2007 Loss Development Triangles

Endurance - 2007 Loss Development Triangles

2007 Loss Development Triangle Cautionary Language

This report is for informational purposes only and is current as of December 31, 2007. We are under no
obligation and do not expect to update or revise this report, whether as a result of new information, future
events or otherwise, even when such new data has been reflected in the Company’s filings with the U.S.
Security and exchange Commission (the “SEC”) or otherwise. Although the loss development patterns
disclosed in this report are an important factor in the process used to estimate loss reserve requirements,
they are not the only factors considered in establishing reserves. The process for establishing reserves is
subject to considerable variability and requires the use of informed estimates and judgments. Important
details, such as specific loss development expectations for particular contracts, years or events, cannot be
developed solely by analyzing the information provided in this report. In addition to analyzing loss
development information, management incorporates additional information into the reserving process, such
as pricing for insurance and reinsurance products as well as current market conditions. Readers must keep
these and other qualifications more fully described in this report in mind when reviewing this information.
This report should be read in conjunction with other documents filed by Endurance Specialty Holdings Ltd.
(“Endurance” or the “Company”)with the SEC, including the most recent Annual Report on Form 10-K
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 both with respect to the Company in general and the insurance and reinsurance
sectors specifically, both as to underwriting and investment matters. Statements which include the words
"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 Annual Report on Form 10-K for
the year ended December 31, 2006.

Forward-looking statements speak only as of the date on which they are made, and the Company
undertakes no obligation publicly to update or revise any forward-looking statement, whether as a result of
new information, future developments or otherwise.

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Table of Contents
Section Page

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

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I. INTRODUCTION

This supplemental information is being provided as a source of additional disclosure on

the loss development characteristics of Endurance Specialty Holdings Ltd. and its
consolidated subsidiaries (“Endurance” or the “Company”) as of December 31, 2007.
This report provides greater detail on Endurance’s reserves by showing global loss
triangles for gross paid and reported loss and loss adjustment expenses (“LAE”) by
accident year at annual evaluation dates. The most recent evaluation is as of December
31, 2007. In addition, accident year summary exhibits are provided which further
highlight the gross, ceded, and net results by segment and triangle classes as of December
31, 2007. These summaries include: earned premiums, paid loss and allocated loss
adjustment expenses (“ALAE”); cases outstanding losses; additional case reserves;
incurred but not reported losses (“IBNR”), unallocated loss adjustment expenses
(“ULAE”); and the ultimate loss & LAE ratios as of December 31, 2007 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 disclosure. 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 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

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calculations rarely take into account fully the true underlying nature of the liabilities.
The thirteen 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. 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 occurs within the lines of business
Endurance underwrites. For ease of comparison, a reconciliation of the information
presented in this report to our five reserve development tails and two segments is
provided. The losses in these exhibits and triangles represent the Company’s our
December 31, 2007 gross, ceded and net loss and LAE reserves in their entirety, although
these amounts have been adjusted for changes in foreign currency. A reconciliation to
select data from the Company’s financial statements prepared in accordance with
generally accepted accounting principles in the United States (“GAAP”) is included in
Section VI of this document.

As discussed more fully in Section III, the accident year losses in these exhibits and
triangles are adjusted for changes in calendar year earned premium adjustments and
foreign exchange movements. Because of these adjustments, which we would expect to
continue, future versions of this information will not tie directly to the data included in
this report.

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II. OBSERVATIONS ON DATA PRESENTED

Based on the data as of December 31, 2007 presented in this report, we believe the
following general observations are noteworthy:

ƒ While premiums are split approximately 60% short tail and 40% long tail, the
majority (64%) of Endurance’s gross loss and LAE reserves arise from long tail
casualty lines of business, which by their nature contain a significant amount of
uncertainty. Of the 64% of Endurance’s gross long tail casualty loss and LAE
reserves, 33% are generated from the Company’s Insurance segment and 31%
from the Reinsurance segment

ƒ The IBNR reserves for Endurance’s long tail casualty lines of business represent
over 81% of the total gross reserves within the long tail lines of business,
suggesting an IBNR to case outstanding ratio of over five to one. Within the
Insurance segment, the IBNR reserves represent over 91% of the total gross
insurance reserves in the long tail casualty lines of business. Similarly, the IBNR
reserves represent approximately 69% of the total gross reinsurance reserves for
the long tail casualty lines in the Reinsurance segment.

ƒ Additional Case Reserves (“ACRs”) increased reported claims reserves by

approximately 13%. Within Endurance’s casualty lines of business, this increase
is approximately 32% of the reported claims reserves. The percentage for the
Reinsurance segment is 31%, while the Insurance segment is approximately 40%.

ƒ Approximately half of Endurance’s case reserves from short tailed lines of

business are in the 2005 accident year, where a significant amount of these
incurred losses are capped at policy or occurrence limits.

ƒ Approximately 70% of Endurance’s inception to date favorable prior year loss

reserve development has emerged from the property and other short tailed reserve
categories. Due to a change in our loss reporting patterns to incorporate
Endurance’s own historical experience in 2006, the percentage of the favorable
prior year development has decreased over the past two calendar years.

ƒ Endurance’s overall inception to date gross ultimate loss and LAE ratio of 61% is
consistent between the Insurance segment (63%) and the Reinsurance segment
(61%). However, when analyzing the results by accident year, notable differences
occur in both the Insurance and Reinsurance segments, with the most significant
being accident year 2005 due to the impact of Hurricanes Katrina, Rita and Wilma

ƒ With the exception of accident year 2005, which included the impact of
Hurricanes Katrina, Rita and Wilma and other catastrophes, the accident year
ultimate loss and LAE ratios within each reserve category have been relatively
stable.

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ƒ Endurance’s ceded ultimate loss and LAE ratio on an inception to date basis
(30%) has been heavily impacted by accident years 2006 and 2007, where
catastrophe losses have been lower than expected.

ƒ Since Endurance’s inception to date ceded earned premium is less than 4.5% of its
gross earned premium, the actual impact on its inception to date ultimate loss &
LAE ratio is two percentage points (gross of 61% increased to 63% on a net
basis).

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III. DATA COMPILATION AND DEFINITIONS

Numerous data elements were extracted to compile the global loss triangles and summary
exhibits and 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.
Please 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. This is primarily as a result of not receiving sufficient
information from ceding companies in certain lines of business that prevents the
allocation of claims to specific accident years with certainty. 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:
• Triangles
o Paid loss and LAE
o Case incurred loss & LAE (including ACRs)
o Ultimate loss and LAE
o Earned Premium
o Ultimate loss and LAE ratio
o Ultimate loss and LAE emergence
• Summary Exhibits
o Gross premium, paid losses, reserves (case outstanding, ACRs, IBNR),
ULAE
o Ceded premium, paid losses, reserves (case outstanding, ACRs, IBNR),
ULAE
o Net premium, paid losses, reserves (case outstanding, ACRs, IBNR),
ULAE

Basis of Presentation

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

All amounts are presented in thousands of U.S. dollars and reflect the conversion from
the original currency of the underlying business if not denominated in U.S. dollars.
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 is either U.S. dollars or British pounds. Endurance’s reporting currency is U.S.
dollars. Fluctuations in currency exchange rates could cause material shifts in loss

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development if historical rates differ from the rate assumed. Certain data in the triangles
have been restated using the current rate of exchange to U.S. dollars.

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. Adjustments to premium in respect of paid losses are reflected in the triangles but
adjustments to premium or to acquisition expenses resulting from future expected claims
settlements are not.

Intercompany reinsurance transactions have not been reflected in the triangles.

Additionally, the summary exhibits also include ceded (third party) and net schedules.

