748		1,421			369		128,009			56	%
2011		247,062		154,139			108,681		1,080		26,375		1,172			2,040		293,487			119	%
2012		298,381		29,190			109,929		12,916		93,965		(46	)		3,252		249,205			84	%
		3,034,858		1,581,046			264,372		17,538		127,829		5,203			6,143		2,002,133			66	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2003 & Prior		578		(178	)		—		—		5		—			—		(173	)		–30	%
2004		35		—			—		—		—		—			—		—			0	%
2005		46		9			—		—		—		—			—		9			20	%
2006		1,987		—			—		—		—		—			—		—			0	%
2007		3,617		—			—		—		—		—			—		—			0	%
2008		1,071		—			—		—		—		—			—		—			0	%
2009		—		—			—		—		—		—			—		—			0	%
2010		—		—			—		—		—		—			—		—			0	%
2011		—		—			—		—		—		—			—		—			0	%
2012		—		—			—		—		—		—			—		—			0	%
		7,334		(169	)		—		—		5		—			—		(164	)		–2	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2003 & Prior		399,528		148,810			1,345		—		555		20			29		150,759			38	%
2004		468,798		259,797			1,702		329		301		78			35		262,241			56	%
2005		432,218		488,598			8,255		2,313		894		266			172		500,498			116	%
2006		352,318		166,512			2,628		50		1,496		151			63		170,900			49	%
2007		213,658		85,017			1,166		150		33		314			20		86,700			41	%
2008		187,064		83,371			5,543		136		409		841			91		90,391			48	%
2009		199,933		64,136			3,578		282		1,050		985			74		70,106			35	%
2010		228,562		101,645			21,544		283		2,748		1,421			369		128,009			56	%
2011		247,062		154,139			108,681		1,080		26,375		1,172			2,040		293,487			119	%
2012		298,381		29,190			109,929		12,916		93,965		(46	)		3,252		249,205			84	%
		3,027,524		1,581,216			264,372		17,538		127,824		5,203			6,143		2,002,297			66	%

Exhibit 10, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Property
Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		48,719		101,727		125,233		136,012		143,376		145,739		146,912		145,078		145,686		148,632
2004		51,509		171,395		219,892		240,770		249,748		255,369		261,020		262,517		259,797
2005		100,306		297,156		406,350		451,321		474,456		478,115		482,893		488,607
2006		29,421		107,882		140,672		155,715		161,756		165,630		166,512
2007		15,928		56,512		74,864		83,567		84,676		85,017
2008		12,646		62,679		77,726		82,116		83,371
2009		14,513		49,539		59,835		64,136
2010		24,499		84,291		101,645
2011		49,928		154,139
2012		29,190
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		104,463		152,912		151,330		155,052		153,815		153,652		153,028		148,526		147,540		149,977
2004		152,170		254,440		266,251		264,459		263,721		263,419		265,622		264,700		261,828
2005		320,237		482,424		510,478		510,395		504,229		493,557		495,782		499,175
2006		97,018		143,876		153,745		166,210		169,655		170,261		169,190
2007		37,235		89,471		87,023		86,431		86,699		86,333
2008		65,947		88,708		90,257		90,113		89,049
2009		35,355		66,335		67,894		67,997
2010		77,590		122,752		123,472
2011		137,542		263,900
2012		152,035
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		235,281		188,951		155,469		157,978		155,450		153,961		153,185		149,046		148,023		150,537
2004		344,053		300,643		271,545		267,250		264,155		263,835		266,570		265,351		262,128
2005		522,077		513,756		516,626		509,233		504,286		493,945		497,375		500,069
2006		185,002		160,184		158,274		168,627		171,408		172,070		170,686
2007		91,089		97,129		88,949		87,892		87,020		86,366
2008		108,972		100,846		92,275		90,722		89,458
2009		96,094		77,888		70,004		69,048
2010		143,912		151,084		126,219
2011		273,384		290,276
2012		246,000

Diagonals as of 12/31

Exhibit 10, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Property
Property

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		58.8	%		47.2	%		38.9	%		39.5	%		38.9	%		38.5	%		38.3	%		37.3	%		37.0	%		37.6	%
2004		73.4	%		64.1	%		57.9	%		57.0	%		56.3	%		56.3	%		56.9	%		56.6	%		55.9	%
2005		120.8	%		118.9	%		119.5	%		117.8	%		116.7	%		114.3	%		115.1	%		115.7	%
2006		52.2	%		45.2	%		44.7	%		47.6	%		48.4	%		48.6	%		48.2	%
2007		41.9	%		44.7	%		40.9	%		40.5	%		40.1	%		39.7	%
2008		57.9	%		53.6	%		49.0	%		48.2	%		47.6	%
2009		48.1	%		39.0	%		35.0	%		34.5	%
2010		63.0	%		66.1	%		55.2	%
2011		110.7	%		117.5	%
2012		82.4	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		393,692			401,318			397,090			396,453			397,698			400,257			400,314			400,316			400,099			400,107
2004		449,304			464,209			464,393			468,539			469,196			469,008			469,312			468,843			468,833
2005		403,999			423,603			432,347			434,060			433,469			433,673			432,493			432,264
2006		332,500			348,362			353,851			354,214			354,209			354,311			354,305
2007		206,759			217,625			217,087			217,558			217,371			217,275
2008		179,024			187,806			188,185			188,150			188,135
2009		200,930			200,302			200,099			199,933
2010		223,970			228,630			228,562
2011		241,387			247,062
2012		298,381
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		235,281			(46,331	)		(33,481	)		2,509			(2,528	)		(1,488	)		(776	)		(4,139	)		(1,023	)		2,514			(84,745	)
2004		344,053			(43,410	)		(29,098	)		(4,295	)		(3,095	)		(320	)		2,735			(1,219	)		(3,223	)					(81,924	)
2005		522,077			(8,320	)		2,870			(7,393	)		(4,947	)		(10,342	)		3,431			2,694									(22,007	)
2006		185,002			(24,818	)		(1,910	)		10,353			2,781			662			(1,384	)											(14,316	)
2007		91,089			6,040			(8,179	)		(1,057	)		(872	)		(655	)														(4,723	)
2008		108,972			(8,127	)		(8,570	)		(1,554	)		(1,263	)																	(19,514	)
2009		96,094			(18,206	)		(7,884	)		(956	)																				(27,047	)
2010		143,912			7,171			(24,864	)																							(17,693	)
2011		273,384			16,892																											16,892
2012		246,000
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(46,331	)		(76,891	)		(34,910	)		(28,771	)		(7,846	)		(11,995	)		(36,798	)		(1,289	)		(10,246	)		(255,077	)

Diagonals as of 12/31

Exhibit 10, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Motor

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		77,938		34,007		27		—		11,645		0		175		45,854		59	%
2004		35,961		24,091		80		45		1,396		1		23		25,635		71	%
2005		29,862		15,205		747		—		255		10		15		16,232		54	%
2006		24,152		18,578		682		—		1,393		422		31		21,107		87	%
2007		20,629		12,897		222		—		1,607		237		27		14,990		73	%
2008		14,129		6,463		399		31		512		147		14		7,566		54	%
2009		15,431		5,379		6,662		265		2,238		168		137		14,850		96	%
2010		32,627		20,583		5,720		252		4,973		828		164		32,520		100	%
2011		54,061		28,831		8,164		611		11,453		307		303		49,669		92	%
2012		61,073		15,695		5,650		122		31,136		108		554		53,264		87	%
		365,863		181,728		28,352		1,326		66,608		2,228		1,444		281,687		77	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		1,521		1,202		—		—		0		—		—		1,202		79	%
2004		2,739		1,103		9		—		6		—		—		1,118		41	%
2005		2,910		1,544		21		—		16		—		—		1,581		54	%
2006		1,433		—		—		—		14		—		—		14		1	%
2007		190		—		—		—		25		—		—		25		13	%
2008		386		—		—		—		56		—		—		56		14	%
2009		108		—		—		—		26		—		—		26		24	%
2010		197		—		—		—		78		—		—		78		40	%
2011		395		—		—		—		201		—		—		201		51	%
2012		1,252		—		—		—		336		—		—		336		27	%
		11,130		3,849		30		—		759		—		—		4,638		42	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		76,417		32,806		27		—		11,644		0		175		44,652		58	%
2004		33,222		22,988		71		45		1,391		1		23		24,517		74	%
2005		26,953		13,661		727		—		238		10		15		14,651		54	%
2006		22,718		18,578		682		—		1,379		422		31		21,093		93	%
2007		20,440		12,897		222		—		1,582		237		27		14,965		73	%
2008		13,744		6,463		399		31	��	456		147		14		7,510		55	%
2009		15,323		5,379		6,662		265		2,212		168		137		14,823		97	%
2010		32,430		20,583		5,720		252		4,895		828		164		32,442		100	%
2011		53,666		28,831		8,164		611		11,252		307		303		49,468		92	%
2012		59,821		15,695		5,650		122		30,800		108		554		52,928		88	%
		354,733		177,879		28,323		1,326		65,849		2,228		1,444		277,049		78	%

Exhibit 11, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Motor

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		13,466		21,339		24,757		28,771		31,010		32,837		33,808		37,194		33,997		34,007
2004		6,951		13,904		18,673		21,244		22,385		23,363		20,418		23,928		24,091
2005		2,065		7,716		10,632		12,720		13,819		14,340		15,059		15,205
2006		3,042		10,644		14,492		16,502		17,772		18,379		18,578
2007		2,736		7,937		10,451		12,120		12,587		12,897
2008		1,180		4,270		5,981		6,706		6,463
2009		1,066		3,659		4,587		5,379
2010		6,791		17,613		20,583
2011		12,097		28,831
2012		15,695
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		20,601		30,367		30,767		31,232		33,841		34,561		34,285		37,414		34,104		34,034
2004		12,797		21,850		23,504		24,667		24,042		24,142		20,824		24,176		24,215
2005		5,521		12,771		14,703		15,130		15,347		15,961		15,854		15,952
2006		4,483		19,155		20,567		20,801		20,008		19,675		19,260
2007		5,989		11,557		11,966		12,937		13,065		13,119
2008		2,633		7,039		8,114		7,414		6,893
2009		3,175		8,261		10,123		12,305
2010		10,044		23,666		26,555
2011		16,941		37,606
2012		21,467
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		47,043		48,653		44,883		51,238		50,805		49,594		47,426		49,756		35,509		45,679
2004		25,851		25,232		26,549		27,135		25,608		26,082		23,634		37,684		25,611
2005		17,578		15,949		17,399		15,494		16,334		16,595		16,489		16,207
2006		18,450		22,592		23,032		22,810		21,438		21,526		20,654
2007		12,207		14,357		14,110		14,931		15,274		14,726
2008		7,859		8,805		8,928		7,920		7,405
2009		10,663		12,059		12,597		14,544
2010		23,866		29,902		31,528
2011		38,394		49,059
2012		52,603

Diagonals as of 12/31

Exhibit 11, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Motor

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		60.4	%		62.4	%		57.6	%		65.7	%		65.2	%		63.6	%		60.9	%		63.8	%		45.6	%		58.6	%
2004		71.9	%		70.2	%		73.8	%		75.5	%		71.2	%		72.5	%		65.7	%		104.8	%		71.2	%
2005		58.9	%		53.4	%		58.3	%		51.9	%		54.7	%		55.6	%		55.2	%		54.3	%
2006		76.4	%		93.5	%		95.4	%		94.4	%		88.8	%��		89.1	%		85.5	%
2007		59.2	%		69.6	%		68.4	%		72.4	%		74.0	%		71.4	%
2008		55.6	%		62.3	%		63.2	%		56.1	%		52.4	%
2009		69.1	%		78.2	%		81.6	%		94.3	%
2010		73.1	%		91.6	%		96.6	%
2011		71.0	%		90.7	%
2012		86.1	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		74,123			78,933			78,095			77,966			77,959			77,956			77,951			77,938			77,938			77,938
2004		36,317			35,968			35,978			35,970			35,967			35,960			35,961			35,961			35,961
2005		27,995			29,936			29,864			29,860			29,856			29,866			29,866			29,862
2006		25,637			24,199			24,192			24,191			24,151			24,151			24,152
2007		21,022			20,722			20,693			20,631			20,631			20,629
2008		13,459			14,410			15,227			15,227			14,129
2009		15,780			16,999			17,010			15,431
2010		34,202			34,807			32,627
2011		56,241			54,061
2012		61,073
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		47,043			1,610			(3,770	)		6,355			(433	)		(1,211	)		(2,167	)		2,330			(14,247	)		10,170			(1,364	)
2004		25,851			(620	)		1,317			586			(1,527	)		474			(2,448	)		14,049			(12,073	)					(240	)
2005		17,578			(1,629	)		1,450			(1,905	)		839			262			(106	)		(281	)								(1,371	)
2006		18,450			4,142			440			(222	)		(1,372	)		88			(872	)											2,203
2007		12,207			2,150			(247	)		821			343			(548	)														2,519
2008		7,859			946			123			(1,009	)		(515	)																	(455	)
2009		10,663			1,396			538			1,947																					3,880
2010		23,866			6,036			1,626																								7,662
2011		38,394			10,664																											10,664
2012		52,603
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			1,610			(4,390	)		6,044			5,744			(2,052	)		(378	)		1,112			5,691			10,118			23,500

Diagonals as of 12/31

Exhibit 11, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Other

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		231,057		125,719		8,971		10,363		20,577		(12	)		599		166,217		72	%
2004		214,347		85,226		7,733		1,293		24,726		19			506		119,504		56	%
2005		230,074		79,868		14,053		3,707		27,535		79			679		125,922		55	%
2006		199,639		55,142		15,835		3,813		27,217		220			703		102,930		52	%
2007		145,580		52,957		16,531		6,931		28,537		770			780		106,506		73	%
2008		125,329		41,909		12,094		3,991		32,248		906			725		91,871		73	%
2009		128,784		40,730		11,252		4,526		43,548		938			890		101,883		79	%
2010		143,757		26,183		17,340		6,356		61,455		508			1,277		113,120		79	%
2011		148,269		14,861		17,891		7,883		73,851		117			1,494		116,098		78	%
2012		163,736		5,045		7,625		2,794		100,959		31			1,671		118,124		72	%
		1,730,571		527,640		129,324		51,656		440,653		3,577			9,324		1,162,174		67	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—			—		—		0	%
2004		—		—		—		—		—		—			—		—		0	%
2005		—		—		—		—		—		—			—		—		0	%
2006		—		—		—		—		—		—			—		—		0	%
2007		—		—		—		—		—		—			—		—		0	%
2008		—		—		—		—		—		—			—		—		0	%
2009		361		—		—		—		140		—			—		140		39	%
2010		455		—		—		—		203		—			—		203		45	%
2011		406		—		—		—		136		—			—		136		33	%
2012		—		—		—		—		—		—			—		—		0	%
		1,223		—		—		—		478		—			—		478		39	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		231,057		125,719		8,971		10,363		20,577		(12	)		599		166,217		72	%
2004		214,347		85,226		7,733		1,293		24,726		19			506		119,504		56	%
2005		230,074		79,868		14,053		3,707		27,535		79			679		125,922		55	%
2006		199,639		55,142		15,835		3,813		27,217		220			703		102,930		52	%
2007		145,580		52,957		16,531		6,931		28,537		770			780		106,506		73	%
2008		125,329		41,909		12,094		3,991		32,248		906			725		91,871		73	%
2009		128,423		40,730		11,252		4,526		43,408		938			890		101,743		79	%
2010		143,301		26,183		17,340		6,356		61,253		508			1,277		112,918		79	%
2011		147,863		14,861		17,891		7,883		73,715		117			1,494		115,962		78	%
2012		163,736		5,045		7,625		2,794		100,959		31			1,671		118,124		72	%
		1,729,349		527,640		129,324		51,656		440,175		3,577			9,324		1,161,696		67	%

