Form 8-K ENDURANCE SPECIALTY HOLD For: Feb 11

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

February 11, 2015

Date of Report (Date of earliest event reported)

Endurance Specialty Holdings Ltd.

(Exact name of registrant as specified in its charter)

Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda

(Address of principal executive offices, including zip code)

(441) 278-0400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

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

Beginning on February 12, 2015, executives of the Company will present the information about the Company described in the slides attached to this report as Exhibit 99.1 to various investors. The slides set forth in Exhibit 99.1 are incorporated by reference herein.

In accordance with general instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including exhibits, furnished pursuant to Item 7.01 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Accordingly, the information in Item 7.01 of this Current Report on Form 8-K will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current Report on Form 8-K is not intended to, and does not, constitute a determination or admission by the Company that the information in this Current Report on Form 8-K is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or any of its affiliates.

The following exhibit is filed as part of this report:

SIGNATURES

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

EXHIBIT INDEX

Endurance Specialty Holdings Investor Presentation December 31, 2014 Exhibit 99.1

Safe Harbor for Forward Looking Statements Some of the statements in this presentation may include forward-looking statements which reflect our current views with respect to future events and financial performance. Such statements include forward-looking statements both with respect to us in general and the insurance and reinsurance sectors specifically, both as to underwriting and investment matters. Statements which include the words "should," "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," and similar statements of a future or forward- looking nature identify forward-looking statements in this presentation for purposes of the U.S. federal securities laws or otherwise. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995. All forward-looking statements address matters that involve risks and uncertainties.  Accordingly, there are or may be important factors that could cause actual results to differ materially from those indicated in the forward-looking statements. These factors include, but are not limited to, the effects of competitors’ pricing policies, greater frequency or severity of claims and loss activity, changes in market conditions in the agriculture insurance industry, termination of or changes in the terms of the U.S. multiple peril crop insurance program, a decreased demand for property and casualty insurance or reinsurance, changes in the availability, cost or quality of reinsurance or retrocessional coverage, our inability to renew business previously underwritten or acquired, our inability to maintain our applicable financial strength ratings, our inability to effectively integrate acquired operations, uncertainties in our reserving process, changes to our tax status, changes in insurance regulations, reduced acceptance of our existing or new products and services, a loss of business from and credit risk related to our broker counterparties, assessments for high risk or otherwise uninsured individuals, possible terrorism or the outbreak of war, a loss of key personnel, political conditions, changes in insurance regulation, changes in accounting policies, our investment performance, the valuation of our invested assets, a breach of our investment guidelines, the unavailability of capital in the future, developments in the world’s financial and capital markets and our access to such markets, government intervention in the insurance and reinsurance industry, illiquidity in the credit markets, changes in general economic conditions and other factors described in our most recently filed Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the period ended June 30, 2014. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation publicly to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Regulation G Disclaimer In this presentation, management has included and discussed certain non-GAAP measures.  Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain the Company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the Company's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. For a complete description of non-GAAP measures and reconciliations, please review the Investor Financial Supplement on our web site at www.endurance.bm. The combined ratio is the sum of the loss, acquisition expense and general and administrative expense ratios.  Endurance presents the combined ratio as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.  The combined ratio, excluding prior year net loss reserve development, enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of underwriting activities in a manner similar to how management analyzes Endurance’s underlying business performance.  The combined ratio, excluding prior year net loss reserve development, should not be viewed as a substitute for the combined ratio. Net premiums written is a non-GAAP internal performance measure used by Endurance in the management of its operations.  Net premiums written represents net premiums written and deposit premiums, which are premiums on contracts that are deemed as either transferring only significant timing risk or transferring only significant underwriting risk and thus are required to be accounted for under GAAP as deposits.  Endurance believes these amounts are significant to its business and underwriting process and excluding them distorts the analysis of its premium trends.  In addition to presenting gross premiums written determined in accordance with GAAP, Endurance believes that net premiums written enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of underwriting activities in a manner similar to how management analyzes Endurance’s underlying business performance. Net premiums written should not be viewed as a substitute for gross premiums written determined in accordance with GAAP. Return on Equity (ROE) is comprised using the average common equity calculated as the arithmetic average of the beginning and ending common equity balances for stated periods. The Company presents various measures of Return on Equity that are commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. Forward looking statements & regulation G disclaimer 2