The loss development triangles are presented on the basis of applying reinsurance
accounting to all Endurance’s business and do not reflect any adjustments that may be
required for financial reporting purposes to comply with Statement of Financial
Accounting Standards No. 113. “Accounting and Reporting for Reinsurance of Short
Duration and Long-Duration Contracts” as highlighted in the reconciliation to GAAP
reserves in Section VI of this document.

Earned Premium

The earned premium triangle illustrates 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 2007 from a policy written and
exposures earned in 2005, the additional premium is recognized in the 2007 calendar year
for financial reporting purposes. However, for reserving purposes, the premium is
allocated to the years in which the premium for the 2005 treaty was originally earned. As
a result, the information provided herein may differ materially from that presented in
Endurance’s financial statements.

Ultimate Loss and LAE Ratio

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

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solely due to these premium changes. Because of this phenomenon, the triangle of
ultimate loss & LAE ratios can be very useful as it essentially removes the effect of
changes in premium from the loss estimates. At any point (maturity) in the triangle,
management’s best estimate of booked ultimate loss and LAE estimate is the product of
the corresponding accident year earned premium and ultimate loss and LAE ratio.

Ultimate Loss and LAE

The triangle of ultimate loss and LAE is derived by multiplying the most recent accident
year earned premium (the last diagonal of the earned premium triangle) to the historical
accident year ultimate loss and LAE ratio as presented in their respective triangles. For
example, using the consolidated triangles, the ultimate loss and LAE amount for accident
year 2004 at 12 months maturity ($1,119 million) is derived by multiplying the ultimate
loss and LAE ratio for accident year 2004 at 12 months maturity (66.9%) by the latest
earned premium for accident year 2004 ($1,672 million) at 48 months maturity. This
presentation removes the effect of premium adjustments from the development of
ultimate losses, and provides a better picture of the changes occurring to the true accident
year ultimate loss and LAE. A reconciliation to Endurance’s publicly reported financial
statements is included in Section VI of this report.

Ultimate Loss Emergence

The triangle of ultimate loss emergence is calculated by taking the difference of

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

Global Loss Triangle Classes

Triangles are provided in 13 classes, five for the Insurance segment, and eight 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, directors & officers, etc.) as well as differences in the underlying
business as evidenced by the separate Insurance casualty classes. It is important to note
that for the Reinsurance classes, there is no differentiation between proportional and non-
proportional business which could have different loss emergence patterns. In addition to
the 13 triangle classes, a combined Insurance and Reinsurance workers’ compensation set
of exhibits is included as the current insurance workers’ compensation business was
transitioned from a proportional reinsurance treaty to insurance in 2006. For a more
complete definition of each triangle class, see Section IV of this document.

Insurance Segment Loss Triangle Classes

• High Attaching Excess of Loss Casualty

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• United States Sourced Casualty

• Workers’ Compensation
• International Sourced Property
• United States Sourced Property

Reinsurance Segment Loss Triangle Classes

• Casualty Directors and Officers
• Casualty Motor
• Casualty Other
• Workers’ Compensation
• Agriculture and Other Specialty
• Short Tail Marine and Aerospace
• Short Tail Property
• Short Tail Surety

Combined Insurance and Reinsurance Loss Triangle Class

• Workers’ Compensation

A 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, a mapping of that
triangle’s classes to the reserve categories disclosed in the Company’s Annual Report on
Form 10-K is included, with the complete schedule illustrated in Section VII. In
addition, Section VI includes a mapping of the lines of business within the Company’s
segments to the associated triangle class.

Accident Year Loss Allocation

Many proportional reinsurance contracts are submitted using quarterly bordereau

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

Large Losses and Other Adjustments

The triangles are unadjusted with respect to large losses and catastrophic losses,
including losses related to the 2004 and 2005 hurricanes. 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.

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Business Not Included

The reserves for the Insurance agriculture business line are not included in the triangles
as this business resulted from the acquisition in the fourth quarter of 2007 of ARMtech
Insurance Services, Inc. and its affiliates. These reserves are included in the
reconciliation to GAAP reserves contained in Section VI.

Discontinued Business

There is no business that is identified as discontinued for this analysis.

Discounting

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

Maturity of Triangle Periods

Since Endurance was formed in late 2001, all underwriting data is for periods from 2001
or subsequent. For many lines of business, less data is available as those lines were
added more recently. For the business lines with little data presented, the loss data
largely represents expected losses which could materially differ from actual experienced
losses.

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 31st.

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

Additional Event Reserves are amounts that are held in respect of known events that are
expected to give rise to future settlements but at the time of being established, not enough
is known to allocate them to specific (re)-insureds.

ALAE means allocated loss adjustment expense, which is 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.

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

Case Reserves are amounts set aside in relation to claims that have been made but not
yet been paid and represent an assessment of the remaining amount to be paid in respect
of each notified claim.

Ceded Claims are those amounts Endurance received or expects to receive from third
party reinsurers to whom Endurance ceded premiums.

Ceded Premiums are those premiums paid by Endurance to third party reinsurers.

Diagonals in the triangle from bottom left to top right represent evaluation dates. For
example the last diagonal in our published triangles shows the position of each Accident
Year as at December 31, 2007.

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

Gross Premiums and Gross Losses are shown before the impact of any third party
outwards reinsurance that Endurance purchases including catastrophe bonds.

IBNR means incurred but not reported reserve, or a reserve amount held to cover
expected future settlements in relation to all claims that have occurred but have not yet
been reported to Endurance. This includes a reserve provision for claims which may
have already occurred and expected development (upward or downward) in existing Case
Reserves and Additional Case Reserves. Endurance’s processes for establishing IBNR is
discussed further in Section V of this document.

LAE means loss adjustment expense, which is expense incurred in settling the claim.
LAE includes the costs of third party loss assessors or legal experts and the cost of
internal time necessary to settle a claim. LAE is the sum of ALAE and ULAE.

Maturity is measured in months from the start of the Accident Year.

Net means the retained portion of premiums written or losses paid and incurred. Net
Premium equals Gross Premium less Ceded Premium and Net Losses equals Gross
Losses less Ceded Claims.

Paid Loss are claim amounts paid to insureds or ceding companies.

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

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Triangle is a cross tabulation of data usually showing financial quantities in respect of

periods of exposure (e.g. Accident Years), each evaluated at regular intervals
(maturities).

ULAE means unallocated loss adjustment expenses, which are an assessment of the
internal expenses required to settle the current claims.

Ultimate Loss and LAE are the total of all expected settlement amounts, whether paid or
reserved together with any associated settlement expenses and is the estimated total
amount of loss at the measurement date. For the purposes of this report, Ultimate Loss &
LAE is calculated by adding: Paid Loss ALAE, Case Reserves, Additional Case
Reserves, IBNR (inclusive of Additional Event Reserves), and ULAE.

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

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IV. TRIANGLE CLASS DEFINITIONS

a) Insurance - High Attaching Excess of Loss Casualty

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

Healthcare Liability Insurance – third party excess liability coverage for hospitals in the
United States written on both a direct insurance basis and as reinsurance to captive
insurance companies. Clients are predominantly multi-hospital systems, academic
medical centers and specialty hospitals such as pediatric hospitals. Clients typically
assume a large portion of their own risk, practice strong clinical risk management and
claims management, and purchase large limits. Virtually all of the business is written on
a claims made basis and the average attachment point is in excess of $25 million. The
policy limits in this line range up to $25 million.

Excess Casualty Insurance – third-party liability coverage for a wide range of industry
groups. Clients are typically Fortune 500 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
(“OCIP’s”); transportation, including commuter and freight rail, and trucking; premises
exposures; and manufacturing. Risks are written on a direct insurance or reinsurance
basis, including reinsurance to single-parent captives. The minimum attachment point is
$10 million and the average attachment point is approximately $200 million. A
significant portion of this business is written on claims made or occurrence-reported
(Bermuda form) basis, and the average policy limit is $25 million.