Exhibit 12, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Other

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		1,952		11,862		29,156		54,985		66,819		86,896		102,196		113,926		123,901		125,719
2004		5,216		13,453		23,119		41,437		56,083		71,392		74,428		82,769		85,226
2005		3,475		14,590		25,793		43,189		56,447		64,853		71,155		79,868
2006		3,652		10,301		19,032		27,683		37,155		46,367		55,142
2007		1,453		8,628		17,707		28,388		44,525		52,957
2008		869		9,657		25,147		34,076		41,909
2009		2,346		16,972		24,750		40,730
2010		2,963		11,461		26,183
2011		4,750		14,861
2012		5,045
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		22,743		44,965		95,498		113,455		124,989		133,460		142,305		137,325		143,319		145,052
2004		16,398		28,955		46,528		62,153		86,570		92,809		87,899		91,816		94,252
2005		11,814		28,314		51,999		67,806		86,474		90,471		93,124		97,628
2006		10,892		25,957		39,806		58,742		62,102		70,827		74,790
2007		9,652		25,956		45,698		57,796		67,867		76,419
2008		6,104		29,001		43,501		52,750		57,993
2009		9,472		33,864		42,863		56,507
2010		14,406		34,784		49,879
2011		17,148		40,635
2012		15,464
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		152,862		148,789		164,835		159,678		169,609		172,849		168,356		167,037		169,908		165,630
2004		140,195		125,380		112,216		124,269		138,932		137,698		125,079		122,786		118,978
2005		140,699		118,212		134,001		132,616		136,683		132,668		127,024		125,163
2006		116,099		120,052		116,322		118,242		108,101		106,326		102,006
2007		93,610		98,141		100,403		107,587		105,970		104,956
2008		82,414		91,529		98,114		97,260		90,240
2009		89,175		101,435		98,354		100,055
2010		115,324		116,246		111,335
2011		117,674		114,486
2012		116,422

Diagonals as of 12/31

Exhibit 12, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Other

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		66.2	%		64.4	%		71.3	%		69.1	%		73.4	%		74.8	%		72.9	%		72.3	%		73.5	%		71.7	%
2004		65.4	%		58.5	%		52.4	%		58.0	%		64.8	%		64.2	%		58.4	%		57.3	%		55.5	%
2005		61.2	%		51.4	%		58.2	%		57.6	%		59.4	%		57.7	%		55.2	%		54.4	%
2006		58.2	%		60.1	%		58.3	%		59.2	%		54.1	%		53.3	%		51.1	%
2007		64.3	%		67.4	%		69.0	%		73.9	%		72.8	%		72.1	%
2008		65.8	%		73.0	%		78.3	%		77.6	%		72.0	%
2009		69.2	%		78.8	%		76.4	%		77.7	%
2010		80.2	%		80.9	%		77.4	%
2011		79.4	%		77.2	%
2012		71.1	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		258,506			257,400			270,259			264,541			234,320			230,833			230,947			230,904			230,955			231,057
2004		244,659			250,616			252,273			212,757			212,589			213,941			214,126			214,166			214,347
2005		269,559			272,707			226,168			226,703			230,110			229,646			229,829			230,074
2006		236,976			197,564			198,200			200,343			199,326			199,461			199,639
2007		149,531			143,167			143,225			145,323			145,948			145,580
2008		126,725			123,608			124,288			124,729			125,329
2009		127,744			127,555			128,483			128,784
2010		142,483			142,652			143,757
2011		142,167			148,269
2012		163,736
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		152,862			(4,073	)		16,046			(5,158	)		9,932			3,240			(4,493	)		(1,319	)		2,871			(4,278	)		12,768
2004		140,195			(14,816	)		(13,164	)		12,053			14,663			(1,234	)		(12,619	)		(2,294	)		(3,807	)					(21,217	)
2005		140,699			(22,487	)		15,788			(1,385	)		4,067			(4,015	)		(5,644	)		(1,861	)								(15,536	)
2006		116,099			3,952			(3,729	)		1,920			(10,141	)		(1,775	)		(4,320	)											(14,093	)
2007		93,610			4,530			2,262			7,185			(1,618	)		(1,014	)														11,346
2008		82,414			9,115			6,585			(854	)		(7,019	)																	7,826
2009		89,175			12,259			(3,080	)		1,701																					10,880
2010		115,324			921			(4,911	)																							(3,990	)
2011		117,674			(3,187	)																										(3,187	)
2012		116,422
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(4,073	)		1,231			(40,808	)		41,725			17,319			11,637			(2,066	)		(11,473	)		(28,696	)		(15,203	)

Diagonals as of 12/31

Exhibit 12, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Professional Liability

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		53,920		17,640		2,043		304		—		0		35		20,022		37	%
2004		74,632		22,576		685		615		2,938		12		64		26,890		36	%
2005		81,467		21,788		3,311		300		2,823		9		97		28,328		35	%
2006		60,644		10,540		3,502		625		2,118		13		94		16,891		28	%
2007		53,341		15,375		5,411		6,531		3,326		69		229		30,940		58	%
2008		58,222		23,484		9,317		6,825		4,262		178		306		44,372		76	%
2009		63,716		18,910		9,463		5,455		11,533		151		397		45,909		72	%
2010		87,400		14,980		6,546		3,730		35,471		103		686		61,517		70	%
2011		67,830		4,679		6,077		5,169		35,694		35		704		52,357		77	%
2012		53,780		763		1,642		23		35,348		6		555		38,337		71	%
		654,953		150,736		47,996		29,576		133,513		576		3,166		365,563		56	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		—		—		—		—		—		—		—		—		0	%
2007		—		—		—		—		—		—		—		—		0	%
2008		—		—		—		—		—		—		—		—		0	%
2009		—		—		—		—		—		—		—		—		0	%
2010		—		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		—		0	%
2012		—		—		—		—		—		—		—		—		0	%
		—		—		—		—		—		—		—		—		0	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		53,920		17,640		2,043		304		—		0		35		20,022		37	%
2004		74,632		22,576		685		615		2,938		12		64		26,890		36	%
2005		81,467		21,788		3,311		300		2,823		9		97		28,328		35	%
2006		60,644		10,540		3,502		625		2,118		13		94		16,891		28	%
2007		53,341		15,375		5,411		6,531		3,326		69		229		30,940		58	%
2008		58,222		23,484		9,317		6,825		4,262		178		306		44,372		76	%
2009		63,716		18,910		9,463		5,455		11,533		151		397		45,909		72	%
2010		87,400		14,980		6,546		3,730		35,471		103		686		61,517		70	%
2011		67,830		4,679		6,077		5,169		35,694		35		704		52,357		77	%
2012		53,780		763		1,642		23		35,348		6		555		38,337		71	%
		654,953		150,736		47,996		29,576		133,513		576		3,166		365,563		56	%

Exhibit 13, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Professional Liability

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		238		229		621		3,322		7,324		9,640		13,540		15,984		17,463		17,640
2004		3		858		2,181		8,795		15,043		17,084		20,007		20,956		22,576
2005		8		1,175		3,171		10,692		15,523		19,790		20,289		21,788
2006		109		178		472		2,727		6,647		9,954		10,540
2007		44		1,481		4,259		6,940		10,774		15,375
2008		290		1,724		6,728		13,961		23,484
2009		391		3,436		11,045		18,910
2010		1,444		7,651		14,980
2011		1,007		4,679
2012		763
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		242		4,058		7,969		23,312		19,143		18,362		21,112		21,000		20,408		19,987
2004		1,269		13,537		26,876		24,383		24,925		25,646		24,269		23,070		23,876
2005		835		7,659		16,866		20,364		22,041		22,724		23,457		25,399
2006		567		4,379		5,506		7,383		11,299		14,409		14,667
2007		2,749		12,614		20,500		20,241		26,641		27,317
2008		1,017		13,446		26,049		36,477		39,626
2009		1,066		9,704		19,048		33,828
2010		3,296		15,607		25,257
2011		5,175		15,925
2012		2,428
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		28,657		29,823		30,223		27,564		26,672		20,974		21,999		21,258		20,607		19,987
2004		52,922		49,537		47,707		37,510		31,914		32,117		29,971		28,894		26,814
2005		46,478		35,142		39,383		34,471		31,770		30,337		30,811		28,222
2006		35,016		32,126		29,460		25,559		23,343		19,275		16,785
2007		34,923		41,270		40,841		33,005		30,201		30,642
2008		39,012		41,234		45,594		44,280		43,888
2009		40,592		42,581		41,044		45,360
2010		56,414		59,157		60,727
2011		49,926		51,618
2012		37,776

Diagonals as of 12/31

Exhibit 13, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Casualty Professional Liability

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		53.1	%		55.3	%		56.1	%		51.1	%		49.5	%		38.9	%		40.8	%		39.4	%		38.2	%		37.1	%
2004		70.9	%		66.4	%		63.9	%		50.3	%		42.8	%		43.0	%		40.2	%		38.7	%		35.9	%
2005		57.1	%		43.1	%		48.3	%		42.3	%		39.0	%		37.2	%		37.8	%		34.6	%
2006		57.7	%		53.0	%		48.6	%		42.1	%		38.5	%		31.8	%		27.7	%
2007		65.5	%		77.4	%		76.6	%		61.9	%		56.6	%		57.4	%
2008		67.0	%		70.8	%		78.3	%		76.1	%		75.4	%
2009		63.7	%		66.8	%		64.4	%		71.2	%
2010		64.5	%		67.7	%		69.5	%
2011		73.6	%		76.1	%
2012		70.2	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		50,904			53,158			53,741			53,872			53,894			53,915			53,911			53,919			53,919			53,920
2004		72,610			73,843			74,347			74,386			74,532			74,578			74,634			74,628			74,632
2005		77,972			79,819			80,609			81,171			81,406			81,478			81,444			81,467
2006		59,257			60,593			60,454			60,585			60,641			60,637			60,644
2007		53,900			52,509			53,212			53,373			53,373			53,341
2008		55,588			58,211			57,954			58,177			58,222
2009		59,180			62,245			63,538			63,716
2010		86,078			87,051			87,400
2011		67,516			67,830
2012		53,780
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		28,657			1,165			400			(2,659	)		(892	)		(5,698	)		1,025			(742	)		(651	)		(620	)		(8,670	)
2004		52,922			(3,386	)		(1,830	)		(10,196	)		(5,596	)		202			(2,145	)		(1,078	)		(2,079	)					(26,108	)
2005		46,478			(11,335	)		4,241			(4,913	)		(2,701	)		(1,432	)		474			(2,589	)								(18,256	)
2006		35,016			(2,890	)		(2,666	)		(3,901	)		(2,217	)		(4,067	)		(2,491	)											(18,231	)
2007		34,923			6,347			(429	)		(7,837	)		(2,803	)		441															(4,281	)
2008		39,012			2,222			4,361			(1,314	)		(392	)																	4,876
2009		40,592			1,989			(1,536	)		4,316																					4,769
2010		56,414			2,743			1,570																								4,314
2011		49,926			1,693																											1,693
2012		37,776
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			1,165			(2,985	)		(15,824	)		(9,737	)		(12,526	)		(3,581	)		(8,024	)		(8,233	)		(150	)		(59,895	)

Diagonals as of 12/31

Exhibit 13, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Workers’ Compensation (Predominantly Ground Up Pro Rata)

ITD SUMMARY

Gross

Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		12,964		664		1,434		—		3,704		(2	)		77		5,878		45	%
2004		21,763		10,624		3,416		—		6,509		9			149		20,706		95	%
2005		71,794		46,575		4,209		67		3,265		9			113		54,239		76	%
2006		128,257		47,162		6,358		253		6,185		19			192		60,169		47	%
2007		25,171		2,984		812		47		2,371		16			48		6,278		25	%
2008		1,468		—		—		—		1,191		—			18		1,208		82	%
2009		1,529		0		—		—		1,265		0			19		1,285		84	%
2010		5,557		134		1,171		—		3,439		3			69		4,817		87	%
2011		4,945		598		698		59		2,902		4			55		4,316		87	%
2012		5,015		—		235		93		3,770		—			61		4,158		83	%
		278,463		108,742		18,333		518		34,602		57			802		163,055		59	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—			—		—		0	%
2004		4		230		31		—		0		—			—		261		6915	%
2005		1,775		631		58		—		47		—			—		736		41	%
2006		2,783		—		—		—		82		—			—		82		3	%
2007		42		—		—		—		6		—			—		6		14	%
2008		—		—		—		—		—		—			—		—		0	%
2009		—		—		—		—		—		—			—		—		0	%
2010		—		—		—		—		—		—			—		—		0	%
2011		—		—		—		—		—		—			—		—		0	%
2012		—		—		—		—		—		—			—		—		0	%
		4,604		861		89		—		135		—			—		1,085		24	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		12,964		664		1,434		—		3,704		(2	)		77		5,878		45	%
2004		21,759		10,394		3,385		—		6,509		9			149		20,445		94	%
2005		70,019		45,944		4,151		67		3,218		9			113		53,503		76	%
2006		125,474		47,162		6,358		253		6,104		19			192		60,088		48	%
2007		25,128		2,984		812		47		2,365		16			48		6,272		25	%
2008		1,468		—		—		—		1,191		—			18		1,208		82	%
2009		1,529		0		—		—		1,265		0			19		1,285		84	%
2010		5,557		134		1,171		—		3,439		3			69		4,817		87	%
2011		4,945		598		698		59		2,902		4			55		4,316		87	%
2012		5,015		—		235		93		3,770		—			61		4,158		83	%
		273,859		107,881		18,244		518		34,467		57			802		161,970		59	%

Exhibit 14, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Workers’ Compensation (Predominantly Ground Up Pro Rata)

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		98		123		133		136		165		221		237		601		664
2004		91		1,486		3,572		4,563		6,087		8,139		8,614		9,357		10,624
2005		1,474		20,008		27,019		34,592		39,890		43,350		45,381		46,575
2006		2,781		21,080		29,847		36,252		40,591		44,491		47,162
2007		828		1,241		1,580		1,816		2,427		2,984
2008		—		—		—		—		—
2009		—		—		—		0
2010		—		51		134
2011		—		598
2012		—
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		625		1,010		1,976		1,861		1,861		1,798		1,801		1,895		2,078		2,099
2004		2,974		7,486		11,158		12,058		13,106		12,749		13,104		13,385		14,040
2005		5,750		43,224		44,239		48,142		50,874		48,487		49,951		50,852
2006		6,769		30,412		36,108		40,105		47,404		50,605		53,773
2007		1,069		1,391		1,637		2,123		2,824		3,843
2008		—		—		—		—		—
2009		—		—		—		0
2010		1,163		1,254		1,306
2011		375		1,355
2012		327
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		7,309		9,182		9,277		9,101		9,117		8,979		8,593		7,873		7,176		5,803
2004		16,411		19,412		21,472		21,791		21,738		20,712		20,759		20,686		20,549
2005		43,269		59,442		55,955		56,118		56,076		53,435		53,930		54,117
2006		58,212		64,951		56,019		52,925		56,985		58,237		59,958
2007		11,873		7,379		5,409		4,957		5,183		6,214
2008		981		981		981		677		1,191
2009		—		—		—		1,266
2010		5,517		5,201		4,745
2011		4,037		4,257
2012		4,097

Diagonals as of 12/31

Exhibit 14, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty
Workers’ Compensation (Predominantly Ground Up Pro Rata)