• “A” ratings from A.M. Best and S&P • $3.7 billion of total capital • Conservative, short-duration, AA- rated investment portfolio • Prudent reserves that have historically developed favorably since our inception • Diversified and efficient capital structure • Since inception, returned nearly $2.1 billion to investors through dividends and share repurchases Endurance Has Strong Foundation to Build on Strong balance sheet, diversified portfolio and robust infrastructure 3 Strategic Initiatives • Substantially expanded global underwriting and leadership talent • Optimized balance of insurance and reinsurance portfolios to lower volatility and improve profitability • Increased strategic purchases of reinsurance and retrocession to support growth and manage cycle • Streamlined support operations to generate significant savings to fund underwriting additions • Financial results beginning to reflect transformation initiatives Diversified Portfolio of Businesses • Portfolio of $2.9 billion gross premiums written for full year 2014 • Diversified book of business containing insurance and reinsurance exposures as well as short tail and long tail lines of business • Proven leader in the U.S. agriculture insurance industry • Focus on specialty lines of business, with market recognized, industry- leading talent Strong Balance Sheet and Capital Strong and seasoned franchise • Inception to date operating ROE of 11.1% • 10 year book value per share plus dividends CAGR of 10.0% • Continuous improvement in performance and market positioning

Larger book of business with lower volatility and improved return characteristics We Have Transformed Our Specialty Insurance and Reinsurance Businesses Starting in 2013 we rebalanced our insurance and reinsurance portfolios while expanding our global underwriting talent to enhance our positioning and relevance in the market The core of our underwriting leadership and talent is now firmly embedded throughout our organization. Our goal is to produce a more consistent level of profitability while reducing volatility in order to deliver excellent sustainable results for our shareholders. 4 Restructured business • Withdrawal from unprofitable lines and accounts • Management of limits • Strategic purchases of reinsurance and retrocessional coverages Improved underwriting talent • Attracted and retained teams of high quality underwriters • Expanded underwriting and product capabilities in insurance and reinsurance specialty lines • Newly added teams are generating strong premium flows with improved margins Expanding our international  operations • Launched London based international insurance operation and began writing in January 2014 • Zurich based marine and energy reinsurance team started in August 2014 • Expanded catastrophe reinsurance presence in Singapore Restructured operations • Streamlined leadership and operations  to create efficiencies

Specialty Insurance Strategic Direction – Scale, Balance and Diversification Expanded underwriting talent, refocused underwriting, rebalanced portfolio and improved positioning and relevance in the global market 5 2012 $1.43B 2014 $1.72B Insurance Gross Premiums Written Agriculture 63% U.S. Specialty 23% Bermuda 14% Agriculture 50% U.S. Specialty 31% Bermuda 11% London 7% • Improved market presence through hiring of nearly 150 world class specialty underwriters in the U.S and London • Increased market relevance with expanded geographies and products including: U.S. (Primary and excess casualty, inland and ocean marine, numerous professional liability classes, E&S property and commercial property) and London (energy, property and professional lines) • Rebalanced portfolio by managing limits and by reducing unprofitable classes of business including NY City contractors, DIC property, and numerous casualty exposures while growing diversified specialty lines Rebalancing Specialty Growth Paired With

Reinsurance Strategic Direction – Portfolio Enhancement Enhanced profitability by recruiting top flight underwriting talent, developing strategic partnerships with key clients and brokers, and improving underwriting and risk selection 6 2012 $1.12B 2014 $1.18B Reinsurance Gross Premiums Written Specialty 18% Property 24% Catastrophe 29% Professional 15% • Expanded specialty focus through hiring of industry leading  specialty teams in Trade Credit and Surety, Marine and Energy and Agriculture • Improved balance and profit potential through re-underwriting and non-renewals in:  treaty property, UK Motor, low margin casualty treaties as well as numerous contracts that no longer met our profit targets • Enhanced leadership team and hired highly regarded North American team of underwriters - Significantly expanded profitable U.S. casualty and professional lines quota share business • Further expanded our international specialty book by an additional $70 million at 1/1/2015 renewals Rebalancing Specialty Growth Casualty 14% Specialty 11% Property 31% Catastrophe 34% Professional 5% Casualty 19% Paired With