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. This line of business is written on a claims made basis. The
minimum attachment is $15 million, but can be significantly higher for some classes of
business, and the average attachment point is in excess of $150 million. The average
policy limit is $16 million.

b) Insurance – United States Sourced Casualty

The United States sourced casualty class comprises U.S. commercial liability insurance
underwritten by certain of Endurance’s U.S. insurance operating subsidiaries, which
commenced operations in 2005. The largest product in this triangle class is excess
casualty, with the remainder comprising primary casualty and errors and omissions
liability.

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Endurance’s excess casualty product targets clients, typically below the Fortune 500
level, including contractors, manufacturers, real estate, financial institutions,
transportation and public entities. Participations are generally on the second or third
excess of loss layers. Policy limits range up to $50 million. Endurance makes significant
use of reinsurance to limit its net retention to approximately $5 million.

The primary casualty product typically insures commercial exposures for smaller clients
representing more benign general liability and auto exposures. Policy limits are up to $2
million per occurrence.

Endurance’s 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. Policy limits are up to $10 million per
occurrence and, for most cases, require a self insured retention of at least $5 million.
Third party reinsurance reduces the net exposure to under $3 million.

c) Insurance – Workers’ Compensation

The Workers’ Compensation triangle class is primarily ground up workers’ compensation

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

d) Insurance – International Sourced Property

The international sourced property 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 wholly comprised of
business written by Endurance’s Bermuda subsidiary, which concentrated on
underwriting U.S. clients with sufficiently large values to require multiple insurers and
reinsurers to accommodate their insurance capacity needs.

Since 2003, the mix of business has become more internationally focused as Endurance’s
onshore operation in the U.K. commenced underwriting business. Since 2006, this
triangle class has consisted entirely of risks written out of Endurance’s U.K. operating
subsidiary.

The current products offered in this triangle class are international property insurance and
facultative reinsurance, with a focus on U.K. business. Most trade sectors are
represented, including manufacturing, transport, utilities, wholesale, retail, finance,
healthcare and leisure. Limits are up to £35 million with both per risk and catastrophe
reinsurance reducing the net exposure.

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e) Insurance – United States Sourced Property

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

The products offered in this triangle class are named peril catastrophe protection and
difference in conditions coverage for earthquake and flood for all usual commercial
occupancies and throughout the United States. Typical risks that are written have
multiple layers of coverage provided by multiple insurance carriers. Limits range up to
$25 million.

This triangle class also contains a comparatively small but growing component of
commercial property all-risk coverage that includes wind exposed risks. Limits of up to
$25 million are offered on this product.

f) Reinsurance – Casualty Directors and Officers

The casualty directors and officers triangle class contains predominantly U.S. directors’
and officers’ liability and related products, written almost exclusively on a claims made
basis. Business in this triangle class is written on either an excess of loss or a
proportional basis.

Customer differentiation is an integral component of the underwriting process in this

triangle class. Endurance seeks to underwrite ceding companies with sound management
and strategies, as well as teams with effective business processes driving their
underwriting, pricing, risk management and claims activities. All business is produced
through brokers.

g) Reinsurance – Casualty Motor

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

h) Reinsurance – Casualty Other

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

This triangle class includes third party liability exposures from ceding companies on a
treaty basis and comprises most casualty exposures including, general liability, public

14
Endurance - 2007 Loss Development Triangles

liability, products liability, umbrella and clash, warranty, medical malpractice liability,
lawyers errors and omissions, miscellaneous errors and omissions, excess casualty and
political risk. This triangle class includes both frequency and severity-exposed contracts
covering risk underwritten on both an occurrence and claims made basis.

i) Reinsurance – Workers’ Compensation

For a description of workers’ compensation, please see Insurance workers’ compensation

in c) above.

j) Reinsurance – Agriculture & Other Specialty

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

Endurance’s agriculture 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. The majority of the business is multi-peril crop insurance, a unique business
that interacts heavily with the U.S. federal government’s crop reinsurance program.

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.

k) Reinsurance – Short Tail Marine & Aerospace

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

The marine products in this triangle class contain a wide range of marine and energy
business underwritten on both a proportional and non-proportional basis from Bermuda,
U.S. and London. Initially the underwritings were dominated by onshore energy business
underwritten from Bermuda. The development of the marine and energy team in London
led to the consolidation of the global energy book in London and the growth in European
hull, cargo and marine liability classes, along with specialty classes such as marine and
aviation hull war. In 2006, Endurance exited the offshore energy business and
significantly curtailed underwriting of onshore energy risks. Since 2007, onshore energy
risks have been underwritten within the property portfolio.

15
Endurance - 2007 Loss Development Triangles

l) Reinsurance – Short Tail Property

The short tail property triangle class contains international and U.S. property catastrophe
business and workers compensation catastrophe business underwritten in Bermuda and
per risk excess of loss and proportional treaty business underwritten in the U.S. and
London.

Property catastrophe reinsurance: Endurance 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 well diversified portfolio of reinsurance contracts in all relevant territories
worldwide including 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.

Workers’ compensation catastrophe reinsurance: Endurance reinsures U.S. workers’

compensation writers against multi-life events. The major exposures are earthquake and
transport related losses.

Property per risk treaty reinsurance: Endurance reinsures 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 dominated by commercial and industrial exposures. Endurance underwrites this
business primarily from the U.S. and the U.K. 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.

m) Reinsurance – Short Tail Surety

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

16
Endurance - 2007 Loss Development Triangles

V. OVERVIEW OF RESERVING METHODOLOGY

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

While management does not at this time include an explicit or implicit provision for
uncertainty in its reserve for losses and loss expenses, certain of Endurance’s business
lines are by their nature subject to additional uncertainties, including Endurance’s
casualty, property, catastrophe, aerospace and surety and other specialty lines in the
Reinsurance business segment and Endurance’s casualty and professional lines in the
Insurance business segment, which are discussed in detail below. In addition,
Endurance’s Reinsurance business segment is subject to additional factors which add to
the uncertainty of estimating loss and loss expense reserves. Time lags in the reporting of
losses can also introduce further ambiguity to the process of estimating loss and loss
expense reserves.

The aspects of Endurance’s casualty line in the Reinsurance business segment and the
casualty and professional lines in the Insurance business segment that complicate the
process of estimating loss reserves 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 which 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 Bermuda 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.

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

(i) the lag in time between the time claims are reported to the ceding company and the

17
Endurance - 2007 Loss Development Triangles

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:

18
Endurance - 2007 Loss Development Triangles

• alterations in claims handling procedures;

• growth in new lines of business where exposure and loss development patterns are
not well established; or

• changes in the quality of risk selection or pricing in the underwriting process.

Due to the inherent complexity of the assumptions used in establishing Endurance’s loss
and loss expense reserve estimates, final claim settlements made by Endurance may vary
significantly from the present estimates, particularly when those settlements may not
occur until well into the future.

For a more detailed discussion of the Company’s reserving methodology and an analysis
of the potential variability in reserves for losses and loss expenses, please see the
Company’s most recent Annual Report on Form 10-K as filed with the SEC.

19
Endurance - 2007 Loss Development Triangles

VI. RECONCILIATIONS

Reconciliation of Unpaid Loss and LAE

The following table reconciles the reserves for losses and loss expenses as of December
31, 2007 as reported in Endurance’s financial statements prepared in accordance with
GAAP to the reserves for losses and loss expenses published in the triangles (all amounts
in millions, on a gross basis).