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		56.4	%		70.8	%		71.6	%		70.2	%		70.3	%		69.3	%		66.3	%		60.7	%		55.4	%		44.8	%
2004		75.4	%		89.2	%		98.7	%		100.1	%		99.9	%		95.2	%		95.4	%		95.1	%		94.4	%
2005		60.3	%		82.8	%		77.9	%		78.2	%		78.1	%		74.4	%		75.1	%		75.4	%
2006		45.4	%		50.6	%		43.7	%		41.3	%		44.4	%		45.4	%		46.7	%
2007		47.2	%		29.3	%		21.5	%		19.7	%		20.6	%		24.7	%
2008		66.8	%		66.8	%		66.8	%		46.1	%		81.1	%
2009		0.0	%		0.0	%		0.0	%		82.8	%
2010		99.3	%		93.6	%		85.4	%
2011		81.6	%		86.1	%
2012		81.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		12,867			12,899			12,926			12,935			12,939			12,953			12,964			12,964			12,964			12,964
2004		23,448			21,617			21,760			21,745			21,745			21,749			21,753			21,753			21,763
2005		53,497			73,528			73,644			73,130			73,305			71,721			71,753			71,794
2006		122,779			131,198			129,112			129,188			128,225			128,244			128,257
2007		24,172			24,003			24,005			24,004			24,004			25,171
2008		300			300			300			300			1,468
2009		—			—			—			1,529
2010		3,628			3,969			5,557
2011		4,516			4,945
2012		5,015
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		7,309			1,873			95			(176	)		16			(137	)		(386	)		(721	)		(696	)		(1,374	)		(1,507	)
2004		16,411			3,001			2,060			319			(53	)		(1,027	)		47			(72	)		(138	)					4,137
2005		43,269			16,173			(3,487	)		164			(42	)		(2,642	)		496			187									10,847
2006		58,212			6,739			(8,933	)		(3,094	)		4,060			1,252			1,721												1,746
2007		11,873			(4,494	)		(1,970	)		(452	)		226			1,031															(5,659	)
2008		981			—			—			(304	)		513																		210
2009		—			—			—			1,266																					1,266
2010		5,517			(317	)		(456	)																							(773	)
2011		4,037			220																											220
2012		4,097
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			1,873			3,096			18,056			3,587			(13,453	)		(6,518	)		293			585			2,970			10,488

Diagonals as of 12/31

Exhibit 14, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Agriculture and Other Specialty

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		124,386		67,595		3,849		—		15,669		299			293		87,705		71	%
2004		70,705		22,527		1,742		—		6,449		(0	)		123		30,840		44	%
2005		58,136		30,132		19		—		435		0			7		30,593		53	%
2006		121,477		72,125		0		—		250		0			4		72,378		60	%
2007		148,532		87,586		16		—		339		150			5		88,096		59	%
2008		23,834		7,508		78		—		1,145		451			18		9,200		39	%
2009		18,246		5,560		4		—		1,657		53			25		7,299		40	%
2010		22,228		9,671		169		875		1,874		190			44		12,823		58	%
2011		19,316		13,441		6,501		—		2,683		312			138		23,075		119	%
2012		15,876		18,068		2,952		—		15,118		524			271		36,933		233	%
		622,737		334,213		15,331		875		45,618		1,979			927		398,944		64	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—			—		—		0	%
2004		—		—		—		—		—		—			—		—		0	%
2005		—		—		—		—		—		—			—		—		0	%
2006		842		—		—		—		—		—			—		—		0	%
2007		1,989		—		—		—		—		—			—		—		0	%
2008		472		—		—		—		—		—			—		—		0	%
2009		—		—		—		—		—		—			—		—		0	%
2010		—		—		—		—		—		—			—		—		0	%
2011		—		—		—		—		—		—			—		—		0	%
2012		—		—		—		—		—		—			—		—		0	%
		3,302		—		—		—		—		—			—		—		0	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		124,386		67,595		3,849		—		15,669		299			293		87,705		71	%
2004		70,705		22,527		1,742		—		6,449		(0	)		123		30,840		44	%
2005		58,136		30,132		19		—		435		0			7		30,593		53	%
2006		120,636		72,125		0		—		250		0			4		72,378		60	%
2007		146,544		87,586		16		—		339		150			5		88,096		60	%
2008		23,362		7,508		78		—		1,145		451			18		9,200		39	%
2009		18,246		5,560		4		—		1,657		53			25		7,299		40	%
2010		22,228		9,671		169		875		1,874		190			44		12,823		58	%
2011		19,316		13,441		6,501		—		2,683		312			138		23,075		119	%
2012		15,876		18,068		2,952		—		15,118		524			271		36,933		233	%
		619,435		334,213		15,331		875		45,618		1,979			927		398,944		64	%

Exhibit 15, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Agriculture and Other Specialty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		1,563		10,243		17,869		23,558		37,013		39,000		40,963		54,186		55,314		67,595
2004		5,717		12,794		16,584		19,040		20,635		21,439		22,067		22,310		22,527
2005		4,476		29,670		29,830		29,927		29,949		30,020		30,128		30,132
2006		840		72,752		72,790		72,107		72,126		72,118		72,125
2007		626		86,896		87,540		87,574		87,547		87,586
2008		1,748		7,133		7,341		7,440		7,508
2009		1,162		5,520		5,560		5,560
2010		1,125		9,496		9,671
2011		9,291		13,441
2012		18,068
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		9,565		26,796		31,705		36,305		48,635		49,078		51,088		59,098		69,802		71,444
2004		11,347		20,483		23,068		24,580		23,480		24,123		24,159		23,945		24,268
2005		5,505		30,091		30,144		30,160		30,142		30,185		30,266		30,151
2006		842		72,753		72,790		72,107		72,126		72,119		72,125
2007		770		86,898		87,543		87,589		87,561		87,602
2008		1,748		7,308		7,407		7,538		7,586
2009		1,531		5,525		5,565		5,565
2010		2,346		9,765		10,716
2011		9,626		19,943
2012		21,020
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		93,531		86,267		81,089		72,239		78,764		75,748		74,227		81,791		88,226		87,113
2004		58,737		57,551		47,820		43,450		38,140		35,502		32,824		31,495		30,717
2005		46,041		39,576		37,229		35,157		33,104		31,340		31,181		30,586
2006		77,919		80,875		78,477		76,177		74,321		72,686		72,374
2007		114,121		92,476		91,980		90,477		89,248		87,942
2008		17,779		11,024		10,230		9,733		8,731
2009		12,952		8,664		7,847		7,222
2010		15,737		11,772		12,590
2011		17,311		22,625
2012		36,137

Diagonals as of 12/31

Exhibit 15, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Agriculture and Other Specialty

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		75.2	%		69.4	%		65.2	%		58.1	%		63.3	%		60.9	%		59.7	%		65.8	%		70.9	%		70.0	%
2004		83.1	%		81.4	%		67.6	%		61.5	%		53.9	%		50.2	%		46.4	%		44.5	%		43.4	%
2005		79.2	%		68.1	%		64.0	%		60.5	%		56.9	%		53.9	%		53.6	%		52.6	%
2006		64.1	%		66.6	%		64.6	%		62.7	%		61.2	%		59.8	%		59.6	%
2007		76.8	%		62.3	%		61.9	%		60.9	%		60.1	%		59.2	%
2008		74.6	%		46.3	%		42.9	%		40.8	%		36.6	%
2009		71.0	%		47.5	%		43.0	%		39.6	%
2010		70.8	%		53.0	%		56.6	%
2011		89.6	%		117.1	%
2012		227.6	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		123,418			124,302			125,728			123,862			123,762			123,763			124,204			124,296			124,410			124,386
2004		71,801			71,524			70,017			70,191			70,309			70,581			70,646			70,712			70,705
2005		56,505			57,968			57,867			58,032			58,103			58,064			58,117			58,136
2006		121,585			121,295			121,512			121,468			121,454			121,463			121,477
2007		144,092			148,514			148,524			148,521			148,491			148,532
2008		23,535			23,885			23,812			23,796			23,834
2009		18,465			18,121			18,238			18,246
2010		22,399			22,355			22,228
2011		18,144			19,316
2012		15,876
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		93,531			(7,264	)		(5,178	)		(8,849	)		6,524			(3,016	)		(1,521	)		7,563			6,435			(1,113	)		(6,418	)
2004		58,737			(1,186	)		(9,730	)		(4,370	)		(5,310	)		(2,638	)		(2,678	)		(1,330	)		(777	)					(28,019	)
2005		46,041			(6,465	)		(2,347	)		(2,072	)		(2,053	)		(1,764	)		(159	)		(595	)								(15,455	)
2006		77,919			2,957			(2,398	)		(2,300	)		(1,856	)		(1,635	)		(312	)											(5,544	)
2007		114,121			(21,645	)		(496	)		(1,503	)		(1,229	)		(1,307	)														(26,180	)
2008		17,779			(6,755	)		(794	)		(497	)		(1,002	)																	(9,048	)
2009		12,952			(4,288	)		(817	)		(625	)																				(5,730	)
2010		15,737			(3,965	)		818																								(3,147	)
2011		17,311			5,315																											5,315
2012		36,137
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(7,264	)		(6,364	)		(25,044	)		2,764			(34,440	)		(15,763	)		(5,319	)		(3,196	)		401			(94,226	)

Diagonals as of 12/31

Exhibit 15, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Surety and Trade Credit

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—			—		—		—		—			—		—		0	%
2004		684		98			1		—		14		0			0		113		16	%
2005		36,849		15,005			1,278		452		751		0			37		17,523		48	%
2006		60,371		19,834			1,443		148		1,148		2			41		22,616		37	%
2007		59,297		14,371			1,410		—		1,711		21			47		17,560		30	%
2008		47,181		4,810			1,095		489		2,077		80			55		8,606		18	%
2009		35,805		6,964			2,142		235		2,322		107			70		11,839		33	%
2010		34,374		6,493			4,597		273		2,639		147			113		14,261		41	%
2011		31,947		5,347			3,305		624		7,147		36			166		16,626		52	%
2012		33,587		944			4,614		379		15,573		3			308		21,821		65	%
		340,095		73,866			19,884		2,599		33,383		396			838		130,965		39	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—			—		—		—		—			—		—		0	%
2004		—		—			—		—		—		—			—		—		0	%
2005		4,394		1,188			384		—		131		—			—		1,703		39	%
2006		4,269		—			—		—		161		—			—		161		4	%
2007		49		(114	)		241		—		1		—			—		128		263	%
2008		126		211			142		—		4		—			—		356		283	%
2009		77		36			4		—		3		—			—		43		57	%
2010		136		61			12		—		21		—			—		95		70	%
2011		448		28			0		—		113		—			—		141		31	%
2012		1,032		—			—		—		367		—			—		367		36	%
		10,530		1,409			784		—		801		—			—		2,994		28	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—			—		—		—		—			—		—		0	%
2004		684		98			1		—		14		0			0		113		16	%
2005		32,456		13,817			894		452		620		0			37		15,820		49	%
2006		56,102		19,834			1,443		148		988		2			41		22,455		40	%
2007		59,248		14,486			1,169		—		1,710		21			47		17,432		29	%
2008		47,055		4,600			953		489		2,073		80			55		8,250		18	%
2009		35,728		6,928			2,137		235		2,318		107	��		70		11,795		33	%
2010		34,239		6,432			4,585		273		2,617		147			113		14,167		41	%
2011		31,499		5,319			3,305		624		7,034		36			166		16,485		52	%
2012		32,555		944			4,614		379		15,206		3			308		21,454		66	%
		329,564		72,457			19,100		2,599		32,581		396			838		127,971		39	%

Exhibit 16, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Surety and Trade Credit

GROSS BASIS

Paid Loss & ALAE	12			24		36		48		60		72		84		96		108		120
2003 & Prior		—			—		—		—		—		—		—		—		—		—
2004		—			—		76		81		94		98		107		107		98
2005		589			5,430		9,374		10,372		12,061		14,490		14,862		15,005
2006		397			8,209		12,912		15,468		18,685		20,112		19,834
2007		2,785			8,035		12,218		12,624		13,932		14,371
2008		(120	)		1,426		2,742		3,980		4,810
2009		281			3,560		6,218		6,964
2010		780			2,780		6,493
2011		796			5,347
2012		944
Case Incurred Loss & ALAE (incl ACRs)	12			24		36		48		60		72		84		96		108		120
2003 & Prior		—			—		—		—		—		—		—		—		—		—
2004		—			102		85		82		386		389		110		108		98
2005		4,173			9,072		12,249		15,181		15,654		16,743		16,664		16,735
2006		2,061			13,819		18,447		20,782		23,550		23,752		21,425
2007		9,974			11,136		14,643		14,905		15,530		15,781
2008		135			2,072		4,398		6,242		6,394
2009		2,158			6,155		8,853		9,340
2010		1,835			5,300		11,364
2011		1,459			9,276
2012		5,936
Ultimate Loss & ALAE	12			24		36		48		60		72		84		96		108		120
2003 & Prior		—			—		—		—		—		—		—		—		—		—
2004		422			340		177		131		439		418		133		136		113
2005		24,595			19,060		15,522		17,916		17,524		18,126		17,869		17,486
2006		27,708			25,054		23,607		24,753		28,273		25,812		22,573
2007		34,850			23,452		20,765		21,005		18,426		17,492
2008		23,051			14,382		9,112		8,901		8,471
2009		22,750			15,639		13,469		11,661
2010		17,936			13,808		14,002
2011		16,003			16,423
2012		21,510

Diagonals as of 12/31

Exhibit 16, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Surety and Trade Credit

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2004		61.7	%		49.7	%		25.9	%		19.2	%		64.2	%		61.1	%		19.5	%		19.9	%		16.5	%
2005		66.7	%		51.7	%		42.1	%		48.6	%		47.6	%		49.2	%		48.5	%		47.5	%
2006		45.9	%		41.5	%		39.1	%		41.0	%		46.8	%		42.8	%		37.4	%
2007		58.8	%		39.6	%		35.0	%		35.4	%		31.1	%		29.5	%
2008		48.9	%		30.5	%		19.3	%		18.9	%		18.0	%
2009		63.5	%		43.7	%		37.6	%		32.6	%
2010		52.2	%		40.2	%		40.7	%
2011		50.1	%		51.4	%
2012		64.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			—			—			—			—			—			—			—			—			—
2004		579			595			678			684			677			683			683			684			684
2005		32,041			35,776			35,676			35,992			36,314			36,532			36,697			36,849
2006		54,398			57,048			58,140			58,885			59,544			59,953			60,371
2007		54,511			57,136			58,401			58,832			59,057			59,297
2008		47,730			47,230			46,983			47,015			47,181
2009		35,388			35,687			35,700			35,805
2010		35,075			34,585			34,374
2011		33,599			31,947
2012		33,587
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			—			—			—			—			—			—			—			—			—			—
2004		422			(83	)		(163	)		(46	)		308			(21	)		(285	)		2			(23	)					(310	)
2005		24,595			(5,535	)		(3,538	)		2,395			(392	)		602			(258	)		(383	)								(7,109	)
2006		27,708			(2,654	)		(1,447	)		1,146			3,520			(2,461	)		(3,239	)											(5,135	)
2007		34,850			(11,398	)		(2,687	)		240			(2,579	)		(934	)														(17,358	)
2008		23,051			(8,669	)		(5,270	)		(211	)		(430	)																	(14,580	)
2009		22,750			(7,111	)		(2,170	)		(1,808	)																				(11,088	)
2010		17,936			(4,128	)		194																								(3,934	)
2011		16,003			420																											420
2012		21,510
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			—			(83	)		(5,698	)		(6,238	)		(10,143	)		(10,623	)		(8,303	)		(11,803	)		(6,203	)		(59,094	)

Diagonals as of 12/31

Exhibit 16, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Aerospace and Marine