Portfolio Diversified by Product, Distribution Source and Geography The transformation of Endurance has expanded product and geographic diversification 7 Full Year 2014 Gross Premiums Written: $2.9 Billion Reinsurance (41%) Insurance (59%) Casualty Professional Liability Property Per Risk Small Business Surety Clash Americas Property Catastrophe Asia Property Catastrophe Europe Property Catastrophe Workers Compensation Catastrophe U.S. Sponsored Multi Peril Crop Insurance (MPCI) Hail and other named peril covers Professional Lines Property Primary and Excess Casualty Miscellaneous E&O Healthcare Ocean/Inland Marine Surety Healthcare Excess Casualty Professional Lines Europe P&C 3% Bermuda 6% U.S. Specialty 19% Global Catastrophe 12% North America 17% Agriculture 30% Global Specialty 7% Aviation & Space Marine & Energy Agriculture (International) Trade Credit, Surety and Political Risk Structured Reinsurance Weather Personal Accident Asia P&C 2% International 4% Property Professional Lines Energy

Endurance’s Financial Results Diluted book value per common share has grown strongly 8 Growth in Diluted Book Value Per Common Share ($) From December 31, 2001 – December 31, 2014 • 2005 – Hurricanes Katrina, Rita and Wilma • 2008 – Credit crisis and related impact of marking assets to market • 2009 – Post crisis asset recovery • 2011 – High frequency of global catastrophes • 2012 – Superstorm Sandy and Midwest drought Significant Impacts to Book Value

Excellent Financial Strength and Risk Based Capital Position Strong flexibility to pursue value enhancing growth initiatives Endurance has significantly expanded its risk based capital position through strong results, prudent catastrophe risk management and leverage of reinsurance market while also returning nearly $2.1 billion to shareholders since inception through share repurchases and dividends. We maintain excellent financial strength and flexibility to pursue our strategic objectives and profitably grow our business for the benefit of our shareholders. 9 Significantly Reduced Catastrophe Exposures Excellent Financial Strength with Diversified Capital Base

• Fixed maturity portfolio duration is 2.9 years in order to balance investment yield and interest rate risk • Investment quality (AA- average) has remained high as the portfolio is conservatively managed in a challenging economy – 36.5% of investments are cash/short term or US backed – Minimal exposure to sovereign debt or bank debt of European peripheral countries • Increased allocations to non-core fixed income to diversify portfolio, improve return potential and reduce interest rate risk • Other investments of $541.5 million consist of alternative funds (89.7%) and specialty funds (10.3%) – Alternative funds predominantly include hedge funds; complemented with some private equity funds. Hedge funds are mostly a balanced mix of credit and equity oriented strategies. – Specialty funds include high yield loan  funds Conservatively Positioned Investment Portfolio Endurance maintains a high quality, short duration investment portfolio 10 $6.6 Billion Investment Portfolio at December 31, 2014 Cash and Short Term 9.7% U.S. Government / and U.S. Government Backed – 26.8% Municipals and Foreign Government 4.2% Other Investments 8.2% Asset Backed and Non Agency Mortgage Backed – 25.6% Corporate Securities 20.5% Equities 5.0% Investment Portfolio Highlights

• Endurance has undergone a fundamental transformation to improve profitability and enhance market relevance – Since John Charman joined Endurance in mid 2013 as Chairman and CEO Endurance has meaningfully expanded its global specialty insurance and reinsurance capabilities – Endurance has rebalanced its insurance and reinsurance portfolios to lower volatility and improve profitability • Benefits started to emerge in 2014 and should continue • Endurance maintains excellent balance sheet strength and liquidity – Capital levels meaningfully exceed rating agency minimums, providing support for growth – High quality investment portfolio; fixed maturity investments have an average credit quality of AA- – Prudent reserving philosophy and strong reserve position; strong, consistent  history of favorable development • While market conditions are increasingly competitive, the outlook for Endurance remains attractive – Industry leading specialty underwriting talent driving growth and improved underwriting and risk selection;  accident year loss ratios improved in both segments during 2014 – Active management of exposures and reinsurance purchases has reduced expected portfolio volatility – Expanded footprint of our specialty insurance and reinsurance franchise is improving market presence and relevance Conclusion Endurance is a compelling investment opportunity 11