Consolidated triangles unpaid loss and LAE $ 2,905.7

Deposit accounting reserves (103.0)
ARMtech reserves not included in triangles 91.1
Miscellaneous adjustments (1.6)
Adjusted unpaid loss and LAE $ 2,892.2

Reserve for losses and loss expenses $ 2,892.2

(12/31/07 GAAP financial statements)

Reconciliation of Earned Premium

The following table reconciles the earned premium as of December 31, 2007 as reported
in Endurance’s financial statements prepared in accordance with GAAP to the earned
premium published in the triangles (all amounts in millions, on a gross basis).

Calendar Year 2001/2 2003 2004 2005 2006 2007 Total

Consolidated triangles
earned premium $ 454.0 $ 1,235.0 $ 1,662.4 $ 1,879.0 $ 1,939.8 $ 1,855.3 $ 9,025.5
Less earned premium
acquired from HartRe (59.5) (46.4) - - - - (105.9)
ARMtech earned
premiums not included - - - - - 24.8 24.8

Estimated impact of F/X - (5.4) (12.4) (27.4) (26.3) (0.5) (72.0)

Other 1.3 0.1 (5.9) (20.6) 32.1 4.3 11.3
Adjusted gross earned
premiums $ 395.8 $ 1,183.3 $ 1,644.1 $ 1,831.0 $ 1,945.6 $ 1,883.9 $ 8,883.7

Financial statements
earned premium $ 395.8 $ 1,183.3 $ 1,644.1 $ 1,831.0 $ 1,945.6 $ 1,883.9 $ 8,883.7

20
Endurance - 2007 Loss Development Triangles

Reconciliation of Calendar Year Loss Emergence

The following table reconciles the development of losses and loss adjustment expenses as
of December 31, 2007 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 2003 2004 2005 2006 2007 Total

Triangle development $ 31.6 $ 135.8 $ 164.2 $ 50.6 $ 164.8 $ 547.0

Other 4.3 0.9 (1.7) 7.1 (5.4) 5.2

Adjusted development $ 35.9 $ 136.7 $ 162.5 $ 57.7 $ 159.4 $ 552.2

Financial statement
development $ 35.9 $ 136.7 $ 162.5 $ 57.7 $ 159.4 $ 552.2

Reconciliation of Triangle Classes to Lines of Business

The following tables reconcile the lines of business of Endurance as of December 31,
2007 as reported in Endurance’s financial statements prepared in accordance with GAAP
to the reserving classes published in the triangles.

Insurance Segment

Lines of Business

Healthcare Workers' Professional

Property Casualty Liability Compensation Lines
Triangle Classes

High Attaching Excess X X X

of Loss Casualty

United States X X
Sourced Casualty

International X
Sourced Property

United States X
Sourced Property

Workers' X
Compensation

21
Endurance - 2007 Loss Development Triangles

Reinsurance Segment

Lines of Business
Surety
and Other
Property Casualty Catastrophe Agriculture Marine Aerospace Specialty
Triangle Classes

Agriculture and X X
Other Specialty

Casualty Other X

Casualty X
Directors and Officers

Casualty Motor X

Short Tail Marine X X

and Aerospace

Short Tail Property X X

Short Tail Surety X

Workers' X
Compensation

22
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Consolidated Total
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,320 247 4 - 25 0 277 21%
2002 462,935 101,698 24,754 14,726 40,246 1,196 182,621 39%
2003 1,250,800 295,908 66,953 12,594 151,968 3,473 530,896 42%
2004 1,672,276 548,254 95,331 12,092 234,080 5,123 894,880 54%
2005 1,868,150 1,264,137 336,361 26,888 314,413 10,338 1,952,137 104%
2006 1,963,563 331,147 155,742 16,039 449,110 11,368 963,406 49%
2007 1,806,540 77,336 122,849 21,443 757,054 21,480 1,000,161 55%
9,025,583 2,618,728 801,994 103,783 1,946,897 52,978 5,524,379 61%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 26,341 (178) - - - - (178) -1%
2003 9,824 1,204 362 - - - 1,566 16%
2004 11,476 9,521 221 - 83 - 9,826 86%
2005 28,227 10,109 3,593 - 4,116 - 17,818 63%
2006 119,482 534 10,096 84 23,863 - 34,577 29%
2007 202,424 354 3,917 - 52,077 - 56,349 28%
397,774 21,546 18,189 84 80,139 - 119,957 30%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,320 247 4 - 25 0 277 21%
2002 436,593 101,877 24,754 14,726 40,246 1,196 182,800 42%
2003 1,240,976 294,703 66,592 12,594 151,968 3,473 529,330 43%
2004 1,660,801 538,733 95,109 12,092 233,997 5,123 885,054 53%
2005 1,839,924 1,254,028 332,768 26,888 310,297 10,338 1,934,320 105%
2006 1,844,080 330,613 145,646 15,955 425,248 11,368 928,830 50%
2007 1,604,116 76,981 118,931 21,443 704,977 21,480 943,812 59%
8,627,810 2,597,182 783,805 103,699 1,866,758 52,978 5,404,423 63%

Exhibit 1, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Consolidated Total
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - 311 282 288 247
2002 4,697 48,863 66,637 74,143 99,434 101,698
2003 53,916 155,463 215,274 252,644 295,908
2004 130,050 371,599 472,302 548,254
2005 309,003 917,120 1,264,137
2006 71,342 331,147
2007 77,336

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - 375 297 297 251
2002 50,589 99,037 102,167 127,912 144,750 141,179
2003 166,352 283,642 318,628 350,182 375,455
2004 338,182 582,773 632,648 655,677
2005 1,029,035 1,539,543 1,627,386
2006 228,963 502,928
2007 221,628

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 398 322 319 277
2002 241,820 210,198 182,754 196,052 190,288 182,621
2003 741,779 632,979 560,009 541,749 530,896
2004 1,119,424 1,014,927 925,443 894,880
2005 1,919,982 1,982,881 1,952,137
2006 1,048,366 963,406
2007 1,000,161

Exhibit 1, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Consolidated Total
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 30.1% 24.4% 24.2% 21.0%
2002 52.2% 45.4% 39.5% 42.3% 41.1% 39.4%
2003 59.3% 50.6% 44.8% 43.3% 42.4%
2004 66.9% 60.7% 55.3% 53.5%
2005 102.8% 106.1% 104.5%
2006 53.4% 49.1%
2007 55.4%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 1,342 1,320 1,320 1,320
2002 393,472 453,262 458,016 469,255 463,085 462,935
2003 1,234,978 1,248,960 1,251,152 1,249,627 1,250,800
2004 1,643,046 1,666,212 1,669,706 1,672,276
2005 1,846,420 1,862,947 1,868,150
2006 1,923,953 1,963,563
2007 1,806,540

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 398 (75) (3) (42) 277
2002 241,820 (31,622) (27,443) 13,298 (5,764) (7,666) (59,198)
2003 741,779 (108,801) (72,970) (18,260) (10,852) (210,883)
2004 1,119,424 (104,497) (89,484) (30,564) (224,544)
2005 1,919,982 62,898 (30,743) 32,155
2006 1,048,366 (84,960) (84,960)
2007 1,000,161 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (31,622) (135,847) (164,244) (50,613) (164,828) (547,153)