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		134,402		58,378		1,260		—		603		0		28		60,269		45	%
2004		151,688		77,508		2,167		—		1,308		18		52		81,053		53	%
2005		212,287		313,376		9,839		—		6,591		1,044		246		331,096		156	%
2006		203,577		75,424		7,670		144		7,589		263		231		91,321		45	%
2007		114,104		69,043		11,616		439		1,707		568		206		83,579		73	%
2008		80,126		36,236		7,488		940		3,209		420		175		48,468		60	%
2009		52,908		21,299		7,169		3,142		2,701		234		195		34,740		66	%
2010		51,467		19,057		6,773		386		1,431		224		129		27,999		54	%
2011		54,555		23,815		10,714		1,750		9,000		149		322		45,749		84	%
2012		56,521		4,607		7,399		2,246		26,889		30		548		41,720		74	%
		1,111,635		698,743		72,095		9,046		61,028		2,951		2,133		845,994		76	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		—		—		—		—		—		—		—		—		0	%
2006		2,916		—		—		—		—		—		—		—		0	%
2007		3,957		2,572		—		—		—		—		—		2,572		65	%
2008		3,466		—		—		—		—		—		—		—		0	%
2009		2,243		—		—		—		—		—		—		—		0	%
2010		1,791		—		—		—		—		—		—		—		0	%
2011		—		—		—		—		—		—		—		—		0	%
2012		—		—		—		—		—		—		—		—		0	%
		14,373		2,572		—		—		—		—		—		2,572		18	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		134,402		58,378		1,260		—		603		0		28		60,269		45	%
2004		151,688		77,508		2,167		—		1,308		18		52		81,053		53	%
2005		212,287		313,376		9,839		—		6,591		1,044		246		331,096		156	%
2006		200,660		75,424		7,670		144		7,589		263		231		91,321		46	%
2007		110,147		66,471		11,616		439		1,707		568		206		81,007		74	%
2008		76,660		36,236		7,488		940		3,209		420		175		48,468		63	%
2009		50,665		21,299		7,169		3,142		2,701		234		195		34,740		69	%
2010		49,676		19,057		6,773		386		1,431		224		129		27,999		56	%
2011		54,555		23,815		10,714		1,750		9,000		149		322		45,749		84	%
2012		56,521		4,607		7,399		2,246		26,889		30		548		41,720		74	%
		1,097,263		696,170		72,095		9,046		61,028		2,951		2,133		843,422		77	%

Exhibit 17, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Aerospace and Marine

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		20,239		38,606		45,409		49,695		54,040		56,702		57,558		56,901		57,250		58,378
2004		8,452		42,196		57,748		69,214		72,405		74,840		76,651		77,713		77,508
2005		19,806		135,968		215,366		251,974		285,257		302,919		309,422		313,376
2006		6,536		23,658		42,484		55,360		65,188		71,533		75,424
2007		9,001		28,426		44,601		56,185		61,466		69,043
2008		7,207		21,104		27,711		32,039		36,236
2009		4,047		13,567		18,412		21,299
2010		4,565		13,551		19,057
2011		8,527		23,815
2012		4,607
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		44,157		62,781		62,138		62,662		63,467		62,607		62,306		60,688		59,989		59,637
2004		31,681		75,771		82,880		87,223		84,037		83,437		82,191		81,000		79,675
2005		162,077		282,824		302,968		323,084		335,087		328,885		327,967		323,216
2006		22,497		56,051		80,944		83,021		87,284		87,428		83,238
2007		27,210		64,427		74,421		81,473		82,314		81,098
2008		19,802		36,615		43,842		44,421		44,664
2009		13,557		28,679		31,166		31,610
2010		11,430		24,168		26,215
2011		24,245		36,278
2012		14,253
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		88,566		78,953		65,004		62,900		63,770		62,980		62,960		61,603		61,002		60,241
2004		97,228		99,623		88,148		88,871		84,579		85,549		84,414		84,306		80,983
2005		236,299		308,893		306,696		319,792		332,839		333,091		339,298		329,806
2006		91,473		84,550		90,857		87,591		91,085		94,288		90,827
2007		64,909		75,306		78,768		82,529		83,579		82,805
2008		54,812		51,326		54,761		45,580		47,873
2009		37,390		36,666		34,657		34,311
2010		32,446		30,459		27,646
2011		48,406		45,278
2012		41,141

Diagonals as of 12/31

Exhibit 17, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty
Aerospace and Marine

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		65.9	%		58.7	%		48.4	%		46.8	%		47.4	%		46.9	%		46.8	%		45.8	%		45.4	%		44.8	%
2004		64.1	%		65.7	%		58.1	%		58.6	%		55.8	%		56.4	%		55.6	%		55.6	%		53.4	%
2005		111.3	%		145.5	%		144.5	%		150.6	%		156.8	%		156.9	%		159.8	%		155.4	%
2006		44.9	%		41.5	%		44.6	%		43.0	%		44.7	%		46.3	%		44.6	%
2007		56.9	%		66.0	%		69.0	%		72.3	%		73.2	%		72.6	%
2008		68.4	%		64.1	%		68.3	%		56.9	%		59.7	%
2009		70.7	%		69.3	%		65.5	%		64.8	%
2010		63.0	%		59.2	%		53.7	%
2011		88.7	%		83.0	%
2012		72.8	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		128,356			130,692			133,798			134,430			134,358			134,404			134,406			134,401			134,400			134,402
2004		143,123			147,880			150,795			151,039			151,290			151,253			151,701			151,689			151,688
2005		228,768			215,368			215,614			216,250			215,678			213,214			212,450			212,287
2006		197,824			202,088			205,147			204,630			204,880			204,245			203,577
2007		113,451			116,157			115,940			114,357			114,344			114,104
2008		78,242			79,498			80,143			80,192			80,126
2009		50,393			52,440			52,742			52,908
2010		48,720			51,008			51,467
2011		52,748			54,555
2012		56,521
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		88,566			(9,613	)		(13,949	)		(2,104	)		870			(790	)		(21	)		(1,357	)		(601	)		(761	)		(28,325	)
2004		97,228			2,395			(11,475	)		723			(4,292	)		970			(1,135	)		(108	)		(3,324	)					(16,245	)
2005		236,299			72,594			(2,197	)		13,096			13,047			252			6,207			(9,491	)								93,507
2006		91,473			(6,923	)		6,307			(3,266	)		3,495			3,203			(3,461	)											(646	)
2007		64,909			10,397			3,462			3,761			1,050			(774	)														17,896
2008		54,812			(3,486	)		3,435			(9,181	)		2,293																		(6,939	)
2009		37,390			(724	)		(2,009	)		(346	)																				(3,079	)
2010		32,446			(1,988	)		(2,812	)																							(4,800	)
2011		48,406			(3,129	)																										(3,129	)
2012		41,141
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(9,613	)		(11,554	)		59,015			(7,526	)		24,718			10,706			7,727			(3,427	)		(21,805	)		48,241

Diagonals as of 12/31

Exhibit 17, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Agriculture

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve			Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—			—		0	%
2004		—		—		—		—		—		—		—			—		0	%
2005		—		—		—		—		—		—		—			—		0	%
2006		—		—		—		—		—		—		—			—		0	%
2007		13,413		—		—		—		—		—		—			—		0	%
2008		622,185		592,425		113		—		—		—		—			592,538		95	%
2009		599,813		530,388		859		—		1,252		—		—			532,499		89	%
2010		564,234		334,744		536		—		1,929		—		—			337,209		60	%
2011		847,048		1,101,196		1,037		—		9,212		—		—			1,111,444		131	%
2012		885,139		788,015		389,663		—		50,298		—		—			1,227,976		139	%
		3,531,834		3,346,767		392,209		—		62,690		—		—			3,801,666		108	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve			Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—			—		0	%
2004		—		—		—		—		—		—		—			—		0	%
2005		—		—		—		—		—		—		—			—		0	%
2006		—		—		—		—		—		—		—			—		0	%
2007		7,725		—		—		—		—		—		—			—		0	%
2008		253,728		278,702		21		—		—		—		—			278,723		110	%
2009		268,099		249,397		485		—		952		—		—			250,833		94	%
2010		166,349		54,976		295		—		1,530		—		—			56,801		34	%
2011		282,434		594,291		719		—		6,906		—		—			601,916		213	%
2012		336,266		309,218		310,240		—		27,192		—		—			646,649		192	%
		1,314,601		1,486,584		311,760		—		36,580		—		—			1,834,923		140	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve			Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—			—		0	%
2004		—		—		—		—		—		—		—			—		0	%
2005		—		—		—		—		—		—		—			—		0	%
2006		—		—		—		—		—		—		—			—		0	%
2007		5,688		—		—		—		—		—		—			—		0	%
2008		368,458		313,722		92		—		—		—		—			313,814		85	%
2009		331,714		280,991		375		—		300		—		—			281,666		85	%
2010		397,885		279,768		241		—		399		—		—			280,408		70	%
2011		564,614		506,905		318		—		2,305		—		—			509,528		90	%
2012		548,873		478,797		79,424		—		23,106		—		—	��		581,327		106	%
		2,217,232		1,860,184		80,449		—		26,110		—		—			1,966,743		89	%

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 18, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Agriculture

GROSS BASIS

Paid Loss & ALAE	12		24			36		48		60		72		84		96		108		120
2003 & Prior		—		—			—		—		—		—		—		—		—		—
2004		—		—			—		—		—		—		—		—		—
2005		—		—			—		—		—		—		—		—
2006		—		—			—		—		—		—		—
2007		28		505			1,467		13,216		—		—
2008		339,001		587,514			597,530		592,317		592,425
2009		402,835		523,951			528,783		530,388
2010		222,620		334,129			334,744
2011		897,889		1,101,196
2012		788,015
Case Incurred Loss & ALAE (incl ACRs)	12		24			36		48		60		72		84		96		108		120
2003 & Prior		—		—			—		—		—		—		—		—		—		—
2004		—		—			—		—		—		75		—		—		—
2005		—		—			—		—		—		—		—		—
2006		—		—			—		163		—		—		—
2007		724		505			1,467		13,226		—		—
2008		586,040		601,083			598,096		592,430		592,538
2009		571,689		533,684			529,366		531,247
2010		328,705		336,464			335,280
2011		1,098,453		1,102,233
2012		1,177,678
Ultimate Loss & ALAE	12		24			36		48		60		72		84		96		108		120
2003 & Prior		—		—			—		—		—		—		—		—		—		—
2004		—		—			—		—		—		—		—		—		—
2005		—		—			—		—		—		—		—		—
2006		—		—			—		—		—		—		—
2007		11,963		505	��		1,467		13,226		—		—
2008		668,958		625,208			622,092		604,081		592,538
2009		588,691		534,134			529,723		532,499
2010		402,433		338,069			337,209
2011		1,148,248		1,111,444
2012		1,227,976

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 18, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Agriculture

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		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	%		0.0	%
2005		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2006		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
2007		89.2	%		3.8	%		10.9	%		98.6	%		0.0	%		0.0	%
2008		107.5	%		100.5	%		100.0	%		97.1	%		95.2	%
2009		98.1	%		89.1	%		88.3	%		88.8	%
2010		71.3	%		59.9	%		59.8	%
2011		135.6	%		131.2	%
2012		138.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—
2005		—			—			—			—			—			—			—			—
2006		—			—			—			—			—			—			—
2007		13,413			13,413			13,413			13,413			13,413			13,413
2008		610,185			598,185			598,185			610,185			622,185
2009		600,073			599,813			599,813			599,813
2010		564,234			564,234			564,234
2011		847,048			847,048
2012		885,139
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			—			—			—			—			—			—			—			—			—			—
2004		—			—			—			—			—			—			—			—			—						—
2005		—			—			—			—			—			—			—			—									—
2006		—			—			—			—			—			—			—												—
2007		11,963			(11,458	)		962			11,759			(13,226	)		—															(11,963	)
2008		668,958			(43,750	)		(3,116	)		(18,011	)		(11,543	)																	(76,421	)
2009		588,691			(54,557	)		(4,411	)		2,776																					(56,192	)
2010		402,433			(64,364	)		(860	)																							(65,224	)
2011		1,148,248			(36,803	)																										(36,803	)
2012		1,227,976
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			—			—			—			—			(11,458	)		(42,788	)		(45,915	)		(100,012	)		(46,430	)		(246,603	)

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 18, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		193,231		3,428		—		—		11,650		—		175		15,252		8	%
2004		189,315		9,078		—		—		18,538		92		278		27,987		15	%
2005		212,006		10,489		25,045		—		32,485		221		919		69,160		33	%
2006		263,862		74,374		14,969		—		49,724		719		1,516		141,303		54	%
2007		428,386		145,147		37,350		—		82,072		3,495		2,743		270,808		63	%
2008		477,448		199,623		87,462		—		94,430		4,058		3,946		389,520		82	%
2009		402,941		138,311		45,131		0		133,328		7,528		4,778		329,075		82	%
2010		305,142		50,891		72,065		—		152,959		4,080		6,360		286,355		94	%
2011		336,171		19,799		33,703		—		197,788		2,657		7,966		261,913		78	%
2012		353,566		4,797		8,512		—		236,849		288		9,516		259,962		74	%
		3,162,069		655,938		324,237		0		1,009,825		23,138		38,196		2,051,334		65	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		4,516		83		24		—		1,130		—		—		1,237		27	%
2006		26,101		18,166		9,961		—		6,297		—		—		34,424		132	%
2007		58,000		8,761		10,644		—		12,468		—		—		31,873		55	%
2008		70,252		6,686		6,715		—		13,025		—		—		26,426		38	%
2009		79,806		26,192		6,540		—		30,908		—		—		63,640		80	%
2010		73,879		8,880		19,000		—		39,303		—		—		67,184		91	%
2011		79,487		1,687		4,180		—		50,243		—		—		56,110		71	%
2012		87,167		2		47		—		60,214		—		—		60,263		69	%
		479,207		70,457		57,111		—		213,588		—		—		341,156		71	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		193,231		3,428		—		—		11,650		—		175		15,252		8	%
2004		189,315		9,078		—		—		18,538		92		278		27,987		15	%
2005		207,490		10,406		25,021		—		31,356		221		919		67,923		33	%
2006		237,761		56,208		5,008		—		43,427		719		1,516		106,879		45	%
2007		370,386		136,387		26,707		—		69,604		3,495		2,743		238,936		65	%
2008		407,196		192,937		80,748		—		81,405		4,058		3,946		363,093		89	%
2009		323,134		112,119		38,591		0		102,420		7,528		4,778		265,435		82	%
2010		231,263		42,011		53,065		—		113,656		4,080		6,360		219,171		95	%
2011		256,684		18,112		29,523		—		147,545		2,657		7,966		205,803		80	%
2012		266,399		4,795		8,464		—		176,636		288		9,516		199,699		75	%
		2,682,861		585,481		267,126		0		796,237		23,138		38,196		1,710,178		64	%

Exhibit 19, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		18		19		22		22		1,728		1,728		3,428		3,428		3,428
2004		—		—		—		—		3		4		29		38		9,078
2005		2,780		2,737		7,711		8,041		8,470		10,172		10,336		10,489
2006		374		13,425		25,271		57,172		61,827		66,688		74,374
2007		9,090		39,110		67,507		105,206		125,832		145,147
2008		36,318		82,722		130,549		168,275		199,623
2009		15,357		72,814		114,056		138,311
2010		1,996		15,044		50,891
2011		4,801		19,799
2012		4,797
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		0		5,018		5,019		772		772		1,756		1,728		3,428		3,428		3,428
2004		—		—		—		—		3		4		79		3,079		9,078
2005		5,780		10,787		12,761		29,541		42,616		35,236		35,413		35,534
2006		7,766		45,262		48,587		63,072		67,173		85,109		89,343
2007		20,396		73,302		99,498		135,611		159,559		182,498
2008		91,136		143,376		219,062		258,432		287,085
2009		60,498		137,748		164,626		183,442
2010		37,415		104,598		122,956
2011		14,775		53,502
2012		13,309
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		133,572		116,815		100,472		84,772		71,672		65,672		55,942		31,552		24,071		15,078
2004		130,280		113,642		107,571		94,941		73,156		61,279		39,727		30,927		27,616
2005		157,206		155,656		144,394		125,898		117,092		94,226		75,994		68,019
2006		202,769		208,405		184,565		168,779		148,042		144,446		139,067
2007		287,300		268,438		247,161		255,332		253,519		264,570
2008		324,767		322,594		363,767		382,556		381,515
2009		274,528		331,652		324,348		316,770
2010		242,056		279,244		275,916
2011		234,194		251,290
2012		250,158