Appendix

Overview of ARMtech

• Multi Peril Crop Insurance (MPCI) is an insurance product regulated by the USDA that provides farmers with yield or revenue protection – Offered by 19 licensed companies – Pricing is set by the government and agent compensation limits are also imposed - no pricing cycle exists – Reduced downside risks due to Federally sponsored reinsurance and loss sharing – Agriculture insurance provides strong return potential, diversification in Endurance’s portfolio of (re)insurance risks and is an efficient user of capital • ARMtech is a leading specialty crop insurance business – Approximate 8% market share in MPCI (with estimated 183,000 total agriculture policies in force) and is 5th largest of 19 MPCI industry participants – MPCI 2014 crop year* estimated gross written premiums of $806 million – Portfolio is well diversified by geography and by crop • ARMtech was founded by software developers and has maintained a strong focus on providing industry leading service through leveraging technology • Endurance purchased ARMtech in December 2007 at a purchase price of approximately $125 million – ARMtech has grown MPCI policy count by 50.4% since 2007 Overview of ARMtech ARMtech has been a strong contributor to Endurance since its acquisition 14 *    2014 crop year is defined as July 1, 2013 through June 30, 2014

• ARMtech has built a market leading specialty crop insurance business through its focus on offering excellent service supported by industry leading technology. • MPCI policy count has grown 50.4% over the past seven years in a line of business not subject to the property/casualty pricing cycle. • ARMtech is a leader in using technology to deliver high quality service and to satisfy the intense compliance and documentation standards imposed on the industry by the U.S. Federal Government. • 2014 industry premiums impacted by decline in commodity prices ARMtech is a Leader in Crop Insurance ARMtech’s focus on technology and service has allowed it to steadily grow its business 15 Written Premiums and Policy Counts by Crop Year Using technology and service to expand premiums ARMtech has demonstrated its ability to grow market share and premiums over time through its leading edge technology and superior delivery of service and compliance. *    Estimated 2014 crop year premiums and policy count **  Reflects cessions to the Federal Government as part of the MPCI Program and not third party reinsurance purchases

• 2014 estimated crop year MPCI net written premiums of $469.0 million*** are 12.1% lower than crop year 2013 – Commodity prices for spring crops declined 12% on average compared to a year ago – Estimated policy count growth of approximately 4% • The portfolio of 2014 crop risk is balanced by crop and geography • Purchased excess of loss reinsurance to reimburse for losses from 85% to 96% on MPCI portfolio • The decline in estimated 2014 crop year MPCI net written premiums is principally due to declines in crop commodity prices. ARMtech is Increasing  Market Share and Geographic  Diversification 2012 through 2014 were very strong marketing years for ARMtech ARMtech continues to focus on diversifying its business geographically while managing its exposure to Texas through active use of available reinsurance protections. 16 Estimated 2014 Net Written Crop Year Premiums *  Group One States – IL, IN, IA, MN, NE Group Two States – States other  than Group One and Group Three states Group Three States – CT, DE, MA, MD, NV, NH, NJ, NY, PA, UT, WY, WV ** Estimated 2014 crop year premiums ***  Reflects cessions to the Federal Government as         part of the MPCI Program and not third party reinsurance purchases MPCI Net Written Premiums  by Crop Year and State Grouping *,***

• While individual states can produce large loss ratios, the U.S. Federal reinsurance program has historically reduced loss ratio volatility. • ARMtech’s business has historically produced stable profits over time after reflecting the reinsurance terms set out in the current standard crop reinsurance agreement – Historic average loss ratio post U.S. Federal cessions has been 82.8% (adjusted for the 2011 Federal reinsurance terms) – The best year was 2007 with a 69.8% net loss ratio and the worst was 2012 with a 104.0% net MPCI loss ratio – ARMtech’s current expense run rate after the A&O subsidy is approximately 7% - 8% Agriculture Insurance is Not Correlated with the P&C Cycle FCIC reinsurance lowers volatility 17 Stable Results in Volatile Times Historic MPCI Crop Year Loss Ratio Results  (Pre and Post Federal Reinsurance) While individual states can produce highly varied gross loss ratios on a year to year basis, the U.S. Federal reinsurance program has historically mitigated that volatility and leaves ARMtech with a business which is not correlated to the traditional P&C pricing cycle and has high risk adjusted return potential.