Exhibit 1, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
High Attaching Excess of Loss Casualty
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 70 - - - 25 0 25 36%
2002 43,745 - - - 14,426 216 14,642 33%
2003 174,168 58 - 4,000 63,545 1,013 68,616 39%
2004 235,162 3,746 23 - 116,614 1,750 122,133 52%
2005 258,568 8,030 27 10,000 155,134 2,477 175,667 68%
2006 267,188 6,711 6,367 2,500 177,413 2,794 195,784 73%
2007 245,315 11 2,000 - 176,145 2,672 180,829 74%
1,224,217 18,556 8,417 16,500 703,301 10,923 757,697 62%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 509 - - - - - - 0%
2004 446 36 - - - - 36 8%
2005 290 - - - - - - 0%
2006 170 - - - 122 - 122 72%
2007 3,728 - - - 2,684 - 2,684 72%
5,143 36 - - 2,806 - 2,842 55%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 70 - - - 25 0 25 36%
2002 43,745 - - - 14,426 216 14,642 33%
2003 173,660 58 - 4,000 63,545 1,013 68,616 40%
2004 234,716 3,710 23 - 116,614 1,750 122,097 52%
2005 258,278 8,030 27 10,000 155,134 2,477 175,667 68%
2006 267,018 6,711 6,367 2,500 177,290 2,794 195,662 73%
2007 241,587 11 2,000 - 173,461 2,672 178,145 74%
1,219,074 18,520 8,417 16,500 700,495 10,923 754,855 62%

Exhibit 2, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
High Attaching Excess of Loss Casualty
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - 18 24 48 58
2004 - 44 160 3,746
2005 2,780 2,744 8,030
2006 42 6,711
2007 11

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 0 5,018 6,108 4,048 4,058
2004 - 44 160 3,769
2005 10,780 15,794 18,056
2006 7,042 15,577
2007 2,011

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 28 24 22 25
2002 33,569 28,373 22,967 20,466 16,428 14,642
2003 124,562 114,944 93,978 81,589 68,616
2004 161,954 146,297 134,874 122,133
2005 195,972 189,616 175,667
2006 209,094 195,784
2007 180,829

Exhibit 2, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
High Attaching Excess of Loss Casualty
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 39.6% 34.7% 30.8% 36.2%
2002 76.7% 64.9% 52.5% 46.8% 37.6% 33.5%
2003 71.5% 66.0% 54.0% 46.8% 39.4%
2004 68.9% 62.2% 57.4% 51.9%
2005 75.8% 73.3% 67.9%
2006 78.3% 73.3%
2007 73.7%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 70 70 70 70
2002 44,252 44,252 43,745 43,745 43,745 43,745
2003 173,063 174,352 174,168 174,168 174,168
2004 236,951 235,206 235,202 235,162
2005 259,056 258,736 258,568
2006 267,007 267,188
2007 245,315

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 28 (3) (3) 4 25
2002 33,569 (5,196) (5,406) (2,501) (4,038) (1,785) (18,927)
2003 124,562 (9,618) (20,966) (12,388) (12,973) (55,946)
2004 161,954 (15,657) (11,423) (12,741) (39,821)
2005 195,972 (6,356) (13,948) (20,305)
2006 209,094 (13,310) (13,310)
2007 180,829 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (5,196) (14,996) (39,128) (34,209) (54,754) (148,283)

Exhibit 2, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
United States Sourced Casualty
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 6,146 - - - 4,085 225 4,310 70%
2006 35,146 163 12,827 - 24,819 1,718 39,526 112%
2007 62,576 134 1,058 - 45,893 2,553 49,639 79%
103,868 297 13,885 - 74,797 4,496 93,475 90%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 4,327 - - - 3,200 - 3,200 74%
2006 25,422 82 8,790 - 18,640 - 27,512 108%
2007 44,385 80 560 - 31,998 - 32,638 74%
74,134 162 9,350 - 53,839 - 63,350 85%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 1,819 - - - 885 225 1,109 61%
2006 9,724 81 4,037 - 6,179 1,718 12,014 124%
2007 18,191 55 498 - 13,895 2,553 17,001 93%
29,734 135 4,535 - 20,958 4,496 30,125 101%

Exhibit 3, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
United States Sourced Casualty
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 - - -
2006 29 163
2007 134

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 - - -
2006 445 12,990
2007 1,192

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 4,959 5,301 4,310
2006 31,157 39,526
2007 49,639

Exhibit 3, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
United States Sourced Casualty
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2003 0.0% 0.0% 0.0% 0.0% 0.0%
2004 0.0% 0.0% 0.0% 0.0%
2005 80.7% 86.2% 70.1%
2006 88.7% 112.5%
2007 79.3%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 6,119 6,146 6,146
2006 34,914 35,146
2007 62,576

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - - - - - - -
2003 - - - - - -
2004 - - - - -
2005 4,959 342 (991) (649)
2006 31,157 8,369 8,369
2007 49,639 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A - - - 342 7,378 7,720

Exhibit 3, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
Workers Compensation
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 29,430 6,581 10,143 - 4,857 1,080 22,661 77%
2007 207,462 9,027 8,337 - 106,030 7,614 131,008 63%
236,892 15,608 18,481 - 110,886 8,694 153,669 65%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 2,762 - - - 971 - 971 35%
2007 17,540 - - - 6,819 - 6,819 39%
20,302 - - - 7,790 - 7,790 38%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 26,668 6,581 10,143 - 3,886 1,080 21,690 81%
2007 189,922 9,027 8,337 - 99,211 7,614 124,189 65%
216,590 15,608 18,481 - 103,097 8,694 145,879 67%

Exhibit 4, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
Workers Compensation
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 - - -
2006 321 6,581
2007 9,027

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 - - -
2006 1,797 16,724
2007 17,365

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 - - -
2006 19,630 22,661
2007 131,008

Exhibit 4, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Long Tail
Workers Compensation
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2003 0.0% 0.0% 0.0% 0.0% 0.0%
2004 0.0% 0.0% 0.0% 0.0%
2005 0.0% 0.0% 0.0%
2006 66.7% 77.0%
2007 63.1%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 - - -
2006 27,909 29,430
2007 207,462

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - - - - - - -
2003 - - - - - -
2004 - - - - -
2005 - - - -
2006 19,630 3,031 3,031
2007 131,008 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A - - - - 3,031 3,031

Exhibit 4, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Short Tail
International Sourced Property
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 17 - - - - - - 0%
2002 34,133 2,270 - - 5 0 2,276 7%
2003 68,842 17,566 6,387 - 18 96 24,067 35%
2004 109,247 33,769 9,313 - 351 145 43,578 40%
2005 108,073 144,320 27,639 - 3,969 474 176,402 163%
2006 67,007 32,495 13,603 - 2,324 239 48,661 73%
2007 58,088 15,049 25,869 - 12,263 572 53,752 93%
445,406 245,471 82,810 - 18,930 1,526 348,737 78%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 347 - - - - - - 0%
2003 1,877 41 - - - - 41 2%
2004 2,443 2,418 51 - - - 2,470 101%
2005 1,575 - - - - - - 0%
2006 7,437 - 169 - - - 169 2%
2007 18,857 249 2,938 - 3,119 - 6,306 33%
32,537 2,708 3,158 - 3,119 - 8,986 28%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 17 - - - - - - 0%
2002 33,786 2,270 - - 5 0 2,276 7%
2003 66,965 17,526 6,387 - 18 96 24,026 36%
2004 106,803 31,351 9,262 - 351 145 41,108 38%
2005 106,497 144,320 27,639 - 3,969 474 176,402 166%
2006 59,571 32,495 13,433 - 2,324 239 48,492 81%
2007 39,231 14,800 22,931 - 9,144 572 47,446 121%
412,870 242,763 79,652 - 15,810 1,526 339,751 82%

Exhibit 5, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Short Tail
International Sourced Property
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 149 1,449 2,257 2,267 2,270 2,270
2003 72 11,354 15,278 17,279 17,566
2004 3,457 22,765 28,659 33,769
2005 27,436 95,382 144,320
2006 11,937 32,495
2007 15,049