Diagonals as of 12/31

Exhibit 19, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Casualty and Other Specialty

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		69.1	%		60.5	%		52.0	%		43.9	%		37.1	%		34.0	%		29.0	%		16.3	%		12.5	%		7.8	%
2004		68.8	%		60.0	%		56.8	%		50.1	%		38.6	%		32.4	%		21.0	%		16.3	%		14.6	%
2005		74.2	%		73.4	%		68.1	%		59.4	%		55.2	%		44.4	%		35.8	%		32.1	%
2006		76.8	%		79.0	%		69.9	%		64.0	%		56.1	%		54.7	%		52.7	%
2007		67.1	%		62.7	%		57.7	%		59.6	%		59.2	%		61.8	%
2008		68.0	%		67.6	%		76.2	%		80.1	%		79.9	%
2009		68.1	%		82.3	%		80.5	%		78.6	%
2010		79.3	%		91.5	%		90.4	%
2011		69.7	%		74.8	%
2012		70.8	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		217,315			193,231			193,231			193,231			193,231			193,231			193,231			193,231			193,231			193,231
2004		190,817			189,354			189,354			189,314			189,314			189,315			189,315			189,315			189,315
2005		211,918			211,410			211,242			211,040			211,060			211,060			212,006			212,006
2006		263,198			265,026			264,402			264,353			264,381			263,783			263,862
2007		434,334			434,196			428,786			428,540			428,312			428,386
2008		481,865			477,906			477,152			477,468			477,448
2009		403,058			403,090			403,033			402,941
2010		304,101			305,122			305,142
2011		333,624			336,171
2012		353,566
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		133,572			(16,756	)		(16,344	)		(15,700	)		(13,101	)		(5,999	)		(9,730	)		(24,390	)		(7,480	)		(8,994	)		(118,494	)
2004		130,280			(16,638	)		(6,070	)		(12,630	)		(21,785	)		(11,877	)		(21,552	)		(8,800	)		(3,310	)					(102,664	)
2005		157,206			(1,550	)		(11,262	)		(18,496	)		(8,806	)		(22,866	)		(18,232	)		(7,975	)								(89,187	)
2006		202,769			5,636			(23,841	)		(15,786	)		(20,737	)		(3,596	)		(5,378	)											(63,702	)
2007		287,300			(18,862	)		(21,278	)		8,172			(1,813	)		11,051															(22,730	)
2008		324,767			(2,173	)		41,173			18,789			(1,041	)																	56,749
2009		274,528			57,124			(7,304	)		(7,578	)																				42,242
2010		242,056			37,189			(3,329	)																							33,860
2011		234,194			17,096																											17,096
2012		250,158
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(16,756	)		(32,982	)		(23,320	)		(31,357	)		(88,983	)		(69,649	)		16,924			8,752			(9,458	)		(246,830	)

Diagonals as of 12/31

Exhibit 19, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		24,753		3,626		71		—		207			1		4		3,909		16	%
2004		45,848		9,258		201		—		—			99		3		9,561		21	%
2005		53,472		12,487		0		—		17			2		0		12,506		23	%
2006		66,737		16,175		1,167		—		3,192			180		81		20,795		31	%
2007		81,252		104,439		5,521		—		12,697			2,298		308		125,263		154	%
2008		95,830		18,511		60,751		—		19,478			2,478		1,315		102,532		107	%
2009		126,223		30,406		13,527		—		44,422			3,485		1,241		93,081		74	%
2010		122,716		15,586		4,180		—		58,082			1,332		1,614		80,793		66	%
2011		109,285		7,368		5,797		—		61,665			1,226		1,860		77,916		71	%
2012		105,779		881		2,659		—		72,303			89		2,260		78,191		74	%
		831,895		218,736		93,874		—		272,063			11,188		8,687		604,548		73	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		509		—		—		—		262			—		—		262		51	%
2004		446		42		28		—		0			—		—		70		16	%
2005		290		—		—		—		50			—		—		50		17	%
2006		253		167		817		—		19			—		—		1,003		397	%
2007		6,752		3,879		187		—		579			—		—		4,645		69	%
2008		15,028		4,016		95		—		1,750			—		—		5,861		39	%
2009		18,264		5,533		1,098		—		3,021			—		—		9,652		53	%
2010		17,774		4,553		1,179		—		3,920			—		—		9,652		54	%
2011		16,725		772		1,854		—		9,767			—		—		12,393		74	%
2012		22,750		61		26		—		15,272			—		—		15,358		68	%
		98,790		19,022		5,284		—		34,640			—		—		58,946		60	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		24,244		3,626		71		—		(54	)		1		4		3,647		15	%
2004		45,402		9,216		174		—		(0	)		99		3		9,491		21	%
2005		53,181		12,487		0		—		(34	)		2		0		12,456		23	%
2006		66,485		16,008		350		—		3,173			180		81		19,792		30	%
2007		74,500		100,560		5,334		—		12,118			2,298		308		120,618		162	%
2008		80,803		14,495		60,656		—		17,728			2,478		1,315		96,671		120	%
2009		107,959		24,873		12,429		—		41,400			3,485		1,241		83,429		77	%
2010		104,942		11,033		3,001		—		54,162			1,332		1,614		71,141		68	%
2011		92,560		6,596		3,943		—		51,898			1,226		1,860		65,523		71	%
2012		83,030		820		2,633		—		57,031			89		2,260		62,833		76	%
		733,105		199,714		88,590		—		237,423			11,188		8,687		545,601		74	%

Exhibit 20, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		5		26		36		39		41		44		3,611		3,626
2004		—		44		160		3,746		4,068		4,075		9,139		9,192		9,258
2005		0		7		318		9		9		12,372		12,479		12,487
2006		17		29		32		87		190		645		16,175
2007		83		2,046		3,558		65,081		93,697		104,439
2008		178		2,455		15,771		18,225		18,511
2009		1,068		7,157		27,762		30,406
2010		965		8,099		15,586
2011		729		7,368
2012		881
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		—		1,089		3,276		3,286		3,289		3,300		3,300		3,699		3,696
2004		—		44		160		3,769		4,068		4,088		9,139		9,386		9,459
2005		5,000		5,007		5,295		5,009		5,009		12,415		12,500		12,487
2006		1,517		29		137		172		221		16,149		17,342
2007		172		22,733		85,361		93,279		104,094		109,960
2008		914		7,410		37,852		60,882		79,262
2009		5,272		27,525		31,485		43,933
2010		3,007		15,861		19,765
2011		4,194		13,165
2012		3,540
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		—		19,063		12,231		11,818		10,383		6,341		4,176		3,490		3,886		3,904
2004		29,278		30,412		25,312		25,443		19,779		14,193		9,931		9,620		9,459
2005		41,123		36,781		33,401		23,578		17,527		19,626		13,713		12,504
2006		50,116		43,054		36,416		24,320		18,568		28,309		20,534
2007		57,512		116,260		155,262		124,397		124,110		122,657
2008		70,130		66,961		86,045		91,969		98,739
2009		85,575		101,811		86,787		88,355
2010		87,274		83,771		77,847
2011		77,626		74,830
2012		75,842

Diagonals as of 12/31

Exhibit 20, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Professional Lines

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		0.0	%		77.0	%		49.4	%		47.7	%		41.9	%		25.6	%		16.9	%		14.1	%		15.7	%		15.8	%
2004		63.9	%		66.3	%		55.2	%		55.5	%		43.1	%		31.0	%		21.7	%		21.0	%		20.6	%
2005		76.9	%		68.8	%		62.5	%		44.1	%		32.8	%		36.7	%		25.6	%		23.4	%
2006		75.1	%		64.5	%		54.6	%		36.4	%		27.8	%		42.4	%		30.8	%
2007		70.8	%		143.1	%		191.1	%		153.1	%		152.7	%		151.0	%
2008		73.2	%		69.9	%		89.8	%		96.0	%		103.0	%
2009		67.8	%		80.7	%		68.8	%		70.0	%
2010		71.1	%		68.3	%		63.4	%
2011		71.0	%		68.5	%
2012		71.7	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		—			24,936			24,752			24,752			24,752			24,752			24,752			24,752			24,752			24,753
2004		46,134			45,853			45,848			45,848			45,848			45,848			45,848			45,848			45,848
2005		53,258			53,472			53,472			53,472			53,472			53,472			53,472			53,472
2006		66,633			66,737			66,737			66,737			66,737			66,737			66,737
2007		81,019			81,037			81,252			81,252			81,252			81,252
2008		94,966			95,812			95,815			95,830			95,830
2009		125,809			126,223			126,229			126,223
2010		122,845			122,746			122,716
2011		108,826			109,285
2012		105,779
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		—			19,063			(6,832	)		(413	)		(1,436	)		(4,042	)		(2,165	)		(686	)		396			18			3,904
2004		29,278			1,133			(5,099	)		131			(5,665	)		(5,586	)		(4,262	)		(310	)		(161	)					(19,819	)
2005		41,123			(4,342	)		(3,380	)		(9,823	)		(6,051	)		2,100			(5,914	)		(1,209	)								(28,619	)
2006		50,116			(7,062	)		(6,637	)		(12,096	)		(5,752	)		9,740			(7,774	)											(29,581	)
2007		57,512			58,748			39,002			(30,864	)		(287	)		(1,453	)														65,145
2008		70,130			(3,169	)		19,084			5,924			6,770																		28,609
2009		85,575			16,236			(15,024	)		1,568																					2,779
2010		87,274			(3,503	)		(5,924	)																							(9,427	)
2011		77,626			(2,796	)																										(2,796	)
2012		75,842
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			19,063			(5,699	)		(9,854	)		(11,747	)		32,581			9,934			(4,145	)		(8,978	)		(10,961	)		10,196

Diagonals as of 12/31

Exhibit 20, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Property

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		101,240		21,815		—		—		0			3		—		21,818		22	%
2004		100,154		40,091		74		—		506			50		9		40,730		41	%
2005		106,514		160,540		23		—		149			186		3		160,900		151	%
2006		137,485		39,354		32		—		135			190		3		39,713		29	%
2007		145,468		43,297		49		—		401			945		7		44,699		31	%
2008		135,775		34,996		337		—		1,143			1,596		23		38,095		28	%
2009		139,652		17,434		317		—		1,305			1,389		31		20,476		15	%
2010		126,032		12,056		646		—		1,778			871		70		15,421		12	%
2011		117,560		22,395		15,322		—		4,115			1,929		404		44,165		38	%
2012		82,639		10,109		38,213		—		10,771			579		993		60,666		73	%
		1,192,519		402,087		55,013		—		20,302			7,740		1,542		486,685		41	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		2,148		41		—		—		1			—		—		42		2	%
2004		2,318		2,418		0		—		2			—		—		2,420		104	%
2005		8,412		4,057		—		—		2			—		—		4,059		48	%
2006		73,309		1,060		1		—		3			—		—		1,064		1	%
2007		105,541		15,439		—		—		25			—		—		15,464		15	%
2008		64,410		3,722		93		—		156			—		—		3,972		6	%
2009		63,553		1,695		70		—		634			—		—		2,398		4	%
2010		39,319		119		78		—		773			—		—		969		2	%
2011		44,740		1,456		4,037		—		1,128			—		—		6,621		15	%
2012		30,369		1,698		1,206		—		848			—		—		3,752		12	%
		434,120		31,706		5,485		—		3,571			—		—		40,761		9	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR			PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		99,092		21,774		—		—		(1	)		3		—		21,777		22	%
2004		97,836		37,673		74		—		504			50		9		38,310		39	%
2005		98,102		156,483		23		—		147			186		3		156,842		160	%
2006		64,177		38,294		31		—		132			190		3		38,649		60	%
2007		39,927		27,858		49		—		376			945		7		29,235		73	%
2008		71,365		31,274		244		—		987			1,596		23		34,124		48	%
2009		76,099		15,739		247		—		671			1,389		31		18,078		24	%
2010		86,713		11,937		568		—		1,005			871		70		14,452		17	%
2011		72,820		20,939		11,285		—		2,987			1,929		404		37,544		52	%
2012		52,270		8,411		37,007		—		9,923			579		993		56,914		109	%
		758,399		370,382		49,529		—		16,731			7,740		1,542		445,924		59	%

Exhibit 21, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property

GROSS BASIS

Paid Loss & ALAE	12			24		36		48		60		72		84		96		108		120
2003 & Prior		1,510			13,582		17,515		19,519		19,806		20,980		21,810		21,839		21,837		21,815
2004		3,398			21,883		27,329		32,054		35,660		39,110		39,848		40,085		40,091
2005		25,078			93,140		141,280		160,826		158,454		160,318		160,458		160,540
2006		10,099			27,545		38,084		38,934		39,160		39,346		39,354
2007		12,542			30,059		43,035		42,657		43,290		43,297
2008		12,704			27,617		32,009		33,018		34,996
2009		12,062			16,651		17,598		17,434
2010		5,481			11,173		12,056
2011		9,858			22,395
2012		10,109
Case Incurred Loss & ALAE (incl ACRs)	12			24		36		48		60		72		84		96		108		120
2003 & Prior		17,070			19,705		22,244		26,183		26,190		29,154		27,883		21,915		21,874		21,815
2004		25,158			44,006		40,710		40,302		41,440		41,643		40,738		40,491		40,166
2005		151,575			175,676		170,020		167,707		161,216		160,846		160,857		160,563
2006		42,718			39,857		40,001		40,046		39,537		39,459		39,386
2007		34,132			46,527		43,984		42,950		43,389		43,346
2008		37,913			35,446		34,922		35,935		35,333
2009		21,228			19,609		19,347		17,751
2010		12,431			12,614		12,702
2011		32,835			37,717
2012		48,323
Ultimate Loss & ALAE	12			24		36		48		60		72		84		96		108		120
2003 & Prior		36,626			21,712		22,358		26,227		26,229		29,161		27,898		21,936		21,881		21,815
2004		60,485	��		41,084		41,070		40,677		41,699		41,753		41,328		40,749		40,671
2005		201,074			178,667		174,528		172,540		165,766		165,824		161,490		160,711
2006		70,748			44,363		42,287		42,019		41,462		39,671		39,521
2007		55,039			48,316		44,761		43,699		43,998		43,747
2008		63,862			40,548		36,629		37,054		36,476
2009		38,192			22,101		20,927		19,056
2010		29,623			16,502		14,480
2011		51,209			41,832
2012		59,094