Overview of ARMtech ARMtech’s recognition of premiums and earnings are influenced by growing seasons 18 Seasonality of MPCI Business First Quarter Third Quarter Second Quarter Recognition of annual written premiums 60% - 65% Spring crops 20% - 25% Spring crop acreage report adjustments Winter crops 10% - 15% Spring crop  adjustments due to actual cessions 5% - 10% Winter crop adjustments Recognition of annual earned premiums 10%-15% Largely driven by winter crops 30% - 35% Largely driven by spring crops 25% - 30% Driven by spring crops and winter crops 25% - 30% Largely driven by spring crops Harvest Harvest of winter crops Harvest of spring crops Fourth Quarter Commodity price setting Setting of base prices for spring crops (forward commodity price for fourth quarter) Setting of base prices for winter crops (forward commodity price for second quarter) Harvest price determined for winter crops Harvest price determined for spring crops

Geographic Diversification of Crop Insurance Business ARMtech maintains a geographically diversified portfolio of risk 19

Diversification of Crops Within ARMtech’s Portfolio Underwritten risks diversified by geography and commodity type 20 ARMtech’s 2014 Estimated Crop Year MPCI Net Written Premiums Iowa – 6.3% Nebraska – 3.5% Minnesota – 2.9% Indiana – 2.2% Texas – 1.9% South Dakota – 1.7% Missouri – 1.6% North Dakota – 1.3% Illinois – 1.2% Colorado – 1.0% Kentucky – 0.9% Ohio – 0.6% Tennessee – 0.6% Mississippi – 0.5% South Carolina – 0.4% Wisconsin – 0.4% Kansas – 0.4% Arkansas – 0.2% All other states – 1.4% Corn (29.0%) Texas – 12.0% Georgia – 1.9% Alabama – 0.7% Mississippi – 0.6% South Carolina – 0.5% All other states – 1.0% Cotton (16.7%) Soybeans (20.8%) Other Crops (20.2%) Wheat (13.3%) Texas – 3.4% Colorado – 1.6% North Dakota – 1.4% Oklahoma – 1.2% Idaho – 0.9% Montana – 0.7% All other states – 4.1% Pasture, Rangeland, Forage – 2.6% Citrus, Nursery & Orange Trees - 2.5% Grain Sorghum – 2.2% Peanuts – 1.5% Apples – 1.4% Potatoes – 1.1% Tobacco – 1.0% Dry Beans – 0.8% Barley – 0.6% Rice – 0.6% All other crops – 5.9%

Agriculture Insurance Contains Four Layers of Risk Mitigation Farmers retention, ceding premiums to the U.S. Federal Government, limitations on losses and gains and purchase of stop loss protection 21 41.8% of MPCI Premiums Ceded to U.S. Federal Government Assigned Risk Fund “Higher Risk Policies” Commercial Fund “Lower Risk Policies” 2014 Crop Year Gross Liability 33.4%  of first dollar risk retained by farmers 14.1% of 2014 Crop Year NWP 85.9% of 2014 Crop Year NWP Loss Sharing (% of loss retained by Loss Ratio Loss Ratio Group 1 States Group 2 & 3 States ARMtech within each 100 - 160 7.5% 100 - 160 65.0% 42.5% applicable band when 160 - 220 6.0% 160 - 220 45.0% 20.0% the loss ratio is above 100%.) 220 - 500 3.0% 220 - 500 10.0% 5.0% Gain Sharing (% of gain retained by Loss Ratio Loss Ratio Group 1 States Group 2 & 3 States ARMtech within each 65 - 100 22.5% 65 - 100 75.0% 97.5% applicable band when 50 - 65 13.5% 50 - 65 40.0% 40.0% the loss ratio is below 100%.) 0 - 50 3.0% 0 - 50 5.0% 5.0% 66.6% of risk retained by ARMtech