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 1,600 3,392 2,404 2,268 2,271 2,270
2003 13,740 17,332 20,012 23,946 23,954
2004 26,254 47,827 43,671 43,082
2005 154,925 178,989 171,959
2006 51,314 46,098
2007 40,917

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 13,253 4,577 2,407 2,317 2,279 2,276
2003 33,451 19,610 20,147 24,065 24,067
2004 65,889 45,282 44,232 43,578
2005 204,526 182,242 176,402
2006 69,806 48,661
2007 53,752

Exhibit 5, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Short Tail
International Sourced Property
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 38.8% 13.4% 7.1% 6.8% 6.7% 6.7%
2003 48.6% 28.5% 29.3% 35.0% 35.0%
2004 60.3% 41.4% 40.5% 39.9%
2005 189.2% 168.6% 163.2%
2006 104.2% 72.6%
2007 92.5%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 17 17 17 17
2002 34,208 34,208 34,133 34,133 34,133 34,133
2003 69,172 68,825 68,733 68,870 68,842
2004 110,295 109,195 109,260 109,247
2005 108,911 108,272 108,073
2006 67,921 67,007
2007 58,088

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 13,253 (8,676) (2,171) (90) (37) (3) (10,977)
2003 33,451 (13,840) 537 3,918 2 (9,383)
2004 65,889 (20,608) (1,050) (654) (22,312)
2005 204,526 (22,285) (5,840) (28,124)
2006 69,806 (21,144) (21,144)
2007 53,752 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (8,676) (16,011) (20,161) (19,454) (27,639) (91,941)

Exhibit 5, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Short Tail
United States Sourced Property
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 10,388 4,036 3,477 - 73 63 7,649 74%
2006 80,386 1,161 1,282 - 2,169 98 4,709 6%
2007 97,111 350 628 - 10,533 380 11,891 12%
187,885 5,546 5,387 - 12,775 541 24,249 13%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 7,417 1,712 2,618 - 62 - 4,392 59%
2006 66,747 452 841 - 2,117 - 3,410 5%
2007 90,111 22 420 - 7,064 - 7,506 8%
164,275 2,186 3,879 - 9,244 - 15,309 9%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 2,971 2,324 859 - 11 63 3,257 110%
2006 13,639 708 441 - 51 98 1,299 10%
2007 7,000 328 208 - 3,469 380 4,385 63%
23,610 3,360 1,508 - 3,531 541 8,941 38%

Exhibit 6, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Short Tail
United States Sourced Property
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 376 3,761 4,036
2006 428 1,161
2007 350

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 4,074 6,109 7,513
2006 1,122 2,442
2007 978

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 10,378 6,696 7,649
2006 13,843 4,709
2007 11,891

Exhibit 6, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance Short Tail
United States Sourced Property
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2003 0.0% 0.0% 0.0% 0.0% 0.0%
2004 0.0% 0.0% 0.0% 0.0%
2005 99.9% 64.5% 73.6%
2006 17.2% 5.9%
2007 12.2%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 - - - -
2005 10,321 10,384 10,388
2006 80,347 80,386
2007 97,111

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - - - - - - -
2003 - - - - - -
2004 - - - - -
2005 10,378 (3,681) 952 (2,729)
2006 13,843 (9,133) (9,133)
2007 11,891 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A - - - (3,681) (8,181) (11,862)

Exhibit 6, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Directors and Officers
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 7,173 648 202 3,841 786 72 5,550 77%
2003 46,722 6,675 6,520 1,255 6,731 218 21,399 46%
2004 74,386 8,795 7,537 8,050 13,005 429 37,816 51%
2005 80,623 3,171 10,168 3,527 22,111 537 39,513 49%
2006 60,764 184 362 3,840 27,836 481 32,703 54%
2007 54,132 45 205 2,500 32,723 531 36,005 67%
323,799 19,519 24,996 23,013 103,191 2,268 172,986 53%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 - - - - - - - 0%
2007 - - - - - - - 0%
- - - - - - - 0%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 7,173 648 202 3,841 786 72 5,550 77%
2003 46,722 6,675 6,520 1,255 6,731 218 21,399 46%
2004 74,386 8,795 7,537 8,050 13,005 429 37,816 51%
2005 80,623 3,171 10,168 3,527 22,111 537 39,513 49%
2006 60,764 184 362 3,840 27,836 481 32,703 54%
2007 54,132 45 205 2,500 32,723 531 36,005 67%
323,799 19,519 24,996 23,013 103,191 2,268 172,986 53%

Exhibit 7, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Directors and Officers
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - 108 2 2 379 648
2003 130 227 619 2,943 6,675
2004 3 858 2,181 8,795
2005 8 1,175 3,171
2006 109 184
2007 45

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 110 242 1,824 4,725 4,692
2003 132 3,817 6,145 18,588 14,451
2004 1,269 13,537 26,876 24,383
2005 835 7,659 16,866
2006 567 4,387
2007 2,750

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 3,467 3,263 14,377 5,147 5,550
2003 25,506 26,995 16,266 22,767 21,399
2004 53,539 50,101 48,230 37,816
2005 46,688 35,285 39,513
2006 35,646 32,703
2007 36,005

Exhibit 7, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Directors and Officers
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 48.3% 45.5% 200.4% 71.8% 77.4%
2003 54.6% 57.8% 34.8% 48.7% 45.8%
2004 72.0% 67.4% 64.8% 50.8%
2005 57.9% 43.8% 49.0%
2006 58.7% 53.8%
2007 66.5%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 5,326 7,125 7,158 7,171 7,173
2003 45,577 46,034 46,583 46,701 46,722
2004 72,610 73,843 74,347 74,386
2005 77,983 79,831 80,623
2006 59,399 60,764
2007 54,132

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - 3,467 (204) 11,114 (9,230) 403 5,550
2003 25,506 1,489 (10,729) 6,501 (1,368) (4,107)
2004 53,539 (3,438) (1,871) (10,414) (15,723)
2005 46,688 (11,403) 4,228 (7,175)
2006 35,646 (2,943) (2,943)
2007 36,005 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 3,467 1,285 (3,053) (16,003) (10,094) (24,399)

Exhibit 7, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Motor
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 13,329 7,394 26 - 2,950 45 10,414 78%
2003 64,630 23,617 2,103 701 14,028 252 40,702 63%
2004 35,970 21,244 3,381 42 2,475 88 27,230 76%
2005 30,073 10,632 4,021 237 2,702 104 17,695 59%
2006 26,985 12,781 10,226 - 3,520 206 26,733 99%
2007 23,720 3,129 3,320 275 6,662 154 13,540 57%
194,707 78,796 23,077 1,254 32,337 850 136,315 70%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 - - - - - - - 0%
2007 - - - - - - - 0%
- - - - - - - 0%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 13,329 7,394 26 - 2,950 45 10,414 78%
2003 64,630 23,617 2,103 701 14,028 252 40,702 63%
2004 35,970 21,244 3,381 42 2,475 88 27,230 76%
2005 30,073 10,632 4,021 237 2,702 104 17,695 59%
2006 26,985 12,781 10,226 - 3,520 206 26,733 99%
2007 23,720 3,129 3,320 275 6,662 154 13,540 57%
194,707 78,796 23,077 1,254 32,337 850 136,315 70%

Exhibit 8, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Motor
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - 4,082 5,434 6,559 7,085 7,394
2003 9,383 15,905 18,198 21,687 23,617
2004 6,951 13,904 18,673 21,244
2005 2,065 7,716 10,632
2006 3,576 12,781
2007 3,129