Diagonals as of 12/31

Exhibit 21, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Property

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		36.2	%		21.4	%		22.1	%		25.9	%		25.9	%		28.8	%		27.6	%		21.7	%		21.6	%		21.5	%
2004		60.4	%		41.0	%		41.0	%		40.6	%		41.6	%		41.7	%		41.3	%		40.7	%		40.6	%
2005		188.8	%		167.7	%		163.9	%		162.0	%		155.6	%		155.7	%		151.6	%		150.9	%
2006		51.5	%		32.3	%		30.8	%		30.6	%		30.2	%		28.9	%		28.7	%
2007		37.8	%		33.2	%		30.8	%		30.0	%		30.2	%		30.1	%
2008		47.0	%		29.9	%		27.0	%		27.3	%		26.9	%
2009		27.3	%		15.8	%		15.0	%		13.6	%
2010		23.5	%		13.1	%		11.5	%
2011		43.6	%		35.6	%
2012		71.5	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		101,487			101,152			101,081			101,193			101,171			101,238			101,238			101,238			101,240			101,240
2004		100,772			99,882			99,940			99,935			99,932			100,131			100,138			100,150			100,154
2005		106,762			106,345			106,195			106,286			106,502			106,508			106,506			106,514
2006		137,622			136,926			137,095			137,229			137,491			137,490			137,485
2007		144,339			145,230			145,422			145,452			145,454			145,468
2008		135,977			135,879			135,913			135,762			135,775
2009		139,997			139,678			139,674			139,652
2010		126,136			126,085			126,032
2011		117,372			117,560
2012		82,639
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		36,626			(14,914	)		646			3,870			2			2,932			(1,262	)		(5,962	)		(55	)		(66	)		(14,811	)
2004		60,485			(19,401	)		(14	)		(392	)		1,022			54			(426	)		(578	)		(78	)					(19,814	)
2005		201,074			(22,407	)		(4,139	)		(1,988	)		(6,774	)		58			(4,334	)		(779	)								(40,363	)
2006		70,748			(26,385	)		(2,076	)		(268	)		(557	)		(1,792	)		(150	)											(31,227	)
2007		55,039			(6,723	)		(3,555	)		(1,063	)		300			(251	)														(11,292	)
2008		63,862			(23,315	)		(3,919	)		425			(578	)																	(27,386	)
2009		38,192			(16,091	)		(1,175	)		(1,871	)																				(19,137	)
2010		29,623			(13,121	)		(2,022	)																							(15,143	)
2011		51,209			(9,377	)																										(9,377	)
2012		59,094
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(14,914	)		(18,756	)		(18,551	)		(30,915	)		(6,833	)		(35,119	)		(27,959	)		(20,330	)		(15,172	)		(188,549	)

Diagonals as of 12/31

Exhibit 21, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Catastrophe

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		353,626		37,619		259		—		0		11			4		37,893		11	%
2004		275,128		101,874		680		—		—		26			10		102,590		37	%
2005		285,007		352,391		891		1,428		8,721		(144	)		166		363,453		128	%
2006		287,644		29,121		120		—		4,529		3			70		33,843		12	%
2007		327,218		52,082		744		—		3,571		990			65		57,453		18	%
2008		319,703		183,949		3,271		759		3,434		4,678			112		196,204		61	%
2009		308,657		28,048		1,444		88		2,074		338			54		32,046		10	%
2010		315,463		55,422		27,490		1,267		3,248		6			480		87,913		28	%
2011		349,277		291,126		68,502		12,473		19,457		10			1,506		393,073		113	%
2012		377,972		43,019		40,461		41,290		47,500		5			1,939		174,214		46	%
		3,199,694		1,174,651		143,864		57,303		92,535		5,923			4,406		1,478,682		46	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		31,355		—		—		—		—		—			—		—		0	%
2004		5,775		5,920		—		—		—		—			—		5,920		103	%
2005		6,223		6,115		—		—		—		—			—		6,115		98	%
2006		3,943		—		—		—		—		—			—		—		0	%
2007		16,355		—		—		—		—		—			—		—		0	%
2008		14,994		—		—		—		—		—			—		—		0	%
2009		4,969		—		—		—		—		—			—		—		0	%
2010		7,215		1		0		—		2		—			—		3		0	%
2011		12,785		7,568		1,624		523		667		—			—		10,382		81	%
2012		24,605		3,175		3,032		3,042		3,071		—			—		12,321		50	%
		128,219		22,779		4,655		3,565		3,740		—			—		34,740		27	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		322,271		37,619		259		—		0		11			4		37,893		12	%
2004		269,352		95,954		680		—		—		26			10		96,670		36	%
2005		278,784		346,276		891		1,428		8,721		(144	)		166		357,338		128	%
2006		283,701		29,121		120		—		4,529		3			70		33,843		12	%
2007		310,863		52,082		744		—		3,571		990			65		57,453		18	%
2008		304,709		183,949		3,271		759		3,434		4,678			112		196,204		64	%
2009		303,688		28,048		1,444		88		2,074		338			54		32,046		11	%
2010		308,249		55,421		27,490		1,267		3,246		6			480		87,910		29	%
2011		336,492		283,557		66,878		11,949		18,790		10			1,506		382,692		114	%
2012		353,367		39,844		37,430		38,247		44,429		5			1,939		161,894		46	%
		3,071,475		1,151,872		139,209		53,738		88,795		5,923			4,406		1,443,942		47	%

Exhibit 22, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Catastrophe

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		14,893		24,316		27,764		35,042		36,511		37,388		37,518		37,596		37,732		37,619
2004		47,114		87,818		95,422		98,520		99,894		100,778		101,209		101,473		101,874
2005		140,049		267,489		324,909		347,638		361,680		353,780		352,129		352,391
2006		8,782		15,209		20,540		20,936		29,014		29,092		29,121
2007		17,663		48,889		50,864		51,721		51,976		52,082
2008		78,313		129,080		154,096		167,900		183,949
2009		13,885		23,940		27,068		28,048
2010		19,498		43,931		55,422
2011		181,048		291,126
2012		43,019
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		44,737		35,452		34,214		38,737		39,085		38,909		38,744		39,027		39,136		37,878
2004		77,424		103,142		99,668		101,039		101,465		101,970		102,253		102,319		102,554
2005		292,259		372,969		373,423		373,206		370,966		358,426		355,369		354,710
2006		9,567		16,284		21,280		21,060		29,376		29,298		29,242
2007		58,366		61,528		55,550		54,974		53,675		52,826
2008		143,156		164,069		181,985		185,304		187,980
2009		29,662		30,559		29,917		29,580
2010		44,733		61,586		84,179
2011		343,077		372,100
2012		124,770
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		84,357		41,184		39,462		42,401		43,827		43,740		43,228		42,283		42,434		37,878
2004		128,204		124,932		115,238		109,164		109,518		109,542		109,341		108,855		102,554
2005		348,184		440,210		376,574		380,890		381,394		368,808		366,273		363,431
2006		38,871		28,923		28,867		29,075		37,300		34,076		33,770
2007		97,281		72,453		59,821		58,873		57,297		56,397
2008		199,034		185,715		190,139		191,830		191,414
2009		51,817		39,011		32,346		31,654
2010		134,621		88,613		87,427
2011		397,993		391,557
2012		172,270

Diagonals as of 12/31

Exhibit 22, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Catastrophe

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		23.9	%		11.6	%		11.2	%		12.0	%		12.4	%		12.4	%		12.2	%		12.0	%		12.0	%		10.7	%
2004		46.6	%		45.4	%		41.9	%		39.7	%		39.8	%		39.8	%		39.7	%		39.6	%		37.3	%
2005		122.2	%		154.5	%		132.1	%		133.6	%		133.8	%		129.4	%		128.5	%		127.5	%
2006		13.5	%		10.1	%		10.0	%		10.1	%		13.0	%		11.8	%		11.7	%
2007		29.7	%		22.1	%		18.3	%		18.0	%		17.5	%		17.2	%
2008		62.3	%		58.1	%		59.5	%		60.0	%		59.9	%
2009		16.8	%		12.6	%		10.5	%		10.3	%
2010		42.7	%		28.1	%		27.7	%
2011		113.9	%		112.1	%
2012		45.6	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		322,043			323,245			323,827			323,598			353,760			353,722			353,728			353,666			353,635			353,626
2004		238,076			238,688			237,964			275,335			275,114			275,119			275,120			275,097			275,128
2005		268,671			247,356			288,478			286,525			284,817			284,677			284,782			285,007
2006		244,113			288,095			287,439			287,350			287,277			287,238			287,644
2007		338,498			328,164			327,374			327,193			327,168			327,218
2008		329,433			322,595			321,245			320,477			319,703
2009		311,065			310,514			309,177			308,657
2010		320,872			318,460			315,463
2011		353,055			349,277
2012		377,972
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		84,357			(43,174	)		(1,721	)		2,938			1,426			(87	)		(512	)		(945	)		151			(4,555	)		(46,479	)
2004		128,204			(3,272	)		(9,694	)		(6,074	)		354			24			(201	)		(487	)		(6,301	)					(25,650	)
2005		348,184			92,025			(63,635	)		4,315			504			(12,586	)		(2,535	)		(2,842	)								15,247
2006		38,871			(9,947	)		(56	)		208			8,226			(3,224	)		(305	)											(5,100	)
2007		97,281			(24,827	)		(12,632	)		(948	)		(1,577	)		(899	)														(40,883	)
2008		199,034			(13,319	)		4,424			1,692			(416	)																	(7,620	)
2009		51,817			(12,805	)		(6,665	)		(692	)																				(20,163	)
2010		134,621			(46,008	)		(1,186	)																							(47,194	)
2011		397,993			(6,436	)																										(6,436	)
2012		172,270
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(43,174	)		(4,993	)		85,270			(78,230	)		(20,301	)		(25,728	)		(14,835	)		(58,654	)		(23,633	)		(184,278	)

Diagonals as of 12/31

Exhibit 22, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Property

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2003 & Prior		400,107		148,632			1,345		—		560		20			29		150,586			38	%
2004		468,833		259,797			1,702		329		301		78			35		262,241			56	%
2005		432,264		488,607			8,255		2,313		894		266			172		500,507			116	%
2006		354,305		166,512			2,628		50		1,496		151			63		170,900			48	%
2007		217,275		85,017			1,166		150		33		314			20		86,700			40	%
2008		188,135		83,371			5,543		136		409		841			91		90,391			48	%
2009		199,933		64,136			3,578		282		1,050		985			74		70,106			35	%
2010		228,562		101,645			21,544		283		2,748		1,421			369		128,009			56	%
2011		247,062		154,139			108,681		1,080		26,375		1,172			2,040		293,487			119	%
2012		298,381		29,190			109,929		12,916		93,965		(46	)		3,252		249,205			84	%
		3,034,858		1,581,046			264,372		17,538		127,829		5,203			6,143		2,002,133			66	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2003 & Prior		578		(178	)		—		—		5		—			—		(173	)		–30	%
2004		35		—			—		—		—		—			—		—			0	%
2005		46		9			—		—		—		—			—		9			20	%
2006		1,987		—			—		—		—		—			—		—			0	%
2007		3,617		—			—		—		—		—			—		—			0	%
2008		1,071		—			—		—		—		—			—		—			0	%
2009		—		—			—		—		—		—			—		—			0	%
2010		—		—			—		—		—		—			—		—			0	%
2011		—		—			—		—		—		—			—		—			0	%
2012		—		—			—		—		—		—			—		—			0	%
		7,334		(169	)		—		—		5		—			—		(164	)		–2	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE			Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE			Ultimate Loss & LAE Ratio
2003 & Prior		399,528		148,810			1,345		—		555		20			29		150,759			38	%
2004		468,798		259,797			1,702		329		301		78			35		262,241			56	%
2005		432,218		488,598			8,255		2,313		894		266			172		500,498			116	%
2006		352,318		166,512			2,628		50		1,496		151			63		170,900			49	%
2007		213,658		85,017			1,166		150		33		314			20		86,700			41	%
2008		187,064		83,371			5,543		136		409		841			91		90,391			48	%
2009		199,933		64,136			3,578		282		1,050		985			74		70,106			35	%
2010		228,562		101,645			21,544		283		2,748		1,421			369		128,009			56	%
2011		247,062		154,139			108,681		1,080		26,375		1,172			2,040		293,487			119	%
2012		298,381		29,190			109,929		12,916		93,965		(46	)		3,252		249,205			84	%
		3,027,524		1,581,216			264,372		17,538		127,824		5,203			6,143		2,002,297			66	%

Exhibit 23, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Property

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		48,719		101,727		125,233		136,012		143,376		145,739		146,912		145,078		145,686		148,632
2004		51,509		171,395		219,892		240,770		249,748		255,369		261,020		262,517		259,797
2005		100,306		297,156		406,350		451,321		474,456		478,115		482,893		488,607
2006		29,421		107,882		140,672		155,715		161,756		165,630		166,512
2007		15,928		56,512		74,864		83,567		84,676		85,017
2008		12,646		62,679		77,726		82,116		83,371
2009		14,513		49,539		59,835		64,136
2010		24,499		84,291		101,645
2011		49,928		154,139
2012		29,190
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		104,463		152,912		151,330		155,052		153,815		153,652		153,028		148,526		147,540		149,977
2004		152,170		254,440		266,251		264,459		263,721		263,419		265,622		264,700		261,828
2005		320,237		482,424		510,478		510,395		504,229		493,557		495,782		499,175
2006		97,018		143,876		153,745		166,210		169,655		170,261		169,190
2007		37,235		89,471		87,023		86,431		86,699		86,333
2008		65,947		88,708		90,257		90,113		89,049
2009		35,355		66,335		67,894		67,997
2010		77,590		122,752		123,472
2011		137,542		263,900
2012		152,035
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		235,281		188,951		155,469		157,978		155,450		153,961		153,185		149,046		148,023		150,537
2004		344,053		300,643		271,545		267,250		264,155		263,835		266,570		265,351		262,128
2005		522,077		513,756		516,626		509,233		504,286		493,945		497,375		500,069
2006		185,002		160,184		158,274		168,627		171,408		172,070		170,686
2007		91,089		97,129		88,949		87,892		87,020		86,366
2008		108,972		100,846		92,275		90,722		89,458
2009		96,094		77,888		70,004		69,048
2010		143,912		151,084		126,219
2011		273,384		290,276
2012		246,000

Diagonals as of 12/31

Exhibit 23, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Property

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		58.8	%		47.2	%		38.9	%		39.5	%		38.9	%		38.5	%		38.3	%		37.3	%		37.0	%		37.6	%
2004		73.4	%		64.1	%		57.9	%		57.0	%		56.3	%		56.3	%		56.9	%		56.6	%		55.9	%
2005		120.8	%		118.9	%		119.5	%		117.8	%		116.7	%		114.3	%		115.1	%		115.7	%
2006		52.2	%		45.2	%		44.7	%		47.6	%		48.4	%		48.6	%		48.2	%
2007		41.9	%		44.7	%		40.9	%		40.5	%		40.1	%		39.7	%
2008		57.9	%		53.6	%		49.0	%		48.2	%		47.6	%
2009		48.1	%		39.0	%		35.0	%		34.5	%
2010		63.0	%		66.1	%		55.2	%
2011		110.7	%		117.5	%
2012		82.4	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		393,692			401,318			397,090			396,453			397,698			400,257			400,314			400,316			400,099			400,107
2004		449,304			464,209			464,393			468,539			469,196			469,008			469,312			468,843			468,833
2005		403,999			423,603			432,347			434,060			433,469			433,673			432,493			432,264
2006		332,500			348,362			353,851			354,214			354,209			354,311			354,305
2007		206,759			217,625			217,087			217,558			217,371			217,275
2008		179,024			187,806			188,185			188,150			188,135
2009		200,930			200,302			200,099			199,933
2010		223,970			228,630			228,562
2011		241,387			247,062
2012		298,381
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		235,281			(46,331	)		(33,481	)		2,509			(2,528	)		(1,488	)		(776	)		(4,139	)		(1,023	)		2,514			(84,745	)
2004		344,053			(43,410	)		(29,098	)		(4,295	)		(3,095	)		(320	)		2,735			(1,219	)		(3,223	)					(81,924	)
2005		522,077			(8,320	)		2,870			(7,393	)		(4,947	)		(10,342	)		3,431			2,694									(22,007	)
2006		185,002			(24,818	)		(1,910	)		10,353			2,781			662			(1,384	)											(14,316	)
2007		91,089			6,040			(8,179	)		(1,057	)		(872	)		(655	)														(4,723	)
2008		108,972			(8,127	)		(8,570	)		(1,554	)		(1,263	)																	(19,514	)
2009		96,094			(18,206	)		(7,884	)		(956	)																				(27,047	)
2010		143,912			7,171			(24,864	)																							(17,693	)
2011		273,384			16,892																											16,892
2012		246,000
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(46,331	)		(76,891	)		(34,910	)		(28,771	)		(7,846	)		(11,995	)		(36,798	)		(1,289	)		(10,246	)		(255,077	)