ARMtech Has Grown Market Share Over Time Superior service and technology have driven growth in stable market 22 Crop Year Market Share % Change in Est. Market Share MPCI Certified Companies (Owners) 2014 2013 2012 2011 2010 2009 2008 2007 2007 - 2014 Rain and Hail (ACE) (1) 19.9% 20.8% 21.3% 21.8% 22.6% 24.3% 24.1% 25.0% -5.1% Rural Community Insurance Company (Wells Fargo) 19.2% 20.6% 22.1% 21.8% 22.9% 24.7% 25.2% 25.1% -6.0% NAU Country Insurance Company (QBE) (1) 13.3% 13.1% 13.3% 14.8% 14.4% 13.7% 13.8% 13.3% -0.1% Great American Insurance Co. (American Fin. Group) 8.5% 8.5% 8.5% 8.7% 8.7% 9.1% 10.1% 10.6% -2.2% American Agri-Business Ins. Co. (Endurance) 8.0% 7.7% 7.4% 6.7% 7.0% 6.5% 5.7% 5.9% 2.1% CGB Insurance Co. (CGB Diversified Services) 5.3% 4.6% 4.0% 2.7% 2.0% 1.2% 1.2% 1.1% 4.1% Producers Ag. Ins. Co. (HCC) 5.1% 4.9% 5.5% 6.4% 6.3% 5.3% 5.2% 4.8% 0.3% Farmers Mutual Hail Ins. of Iowa 3.9% 4.3% 4.4% 4.5% 4.2% 3.8% 4.0% 4.0% -0.1% John Deere Risk Protection, Inc. 3.8% 3.8% 3.3% 3.3% 3.8% 4.0% 3.3% 3.0% 0.8% Agrinational Insurance Company (ADM) 3.8% 3.1% 2.5% 2.1% 1.5% 0.9% 1.0% 1.1% 2.7% Hudson Insurance Company (Fairfax) (1) 2.3% 2.0% 1.6% 1.2% 1.2% 0.8% 0.6% 0.4% 1.9% Heartland (Everest Re) 1.8% 2.4% 2.3% 2.4% 3.0% 3.4% 3.3% 3.2% -1.5% AgriLogic (Occidental Firs & Casualty Co) 1.3% 1.6% 1.8% 1.4% 0.1% 0.0% 0.0% 0.0% 1.3% American Agricultural Ins. Co (Amer. Farm Bureau) 1.2% 1.2% 1.3% 1.3% 1.3% 1.4% 1.4% 1.2% 0.0% Country Mutual Insurance Company 0.9% 0.9% 0.9% 0.9% 1.0% 1.1% 1.2% 1.4% -0.5% Global Ag (XL Reinsurance) 0.8% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% International Ag (Starr Indemnity) 0.7% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% Climate Corp. (Atlantic Specialty Ins. Co.) 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% Crop Pro (Technology Ins. Co.) 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% Source - National Crop Insurance Services (NCIS) (1) 2007 Crop Year Market Share was increased to reflect the acquisition of a company between 2007 and 2014.