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 6,145 7,035 7,554 7,136 7,419
2003 14,456 23,331 23,213 24,095 26,421
2004 12,797 21,850 23,504 24,667
2005 5,551 12,870 14,889
2006 5,089 23,007
2007 6,724

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 8,634 10,262 10,211 10,802 10,414
2003 38,909 38,838 34,990 40,788 40,702
2004 26,142 25,408 26,674 27,230
2005 17,981 16,234 17,695
2006 21,309 26,733
2007 13,540

Exhibit 8, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Motor
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 64.8% 77.0% 76.6% 81.0% 78.1%
2003 60.2% 60.1% 54.1% 63.1% 63.0%
2004 72.7% 70.6% 74.2% 75.7%
2005 59.8% 54.0% 58.8%
2006 79.0% 99.1%
2007 57.1%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 12,801 13,375 13,337 13,327 13,329
2003 61,323 65,558 64,758 64,639 64,630
2004 36,317 35,968 35,978 35,970
2005 28,174 30,138 30,073
2006 28,778 26,985
2007 23,720

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - 8,634 1,628 (51) 590 (388) 10,414
2003 38,909 (71) (3,848) 5,798 (86) 1,794
2004 26,142 (735) 1,266 556 1,088
2005 17,981 (1,747) 1,461 (286)
2006 21,309 5,425 5,425
2007 13,540 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 8,634 1,558 (4,634) 5,908 6,967 18,433

Exhibit 8, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Other
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1 0 - - 0 0 0 28%
2002 75,163 22,325 17,996 10,885 12,188 616 64,011 85%
2003 211,643 57,597 27,539 6,638 56,968 1,367 150,110 71%
2004 226,495 41,449 18,570 3,283 71,516 1,401 136,218 60%
2005 228,269 25,222 18,678 7,289 82,320 1,624 135,133 59%
2006 197,199 9,931 10,048 5,398 95,009 1,657 122,043 62%
2007 147,190 1,270 6,182 1,990 86,597 1,422 97,460 66%
1,085,959 157,792 99,015 35,484 404,598 8,086 704,975 65%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 1,499 1,164 362 - - - 1,525 102%
2004 2,651 1,090 162 - 79 - 1,330 50%
2005 1,362 603 295 - 194 - 1,091 80%
2006 39 - - - - - - 0%
2007 159 - - - - - - 0%
5,710 2,856 818 - 273 - 3,947 69%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1 0 - - 0 0 0 28%
2002 75,163 22,325 17,996 10,885 12,188 616 64,011 85%
2003 210,143 56,433 27,178 6,638 56,968 1,367 148,584 71%
2004 223,844 40,359 18,408 3,283 71,437 1,401 134,888 60%
2005 226,907 24,619 18,384 7,289 82,126 1,624 134,042 59%
2006 197,160 9,931 10,048 5,398 95,009 1,657 122,043 62%
2007 147,031 1,270 6,182 1,990 86,597 1,422 97,460 66%
1,080,249 154,936 98,197 35,484 404,325 8,086 701,028 65%

Exhibit 9, Page 1
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Other
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - 0 0 0 0
2002 1 824 3,925 6,953 22,478 22,325
2003 1,154 8,147 23,631 34,837 57,597
2004 5,338 13,178 23,129 41,449
2005 3,317 14,308 25,222
2006 3,646 9,931
2007 1,270

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - 0 0 0 0
2002 9 9,954 17,114 45,800 54,054 51,207
2003 14,837 30,998 53,867 64,727 91,774
2004 16,500 29,167 47,214 63,302
2005 11,606 27,887 51,189
2006 10,693 25,377
2007 9,441

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 1 1 0 0
2002 52,098 54,520 54,130 64,242 68,617 64,011
2003 150,976 145,298 154,026 142,950 150,110
2004 156,899 142,610 137,180 136,218
2005 140,763 131,887 135,133
2006 126,718 122,043
2007 97,460

Exhibit 9, Page 2
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Casualty Other
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 51.5% 42.3% 34.2% 27.7%
2002 69.3% 72.5% 72.0% 85.5% 91.3% 85.2%
2003 71.3% 68.7% 72.8% 67.5% 70.9%
2004 69.3% 63.0% 60.6% 60.1%
2005 61.7% 57.8% 59.2%
2006 64.3% 61.9%
2007 66.2%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 1 1 1 1
2002 82,850 70,614 71,115 81,547 75,314 75,163
2003 211,836 209,287 211,246 211,671 211,643
2004 223,534 227,420 228,348 226,495
2005 226,124 229,204 228,269
2006 195,827 197,199
2007 147,190

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 1 (0) (0) (0) 0
2002 52,098 2,423 (390) 10,112 4,375 (4,606) 11,913
2003 150,976 (5,677) 8,728 (11,076) 7,160 (866)
2004 156,899 (14,289) (5,430) (962) (20,681)
2005 140,763 (8,876) 3,247 (5,630)
2006 126,718 (4,675) (4,675)
2007 97,460 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 2,423 (6,067) 4,551 (21,008) 163 (19,939)

Exhibit 9, Page 3
Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Workers Compensation (Predominantly Ground Up Pro Rata)
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 14,246 318 2,311 - 8,347 160 11,136 78%
2003 36,001 18,762 5,849 - 6,050 178 30,839 86%
2004 49,475 16,905 10,680 - 13,352 360 41,297 83%
2005 73,644 27,019 17,220 - 13,157 456 57,852 79%
2006 131,198 21,080 9,332 - 36,028 680 67,121 51%
2007 24,172 828 241 - 10,333 159 11,561 48%
328,736 84,913 45,633 - 87,267 1,994 219,806 67%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 137 57 9 - 4 - 70 51%
2005 2,680 799 390 - 257 - 1,446 54%
2006 5,039 - - - 817 - 817 16%
2007 553 - - - 48 - 48 9%
8,409 857 399 - 1,126 - 2,381 28%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 14,246 318 2,311 - 8,347 160 11,136 78%
2003 36,001 18,762 5,849 - 6,050 178 30,839 86%
2004 49,337 16,848 10,671 - 13,347 360 41,227 84%
2005 70,964 26,220 16,830 - 12,900 456 56,406 79%
2006 126,158 21,080 9,332 - 35,211 680 66,304 53%
2007 23,619 828 241 - 10,285 159 11,513 49%
320,327 84,056 45,234 - 86,141 1,994 217,425 68%

Exhibit 10, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Workers Compensation (Predominantly Ground Up Pro Rata)
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - 98 122 266 318
2003 59 6,934 12,550 16,633 18,762
2004 3,306 9,835 14,376 16,905
2005 1,474 20,008 27,019
2006 2,781 21,080
2007 828

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 625 1,010 1,976 2,379 2,629
2003 2,178 16,794 21,018 23,761 24,610
2004 10,687 21,365 26,104 27,585
2005 5,750 43,224 44,239
2006 6,769 30,412
2007 1,069

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 7,882 9,441 11,218 11,102 11,172 11,136
2003 30,784 35,712 34,194 30,862 30,839
2004 41,905 46,018 41,222 41,297
2005 45,020 61,588 57,852
2006 60,395 67,121
2007 11,561

Exhibit 10, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Long Tail
Workers Compensation (Predominantly Ground Up Pro Rata)
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 55.3% 66.3% 78.7% 77.9% 78.4% 78.2%
2003 85.5% 99.2% 95.0% 85.7% 85.7%
2004 84.7% 93.0% 83.3% 83.5%
2005 61.1% 83.6% 78.6%
2006 46.0% 51.2%
2007 47.8%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 24,030 15,286 14,224 14,239 14,244 14,246
2003 34,623 35,717 37,284 36,077 36,001
2004 50,952 50,438 49,555 49,475
2005 53,497 73,528 73,644
2006 122,779 131,198
2007 24,172