Diagonals as of 12/31

Exhibit 23, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Casualty

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		375,879		178,030		12,475		10,667		35,926		(13	)		886		237,971		63	%
2004		346,702		142,516		11,914		1,953		35,570		40			742		192,734		56	%
2005		413,198		163,436		22,320		4,075		33,879		106			904		224,720		54	%
2006		412,692		131,422		26,377		4,691		36,913		675			1,020		201,097		49	%
2007		244,722		84,214		22,977		13,508		35,840		1,091			1,085		158,715		65	%
2008		199,148		71,856		21,809		10,846		38,213		1,231			1,063		145,018		73	%
2009		209,460		65,019		27,376		10,245		58,585		1,257			1,443		163,926		78	%
2010		269,339		61,881		30,777		10,338		105,338		1,442			2,197		211,974		79	%
2011		275,106		48,969		32,830		13,721		123,900		463			2,557		222,440		81	%
2012		283,604		21,503		15,150		3,032		171,213		144			2,841		213,884		75	%
		3,029,851		968,846		224,006		83,076		675,376		6,438			14,737		1,972,478		65	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		1,521		1,202		—		—		0		—			—		1,202		79	%
2004		2,743		1,333		40		—		6		—			—		1,379		50	%
2005		4,684		2,175		78		—		63		—			—		2,317		49	%
2006		4,217		—		—		—		96		—			—		96		2	%
2007		232		—		—		—		31		—			—		31		13	%
2008		386		—		—		—		56		—			—		56		14	%
2009		469		—		—		—		166		—			—		166		35	%
2010		652		—		—		—		281		—			—		281		43	%
2011		802		—		—		—		337		—			—		337		42	%
2012		1,252		—		—		—		336		—			—		336		27	%
		16,957		4,710		119		—		1,372		—			—		6,201		37	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE			ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		374,359		176,829		12,475		10,667		35,926		(13	)		886		236,769		63	%
2004		343,959		141,183		11,874		1,953		35,564		40			742		191,355		56	%
2005		408,514		161,261		22,242		4,075		33,816		106			904		222,403		54	%
2006		408,475		131,422		26,377		4,691		36,818		675			1,020		201,002		49	%
2007		244,490		84,214		22,977		13,508		35,809		1,091			1,085		158,684		65	%
2008		198,762		71,856		21,809		10,846		38,157		1,231			1,063		144,962		73	%
2009		208,990		65,019		27,376		10,245		58,418		1,257			1,443		163,759		78	%
2010		268,687		61,881		30,777		10,338		105,057		1,442			2,197		211,693		79	%
2011		274,305		48,969		32,830		13,721		123,563		463			2,557		222,103		81	%
2012		282,352		21,503		15,150		3,032		170,876		144			2,841		213,547		76	%
		3,012,893		964,136		223,887		83,076		674,004		6,438			14,737		1,966,277		65	%

Exhibit 24, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		15,655		33,528		54,656		87,211		105,289		129,538		149,764		167,341		175,962		178,030
2004		12,260		29,701		47,545		76,039		99,598		119,978		123,467		137,010		142,516
2005		7,021		43,489		66,614		101,193		125,679		142,333		151,884		163,436
2006		9,584		42,202		63,843		83,164		102,165		119,191		131,422
2007		5,060		19,287		33,997		49,264		70,313		84,214
2008		2,340		15,651		37,856		54,743		71,856
2009		3,803		24,067		40,381		65,019
2010		11,198		36,776		61,881
2011		17,854		48,969
2012		21,503
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		44,212		80,401		136,210		169,861		179,834		188,181		199,502		197,635		199,910		201,172
2004		33,438		71,827		108,067		123,260		148,644		155,345		146,096		152,447		156,383
2005		23,920		91,968		127,807		151,442		174,735		177,644		182,386		189,831
2006		22,712		79,904		101,988		127,030		140,813		155,516		162,489
2007		19,460		51,518		79,801		93,097		110,397		120,698
2008		9,755		49,485		77,665		96,642		104,511
2009		13,713		51,828		72,033		102,641
2010		28,908		75,312		102,997
2011		39,639		95,520
2012		39,685
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		237,125		236,859		251,009		248,583		256,376		252,380		246,369		245,913		233,189		237,098
2004		234,761		217,913		205,326		210,770		218,173		216,607		199,438		210,053		191,952
2005		248,531		227,821		247,233		239,024		241,173		233,014		228,250		223,709
2006		229,562		239,480		224,714		219,491		209,859		205,360		199,403
2007		152,843		161,448		161,195		160,995		157,166		156,539
2008		130,279		142,554		153,570		150,253		142,724
2009		141,630		157,348		153,254		161,225
2010		200,681		210,561		208,335
2011		209,711		219,420
2012		210,898

Diagonals as of 12/31

Exhibit 24, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Casualty

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		63.1	%		63.0	%		66.8	%		66.1	%		68.2	%		67.1	%		65.5	%		65.4	%		62.0	%		63.1	%
2004		67.7	%		62.9	%		59.2	%		60.8	%		62.9	%		62.5	%		57.5	%		60.6	%		55.4	%
2005		60.1	%		55.1	%		59.8	%		57.8	%		58.4	%		56.4	%		55.2	%		54.1	%
2006		55.6	%		58.0	%		54.5	%		53.2	%		50.9	%		49.8	%		48.3	%
2007		62.5	%		66.0	%		65.9	%		65.8	%		64.2	%		64.0	%
2008		65.4	%		71.6	%		77.1	%		75.4	%		71.7	%
2009		67.6	%		75.1	%		73.2	%		77.0	%
2010		74.5	%		78.2	%		77.4	%
2011		76.2	%		79.8	%
2012		74.4	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		396,400			402,390			415,020			409,313			379,112			375,657			375,773			375,725			375,776			375,879
2004		377,035			382,045			384,359			344,858			344,833			346,228			346,474			346,508			346,702
2005		429,022			455,990			410,285			410,865			414,677			412,711			412,892			413,198
2006		444,649			413,553			411,958			414,307			412,343			412,494			412,692
2007		248,625			240,401			241,136			243,331			243,955			244,722
2008		196,073			196,529			197,770			198,433			199,148
2009		202,705			206,799			209,031			209,460
2010		266,391			268,479			269,339
2011		270,439			275,106
2012		283,604
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		237,125			(266	)		14,151			(2,426	)		7,793			(3,996	)		(6,011	)		(456	)		(12,725	)		3,910			(27	)
2004		234,761			(16,848	)		(12,587	)		5,444			7,403			(1,566	)		(17,170	)		10,615			(18,100	)					(42,809	)
2005		248,531			(20,711	)		19,413			(8,210	)		2,150			(8,159	)		(4,765	)		(4,540	)								(24,822	)
2006		229,562			9,918			(14,766	)		(5,224	)		(9,631	)		(4,500	)		(5,957	)											(30,159	)
2007		152,843			8,606			(253	)		(200	)		(3,829	)		(628	)														3,696
2008		130,279			12,275			11,016			(3,317	)		(7,529	)																	12,445
2009		141,630			15,718			(4,094	)		7,971																					19,595
2010		200,681			9,880			(2,226	)																							7,654
2011		209,711			9,709																											9,709
2012		210,898
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(266	)		(2,697	)		(35,725	)		42,569			(10,963	)		1,371			(8,882	)		(12,734	)		(17,391	)		(44,718	)

Diagonals as of 12/31

Exhibit 24, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other Specialty

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		258,788		125,972		5,109		—		16,273		299		321		147,974		57	%
2004		223,078		100,132		3,909		—		7,771		18		175		112,006		50	%
2005		307,273		358,513		11,137		452		7,777		1,044		290		379,213		123	%
2006		385,425		167,383		9,113		292		8,987		265		276		186,315		48	%
2007		321,934		171,001		13,042		439		3,757		738		259		189,236		59	%
2008		151,141		48,554		8,661		1,429		6,431		952		248		66,274		44	%
2009		106,959		33,823		9,315		3,376		6,679		395		291		53,879		50	%
2010		108,069		35,221		11,539		1,534		5,944		560		285		55,084		51	%
2011		105,818		42,603		20,520		2,374		18,829		498		626		85,450		81	%
2012		105,984		23,618		14,965		2,625		57,580		557		1,128		100,473		95	%
		2,074,467		1,106,821		107,310		12,521		140,028		5,325		3,898		1,375,904		66	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		—		—		—		—		—		—		—		—		0	%
2004		—		—		—		—		—		—		—		—		0	%
2005		4,394		1,188		384		—		131		—		—		1,703		39	%
2006		8,027		—		—		—		161		—		—		161		2	%
2007		5,995		2,458		241		—		1		—		—		2,701		45	%
2008		4,063		211		142		—		4		—		—		356		9	%
2009		2,320		36		4		—		3		—		—		43		2	%
2010		1,927		61		12		—		21		—		—		95		5	%
2011		448		28		0		—		113		—		—		141		31	%
2012		1,032		—		—		—		367		—		—		367		36	%
		28,205		3,981		784		—		801		—		—		5,566		20	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		258,788		125,972		5,109		—		16,273		299		321		147,974		57	%
2004		223,078		100,132		3,909		—		7,771		18		175		112,006		50	%
2005		302,879		357,325		10,753		452		7,646		1,044		290		377,510		125	%
2006		377,398		167,383		9,113		292		8,827		265		276		186,154		49	%
2007		315,939		168,543		12,801		439		3,756		738		259		186,535		59	%
2008		147,077		48,344		8,519		1,429		6,427		952		248		65,918		45	%
2009		104,639		33,787		9,311		3,376		6,676		395		291		53,835		51	%
2010		106,142		35,160		11,527		1,534		5,922		560		285		54,989		52	%
2011		105,369		42,575		20,520		2,374		18,716		498		626		85,309		81	%
2012		104,952		23,618		14,965		2,625		57,212		557		1,128		100,106		95	%
		2,046,262		1,102,840		106,526		12,521		139,227		5,325		3,898		1,370,337		67	%

Exhibit 25, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		21,802		48,849		63,278		73,252		91,053		95,702		98,521		111,087		112,564		125,972
2004		14,168		54,990		74,409		88,335		93,134		96,377		98,825		100,129		100,132
2005		24,871		171,068		254,570		292,273		327,268		347,429		354,412		358,513
2006		7,773		104,618		128,186		142,935		155,999		163,764		167,383
2007		12,412		123,356		144,360		156,383		162,946		171,001
2008		8,836		29,663		37,795		43,460		48,554
2009		5,491		22,647		30,191		33,823
2010		6,470		25,826		35,221
2011		18,613		42,603
2012		23,618
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		53,722		89,577		93,843		98,967		112,102		111,685		113,394		119,786		129,791		131,082
2004		43,029		96,357		106,034		111,885		107,903		107,950		106,460		105,053		104,041
2005		171,755		321,988		345,361		368,426		380,882		375,813		374,897		370,102
2006		25,400		142,623		172,181		175,909		182,961		183,298		176,788
2007		37,954		162,461		176,608		183,967		185,405		184,481
2008		21,685		45,995		55,647		58,201		58,644
2009		17,247		40,358		45,584		46,514
2010		15,611		39,234		48,295
2011		35,329		65,497
2012		41,209
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		182,327		165,407		146,259		135,108		142,486		138,683		137,175		143,384		149,232		147,354
2004		157,075		157,812		136,128		132,447		123,160		121,466		117,376		115,936		111,813
2005		310,628		369,133		361,371		374,695		384,974		383,147		388,535		377,878
2006		197,805		190,833		193,106		188,575		193,634		192,791		185,775
2007		213,846		191,798		191,906		194,157		191,354		188,239
2008		95,430		76,636		74,166		64,264		65,075
2009		73,057		60,939		55,967		53,194
2010		66,020		55,982		54,238
2011		80,908		84,327
2012		98,788

Diagonals as of 12/31

Exhibit 25, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other Specialty

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		70.5	%		63.9	%		56.5	%		52.2	%		55.1	%		53.6	%		53.0	%		55.4	%		57.7	%		56.9	%
2004		70.4	%		70.7	%		61.0	%		59.4	%		55.2	%		54.5	%		52.6	%		52.0	%		50.1	%
2005		101.1	%		120.1	%		117.6	%		121.9	%		125.3	%		124.7	%		126.4	%		123.0	%
2006		51.3	%		49.5	%		50.1	%		48.9	%		50.2	%		50.0	%		48.2	%
2007		66.4	%		59.6	%		59.6	%		60.3	%		59.4	%		58.5	%
2008		63.1	%		50.7	%		49.1	%		42.5	%		43.1	%
2009		68.3	%		57.0	%		52.3	%		49.7	%
2010		61.1	%		51.8	%		50.2	%
2011		76.5	%		79.7	%
2012		93.2	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		251,773			254,994			259,526			258,292			258,120			258,168			258,610			258,697			258,810			258,788
2004		215,503			219,999			221,490			221,914			222,277			222,517			223,030			223,085			223,078
2005		317,314			309,111			309,157			310,274			310,095			307,810			307,264			307,273
2006		373,808			380,430			384,799			384,982			385,879			385,660			385,425
2007		312,054			321,806			322,865			321,709			321,892			321,934
2008		149,507			150,613			150,938			151,003			151,141
2009		104,246			106,248			106,680			106,959
2010		106,194			107,948			108,069
2011		104,490			105,818
2012		105,984
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		182,327			(16,919	)		(19,149	)		(11,151	)		7,378			(3,803	)		(1,508	)		6,210			5,847			(1,877	)		(34,972	)
2004		157,075			737			(21,684	)		(3,681	)		(9,287	)		(1,695	)		(4,090	)		(1,440	)		(4,124	)					(45,263	)
2005		310,628			58,505			(7,762	)		13,324			10,279			(1,827	)		5,388			(10,657	)								67,250
2006		197,805			(6,972	)		2,273			(4,531	)		5,059			(842	)		(7,017	)											(12,030	)
2007		213,846			(22,048	)		108			2,251			(2,803	)		(3,115	)														(25,608	)
2008		95,430			(18,794	)		(2,470	)		(9,903	)		811																		(30,355	)
2009		73,057			(12,119	)		(4,972	)		(2,773	)																				(19,864	)
2010		66,020			(10,038	)		(1,744	)																							(11,782	)
2011		80,908			3,418																											3,418
2012		98,788
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(16,919	)		(18,412	)		25,670			(11,036	)		(19,541	)		(16,141	)		(6,986	)		(18,763	)		(27,077	)		(109,205	)