Other Miscellaneous Information

Probable Maximum Loss by Zone and Peril Largest 1 in 100 year PML as of January 1, 2015 is equal to 10.3% of Shareholders’ Equity as of December 31, 2014 24 Estimated Occurrence Net Loss as of January 1, 2015 Jan. 1, 2014 Jan. 1, 2013 Zone Peril 10 Year Return Period 25 Year Return Period 50 Year Return Period 100 Year Return Period 250 Year Return Period 100 Year Return Period 100 Year Return Period United States Hurricane $111 $188 $249 $306 $402 $293 $429 Europe Windstorm 86 137 217 328 448 317 346 California Earthquake 37 137 192 238 318 238 395 Japan Windstorm 28 84 119 131 148 144 201 Northwest U.S. Earthquake — 5 34 106 176 95 154 Japan Earthquake 16 79 128 153 169 109 111 United States Tornado/Hail 30 44 57 69 90 88 86 Australia Earthquake 1 10 40 98 169 86 88 New Zealand Earthquake 1 6 15 34 77 24 24 Australia Windstorm 6 20 44 75 103 52 53 New Madrid Earthquake — — — 7 69 9 10 - The net loss estimates by zone above represent estimated losses related to our property, catastrophe and other specialty lines of business, based upon our catastrophe models and assumptions regarding the location, size, magnitude, and frequency of the catastrophe events utilized to determine the above estimates. The net loss estimates are presented on an occurrence basis, before income tax and net of reinsurance recoveries and reinstatement premiums, if applicable. Return period refers to the frequency with which the related size of a catastrophic event is expected to occur. Actual realized catastrophic losses could differ materially from our net loss estimates and our net loss estimates should not be considered as representative of the actual losses that we may incur in connection with any particular catastrophic event. The net loss estimates above rely significantly on computer models created to simulate the effect of catastrophes on insured properties based upon data emanating from past catastrophic events. Since comprehensive data collection regarding insured losses from catastrophe events is a relatively recent development in the insurance industry, the data upon which catastrophe models is based is limited, which has the potential to introduce inaccuracies into estimates of losses from catastrophic events, in particular those that occur infrequently. In addition, catastrophe models are significantly influenced by management’s assumptions regarding event characteristics, construction of insured property and the cost and duration of rebuilding after the catastrophe. Lastly, changes in Endurance’s underwriting portfolio risk control mechanisms and other factors, either before or after the date of the above net loss estimates, may also cause actual results to vary considerably from the net loss estimates above. For a listing of risks related to Endurance and its future performance, please see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013.

• Book value per common share, adjusted for dividends, expanded 13.6% during 2014 – Net income attributable to common shareholders of $315.7 million • Improved accident year loss ratios in both segments • General and administrative expenses were higher due to the expenses related to the proposed acquisition of Aspen • Lighter catastrophe activity • Gross written premiums of $2.89 billion were 8.6% higher than full year 2013 while we continued to rebalance our portfolios – Insurance gross written premiums of $1.72 billion were 16.3% higher than full year 2013 • Strong growth from newly hired teams in our U.S. specialty operations and London were offset by lower agriculture premiums. Professional lines grew 77.4% while the casualty and other specialty lines of business expanded 30.4% compared to full year 2013.  Year to date agriculture gross premiums written declined 9.3% as the impact from reduced commodity prices were partially offset by a 4% increase in policy counts. – Reinsurance gross written premiums of $1.18 billion a decline of 1.0% compared to full year 2013 • Rebalancing of the reinsurance portfolio continued as catastrophe and casualty products were selectively non-renewed, which was partially offset by growth in specialty and professional lines of business. • Net written premiums declined 5.6% compared to full year 2013 as significant reinsurance/retrocessional protection has been purchased to reduce potential volatility Full Year 2014 Highlights Results were driven by strong underwriting margins supported by light catastrophe losses and favorable development 25

Financial Results for Full Year 2014 and 2013 26 Financial highlights Key operating ratios $MM (except per share data and %) Net premiums written Net premiums earned Net investment income Net underwriting income Net income to common shareholders Operating income to common shareholders Fully diluted net income EPS Fully diluted operating  income  EPS Dec. 31, 2014 Dec. 31,   2013 $ Change % Change 1,934.2 2,048.9 (114.7) -5.6% 1,864.0 2,016.5 (152.5) -7.6% 131.5 166.2 (34.7) -20.9% 254.9 195.4 59.5 30.5% 315.7 279.2 36.5 13.1% 304.0 281.0 23.0 8.2% 7.06 6.37 0.69 10.8% 6.80 6.41 0.39 6.1%

In $MM Dec. 31, 2014 Dec. 31,   2013 $ Change % Change Professional lines 174.7 163.6 11.1 6.8% Casualty 159.5 241.3 - 81.8 -33.9% Catastrophe 343.2 355.8 - 12.6 -3.5% Property 287.3 297.8 - 10.5 -3.5% Specialty 213.2 131.3 81.9 62.4% Total reinsurance 1,177.9 1,189.8 - 11.9 -1.0% Gross Written Premiums for Full Year 2014 and 2013 27 Insurance Segment Reinsurance Segment

Financial Overview: Inception to Date Financial Performance 28 Financial highlights from 2002 through December 31, 2014

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