Diagonals as of 12/31

Exhibit 25, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		319,224		28,868		71		—		11,857		4		179		40,979		13	%
2004		335,317		58,427		276		—		19,044		241		290		78,278		23	%
2005		371,991		183,516		25,068		—		32,651		409		922		242,566		65	%
2006		468,084		129,903		16,168		—		53,051		1,089		1,599		201,811		43	%
2007		668,520		292,884		42,921		—		95,171		6,738		3,058		440,771		66	%
2008		1,331,239		845,554		148,663		—		115,051		8,132		5,284		1,122,685		84	%
2009		1,268,629		716,539		59,834		0		180,307		12,402		6,050		975,132		77	%
2010		1,118,124		413,277		77,427		—		214,748		6,282		8,044		719,778		64	%
2011		1,410,064		1,150,758		55,859		—		272,780		5,812		10,230		1,495,438		106	%
2012		1,427,123		803,802		439,047		—		370,221		956		12,769		1,626,795		114	%
		8,718,317		4,623,528		865,333		0		1,364,880		42,066		48,425		6,944,233		80	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		2,656		41		—		—		262		—		—		303		11	%
2004		2,764		2,460		28		—		2		—		—		2,490		90	%
2005		13,217		4,140		24		—		1,182		—		—		5,346		40	%
2006		99,662		19,393		10,779		—		6,319		—		—		36,491		37	%
2007		178,020		28,079		10,831		—		13,072		—		—		51,982		29	%
2008		403,418		293,126		6,924		—		14,932		—		—		314,982		78	%
2009		429,722		282,816		8,193		—		35,515		—		—		326,524		76	%
2010		297,321		68,528		20,552		—		45,526		—		—		134,606		45	%
2011		423,386		598,206		10,790		—		68,044		—		—		677,040		160	%
2012		476,552		310,979		311,519		—		103,524		—		—		726,022		152	%
		2,326,719		1,607,768		379,640		—		288,379		—		—		2,275,786		98	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		316,568		28,827		71		—		11,595		4		179		40,676		13	%
2004		332,553		55,968		248		—		19,041		241		290		75,788		23	%
2005		358,774		179,376		25,044		—		31,469		409		922		237,220		66	%
2006		368,422		110,509		5,389		—		46,733		1,089		1,599		165,320		45	%
2007		490,500		264,805		32,090		—		82,099		6,738		3,058		388,789		79	%
2008		927,821		552,428		141,739		—		100,119		8,132		5,284		807,703		87	%
2009		838,907		433,723		51,641		0		144,792		12,402		6,050		648,608		77	%
2010		820,803		344,749		56,875		—		169,222		6,282		8,044		585,172		71	%
2011		986,678		552,552		45,068		—		204,736		5,812		10,230		818,398		83	%
2012		950,571		492,823		127,528		—		266,696		956		12,769		900,773		95	%
		6,391,598		3,015,760		485,693		0		1,076,501		42,066		48,425		4,668,447		73	%

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 26, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Segment

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		1,510		13,600		17,539		19,566		19,864		22,746		23,579		25,311		28,876		28,868
2004		3,398		21,927		27,489		35,801		39,731		43,189		49,016		49,316		58,427
2005		27,859		95,885		149,310		168,876		166,934		182,862		183,273		183,516
2006		10,491		40,999		63,387		96,193		101,176		106,679		129,903
2007		21,742		71,720		115,567		226,160		262,819		292,884
2008		388,201		700,308		775,859		811,835		845,554
2009		431,322		620,574		688,198		716,539
2010		231,062		368,446		413,277
2011		913,277		1,150,758
2012		803,802
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		17,070		24,723		28,351		30,231		30,248		34,198		32,911		28,643		29,001		28,939
2004		25,158		44,050		40,870		44,072		45,511		45,810		49,955		52,956		58,703
2005		162,356		191,470		188,076		202,257		208,841		208,497		208,771		208,584
2006		52,002		85,148		88,725		103,453		106,931		140,717		146,071
2007		55,424		143,067		230,310		285,065		307,041		335,804
2008		716,004		787,315		889,932		947,680		994,217
2009		658,687		718,566		744,823		776,373
2010		381,557		469,537		490,704
2011		1,150,257		1,206,617
2012		1,242,849
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		187,182		157,666		135,093		122,824		108,289		101,174		88,016		56,978		49,839		40,796
2004		220,054		185,178		173,979		161,078		134,630		117,299		90,983		81,295		77,747
2005		399,700		371,146		352,306		322,107		300,617		279,963		251,190		241,235
2006		323,552		296,178		263,441		235,399		208,132		212,417		199,122
2007		412,383		433,302		448,630		436,651		421,636		430,975
2008		1,124,246		1,050,024		1,104,389		1,114,059		1,109,268
2009		986,895		989,688		961,775		956,680
2010		761,227		717,555		705,452
2011		1,512,519		1,479,396
2012		1,613,070

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 26, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Segment

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		58.6	%		49.4	%		42.3	%		38.5	%		33.9	%		31.7	%		27.6	%		17.8	%		15.6	%		12.8	%
2004		65.6	%		55.2	%		51.9	%		48.0	%		40.2	%		35.0	%		27.1	%		24.2	%		23.2	%
2005		107.4	%		99.8	%		94.7	%		86.6	%		80.8	%		75.3	%		67.5	%		64.8	%
2006		69.1	%		63.3	%		56.3	%		50.3	%		44.5	%		45.4	%		42.5	%
2007		61.7	%		64.8	%		67.1	%		65.3	%		63.1	%		64.5	%
2008		84.5	%		78.9	%		83.0	%		83.7	%		83.3	%
2009		77.8	%		78.0	%		75.8	%		75.4	%
2010		68.1	%		64.2	%		63.1	%
2011		107.3	%		104.9	%
2012		113.0	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		318,803			319,320			319,065			319,177			319,155			319,221			319,222			319,222			319,224			319,224
2004		337,723			335,088			335,142			335,096			335,094			335,294			335,302			335,313			335,317
2005		371,938			371,227			370,909			370,798			371,034			371,039			371,983			371,991
2006		467,452			468,689			468,234			468,320			468,609			468,010			468,084
2007		673,105			673,876			668,874			668,658			668,431			668,520
2008		1,322,993			1,307,782			1,307,066			1,319,246			1,331,239
2009		1,268,938			1,268,805			1,268,750			1,268,629
2010		1,117,316			1,118,187			1,118,124
2011		1,406,871			1,410,064
2012		1,427,123
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		187,182			(29,516	)		(22,573	)		(12,269	)		(14,535	)		(7,115	)		(13,158	)		(31,038	)		(7,139	)		(9,042	)		(146,386	)
2004		220,054			(34,876	)		(11,199	)		(12,901	)		(26,447	)		(17,332	)		(26,316	)		(9,688	)		(3,548	)					(142,307	)
2005		399,700			(28,554	)		(18,840	)		(30,199	)		(21,490	)		(20,654	)		(28,773	)		(9,955	)								(158,466	)
2006		323,552			(27,373	)		(32,737	)		(28,042	)		(27,267	)		4,285			(13,295	)											(124,429	)
2007		412,383			20,920			15,328			(11,979	)		(15,016	)		9,339															18,592
2008		1,124,246			(74,222	)		54,365			9,670			(4,790	)																	(14,977	)
2009		986,895			2,793			(27,913	)		(5,096	)																				(30,216	)
2010		761,227			(43,672	)		(12,102	)																							(55,774	)
2011		1,512,519			(33,123	)																										(33,123	)
2012		1,613,070
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(29,516	)		(57,449	)		(52,022	)		(73,650	)		(75,578	)		(138,916	)		(60,097	)		(118,245	)		(81,613	)		(687,086	)

Diagonals as of 12/31

Insurance – Agriculture gross is gross of FCIC cession

Exhibit 26, Page 3

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment

ITD SUMMARY

Gross
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		1,388,400		490,254		19,189		10,667		52,758		317		1,239		574,423		41	%
2004		1,313,741		604,319		18,205		2,282		43,642		162		962		669,571		51	%
2005		1,437,742		1,362,947		42,603		8,267		51,271		1,273		1,532		1,467,893		102	%
2006		1,440,065		494,438		38,238		5,033		51,925		1,094		1,428		592,155		41	%
2007		1,111,148		392,313		37,929		14,097		43,202		3,135		1,428		492,103		44	%
2008		858,127		387,730		39,284		13,169		48,487		7,702		1,514		497,887		58	%
2009		825,009		191,027		41,714		13,992		68,388		2,975		1,861		319,957		39	%
2010		921,434		254,169		91,351		13,422		117,278		3,429		3,331		482,979		52	%
2011		977,263		536,837		230,533		29,648		188,561		2,143		6,729		994,451		102	%
2012		1,065,941		117,330		180,506		59,863		370,257		661		9,159		737,776		69	%
		11,338,869		4,831,364		739,552		170,439		1,035,768		22,890		29,184		6,829,196		60	%
Ceded
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		33,454		1,023		—		—		5		—		—		1,029		3	%
2004		8,553		7,253		40		—		6		—		—		7,299		85	%
2005		15,347		9,488		462		—		194		—		—		10,144		66	%
2006		18,173		—		—		—		256		—		—		256		1	%
2007		26,198		2,458		241		—		33		—		—		2,732		10	%
2008		20,514		211		142		—		60		—		—		412		2	%
2009		7,758		36		4		—		170		—		—		210		3	%
2010		9,793		62		12		—		304		—		—		378		4	%
2011		14,035		7,596		1,624		523		1,116		—		—		10,859		77	%
2012		26,889		3,175		3,032		3,042		3,775		—		—		13,024		48	%
		180,715		31,302		5,557		3,565		5,919		—		—		46,343		26	%
Net
Accident Year	Earned Premium		Paid Loss & ALAE		Case Reserves & ALAE		Additional Case Reserves		IBNR		PaidULAE		ULAE Reserve		Ultimate Loss & LAE		Ultimate Loss & LAE Ratio
2003 & Prior		1,354,946		489,230		19,189		10,667		52,753		317		1,239		573,395		42	%
2004		1,305,188		597,066		18,164		2,282		43,636		162		962		662,272		51	%
2005		1,422,394		1,353,459		42,141		8,267		51,077		1,273		1,532		1,457,749		102	%
2006		1,421,892		494,438		38,238		5,033		51,669		1,094		1,428		591,899		42	%
2007		1,084,949		389,855		37,687		14,097		43,169		3,135		1,428		489,371		45	%
2008		837,613		387,520		39,143		13,169		48,427		7,702		1,514		497,476		59	%
2009		817,251		190,991		41,710		13,992		68,219		2,975		1,861		319,747		39	%
2010		911,640		254,107		91,338		13,422		116,973		3,429		3,331		482,601		53	%
2011		963,228		529,241		228,909		29,125		187,445		2,143		6,729		983,591		102	%
2012		1,039,052		114,155		177,475		56,820		366,483		661		9,159		724,752		70	%
		11,158,154		4,800,063		733,994		166,873		1,029,850		22,890		29,184		6,782,853		61	%

Exhibit 27, Page 1

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Segment

GROSS BASIS

Paid Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		101,069		208,420		270,932		331,517		376,229		408,368		432,714		461,103		471,944		490,254
2004		125,052		343,904		437,267		503,665		542,375		572,501		584,520		601,130		604,319
2005		272,247		779,202		1,052,443		1,192,425		1,289,084		1,321,657		1,341,317		1,362,947
2006		55,559		269,911		353,241		402,750		448,935		477,677		494,438
2007		51,063		248,044		304,084		340,935		369,911		392,313
2008		102,135		237,073		307,473		348,218		387,730
2009		37,692		120,193		157,475		191,027
2010		61,665		190,824		254,169
2011		267,443		536,837
2012		117,330
Case Incurred Loss & ALAE (incl ACRs)	12		24		36		48		60		72		84		96		108		120
2003 & Prior		247,133		358,341		415,598		462,616		484,836		492,427		504,668		504,974		516,377		520,109
2004		306,062		525,765		580,019		600,642		621,734		628,683		620,432		624,518		624,806
2005		808,171		1,269,349		1,357,069		1,403,469		1,430,812		1,405,440		1,408,434		1,413,818
2006		154,697		382,687		449,193		490,210		522,805		538,373		537,709
2007		153,014		364,978		398,983		418,470		436,177		444,338
2008		240,543		348,258		405,554		430,260		440,184
2009		95,977		189,080		215,428		246,732
2010		166,842		298,883		358,942
2011		555,588		797,018
2012		357,699
Ultimate Loss & ALAE	12		24		36		48		60		72		84		96		108		120
2003 & Prior		749,000		646,720		611,149		601,201		598,932		588,605		579,874		580,557		572,857		572,867
2004		870,102		807,231		734,526		719,429		714,850		711,414		692,735		700,185		668,447
2005		1,413,412		1,510,040		1,504,321		1,506,125		1,511,788		1,479,330		1,480,547		1,465,088
2006		666,614		618,942		604,872		606,005		612,310		604,423		589,634
2007		552,470		521,748		501,229		501,591		492,688		487,540
2008		533,998		505,456		509,923		496,979		488,671
2009		359,704		333,625		311,232		315,120
2010		543,673		505,248		476,219
2011		963,227		985,579
2012		727,956

Diagonals as of 12/31

Exhibit 27, Page 2

Valuation Date: December 31, 2012	ENDURANCE SPECIALTY HOLDINGS LIMITED
Values in Thousands USD (1.6255 USD/GBP)	ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Segment

GROSS BASIS

Ultimate Loss & ALAE Ratio	12			24			36			48			60			72			84			96			108			120
2003 & Prior		53.9	%		46.6	%		44.0	%		43.3	%		43.1	%		42.4	%		41.8	%		41.8	%		41.3	%		41.3	%
2004		66.2	%		61.4	%		55.9	%		54.8	%		54.4	%		54.2	%		52.7	%		53.3	%		50.9	%
2005		98.3	%		105.0	%		104.6	%		104.8	%		105.2	%		102.9	%		103.0	%		101.9	%
2006		46.3	%		43.0	%		42.0	%		42.1	%		42.5	%		42.0	%		40.9	%
2007		0.542477136			0.537099151			0.533880426			0.527268231			0.513785048			0.516115856			0			0			0			0			0
2008		62.2	%		58.9	%		59.4	%		57.9	%		56.9	%
2009		43.6	%		40.4	%		37.7	%		38.2	%
2010		59.0	%		54.8	%		51.7	%
2011		98.6	%		100.9	%
2012		68.3	%
Earned Premium	12			24			36			48			60			72			84			96			108			120
2003 & Prior		1,363,909			1,381,947			1,395,463			1,387,656			1,388,690			1,387,804			1,388,425			1,388,404			1,388,321			1,388,400
2004		1,279,918			1,304,941			1,308,206			1,310,646			1,311,420			1,312,872			1,313,937			1,313,532			1,313,741
2005		1,419,006			1,436,061			1,440,268			1,441,724			1,443,059			1,438,871			1,437,431			1,437,742
2006		1,395,070			1,430,440			1,438,047			1,440,854			1,439,708			1,439,703			1,440,065
2007		1,105,936			1,107,996			1,108,461			1,109,791			1,110,386			1,111,148
2008		854,037			857,544			858,137			858,063			858,127
2009		818,946			823,863			824,986			825,009
2010		917,427			923,517			921,434
2011		969,372			977,263
2012		1,065,941
Loss Emergence	@ 12			12 - 24			24 - 36			36 - 48			48 - 60			60 - 72			72 - 84			84 - 96			96 - 108			108 - 120			Total Development
2003 & Prior		749,000			(102,280	)		(35,572	)		(9,948	)		(2,269	)		(10,327	)		(8,731	)		682			(7,700	)		11			(176,133	)
2004		870,102			(62,871	)		(72,706	)		(15,097	)		(4,578	)		(3,436	)		(18,679	)		7,450			(31,738	)					(201,655	)
2005		1,413,412			96,628			(5,719	)		1,804			5,663			(32,458	)		1,217			(15,459	)								51,676
2006		666,614			(47,672	)		(14,070	)		1,133			6,305			(7,887	)		(14,789	)											(76,980	)
2007		552,470			(30,721	)		(20,519	)		362			(8,903	)		(5,148	)														(64,929	)
2008		533,998			(28,542	)		4,467			(12,944	)		(8,308	)																	(45,326	)
2009		359,704			(26,080	)		(22,392	)		3,888																					(44,584	)
2010		543,673			(38,425	)		(29,029	)																							(67,454	)
2011		963,227			22,352																											22,352
2012		727,956
Calendar Year	CY 2003			CY 2004			CY 2005			CY 2006			CY 2007			CY 2008			CY 2009			CY 2010			CY 2011			CY 2012			Total Development
		N/A			(102,280	)		(98,443	)		13,974			(70,757	)		(57,893	)		(54,433	)		(65,400	)		(89,584	)		(78,220	)		(603,034	)

Diagonals as of 12/31

Exhibit 27, Page 3