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 7,882 1,559 1,777 (117) 70 (36) 3,254
2003 30,784 4,928 (1,519) (3,332) (22) 55
2004 41,905 4,113 (4,796) 75 (608)
2005 45,020 16,568 (3,735) 12,833
2006 60,395 6,726 6,726
2007 11,561 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 1,559 6,705 2,477 8,510 3,007 22,259

Exhibit 10, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other
Agriculture and Other Specialty
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 71 - - - - - - 0%
2002 3,682 - - - 25 0 25 1%
2003 2,327 - - - 139 2 141 6%
2004 16,544 1,686 158 - 4,587 71 6,502 39%
2005 52,512 29,232 - - 5,142 77 34,451 66%
2006 120,547 72,752 2 - 7,488 112 80,354 67%
2007 143,797 626 178 - 109,783 1,649 112,237 78%
339,481 104,296 338 - 127,164 1,913 233,710 69%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 842 - - - - - - 0%
2007 1,989 - - - - - - 0%
2,830 - - - - - - 0%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 71 - - - - - - 0%
2002 3,682 - - - 25 0 25 1%
2003 2,327 - - - 139 2 141 6%
2004 16,544 1,686 158 - 4,587 71 6,502 39%
2005 52,512 29,232 - - 5,142 77 34,451 66%
2006 119,705 72,752 2 - 7,488 112 80,354 67%
2007 141,808 626 178 - 109,783 1,649 112,237 79%
336,651 104,296 338 - 127,164 1,913 233,710 69%

Exhibit 11, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other
Agriculture and Other Specialty
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 704 1,630 1,666 1,686
2005 4,073 29,191 29,232
2006 840 72,752
2007 626

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 923 1,831 1,867 1,844
2005 5,008 29,252 29,232
2006 842 72,754
2007 804

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 460 287 206 125 25
2003 823 477 349 256 141
2004 12,688 11,368 9,204 6,502
2005 42,960 36,316 34,451
2006 78,385 80,354
2007 112,237

Exhibit 11, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Other
Agriculture and Other Specialty
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 12.5% 7.8% 5.6% 3.4% 0.7%
2003 35.4% 20.5% 15.0% 11.0% 6.1%
2004 76.7% 68.7% 55.6% 39.3%
2005 81.8% 69.2% 65.6%
2006 65.0% 66.7%
2007 78.1%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 71 71 71 71
2002 - 3,650 3,677 3,685 3,682 3,682
2003 3,366 2,323 2,327 2,327 2,327
2004 17,231 16,406 16,444 16,544
2005 50,949 52,735 52,512
2006 120,684 120,547
2007 143,797

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - 460 (173) (81) (81) (100) 25
2003 823 (346) (128) (92) (115) (681)
2004 12,688 (1,320) (2,164) (2,702) (6,186)
2005 42,960 (6,643) (1,865) (8,509)
2006 78,385 1,969 1,969
2007 112,237 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 460 (519) (1,530) (8,980) (2,813) (13,382)

Exhibit 11, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Marine and Aerospace
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 0 - - - - - - 0%
2002 42,832 19,643 1,989 - 168 32 21,832 51%
2003 123,991 41,656 8,177 - 179 125 50,136 40%
2004 177,247 80,847 20,990 - 1,272 334 103,444 58%
2005 243,386 258,236 106,884 645 8,949 1,747 376,462 155%
2006 226,399 26,356 34,483 2,575 30,332 1,011 94,757 42%
2007 127,768 10,232 18,151 2,080 41,565 927 72,955 57%
941,622 436,970 190,674 5,301 82,465 4,177 719,586 76%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 336 - - - - - - 0%
2005 157 - - - - - - 0%
2006 817 - - - - - - 0%
2007 4,112 - - - 302 - 302 7%
5,421 - - - 302 - 302 6%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 0 - - - - - - 0%
2002 42,832 19,643 1,989 - 168 32 21,832 51%
2003 123,991 41,656 8,177 - 179 125 50,136 40%
2004 176,911 80,847 20,990 - 1,272 334 103,444 58%
2005 243,229 258,236 106,884 645 8,949 1,747 376,462 155%
2006 225,582 26,356 34,483 2,575 30,332 1,011 94,757 42%
2007 123,656 10,232 18,151 2,080 41,262 927 72,653 59%
936,201 436,970 190,674 5,301 82,162 4,177 719,284 77%

Exhibit 12, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Marine and Aerospace
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 408 11,875 16,720 17,841 19,027 19,643
2003 9,693 26,060 33,763 37,443 41,656
2004 9,466 46,148 65,283 80,847
2005 23,845 161,411 258,236
2006 7,283 26,356
2007 10,232

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 4,394 20,626 23,217 22,075 21,729 21,632
2003 28,374 47,442 47,681 48,894 49,832
2004 38,275 87,952 97,713 101,837
2005 201,212 343,404 365,766
2006 25,292 63,414
2007 30,463

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - 0 -
2002 34,100 27,502 24,750 22,210 21,757 21,832
2003 78,211 66,330 51,464 49,397 50,136
2004 115,794 115,255 103,813 103,444
2005 289,646 379,744 376,462
2006 101,287 94,757
2007 72,955

Exhibit 12, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Marine and Aerospace
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 5.5% 0.0%
2002 79.6% 64.2% 57.8% 51.9% 50.8% 51.0%
2003 63.1% 53.5% 41.5% 39.8% 40.4%
2004 65.3% 65.0% 58.6% 58.4%
2005 119.0% 156.0% 154.7%
2006 44.7% 41.9%
2007 57.1%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 0 0 0 0
2002 10,188 41,015 42,620 42,808 42,872 42,832
2003 118,554 119,690 123,284 123,916 123,991
2004 166,506 174,021 176,785 177,247
2005 257,418 243,071 243,386
2006 221,725 226,399
2007 127,768

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - 0 (0) -
2002 34,100 (6,598) (2,752) (2,540) (454) 75 (12,269)
2003 78,211 (11,881) (14,866) (2,066) 739 (28,074)
2004 115,794 (539) (11,442) (369) (12,350)
2005 289,646 90,097 (3,282) 86,816
2006 101,287 (6,530) (6,530)
2007 72,955 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (6,598) (14,633) (17,945) 76,136 (9,367) 27,593

Exhibit 12, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Property
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,160 247 4 - 0 0 251 22%
2002 228,632 49,100 2,230 - 1,353 54 52,736 23%
2003 521,176 129,814 10,378 - 4,309 220 144,721 28%
2004 743,037 339,027 24,068 717 10,859 535 375,206 50%
2005 736,730 744,265 145,039 5,189 13,944 2,463 910,901 124%
2006 659,288 132,334 42,326 475 26,949 1,046 203,129 31%
2007 555,175 33,666 53,588 10,446 94,450 2,377 194,527 35%
3,445,198 1,428,452 277,634 16,827 151,864 6,695 1,881,471 55%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 25,994 (178) - - - - (178) -1%
2003 5,939 - - - - - - 0%
2004 5,463 5,920 - - - - 5,920 108%
2005 6,118 6,127 - - - - 6,127 100%
2006 5,941 - - - - - - 0%
2007 20,904 - - - - - - 0%
70,359 11,868 - - - - 11,868 17%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,160 247 4 - 0 0 251 22%
2002 202,638 49,278 2,230 - 1,353 54 52,914 26%
2003 515,237 129,814 10,378 - 4,309 220 144,721 28%
2004 737,574 333,107 24,068 717 10,859 535 369,286 50%
2005 730,612 738,139 145,039 5,189 13,944 2,463 904,774 124%
2006 653,347 132,334 42,326 475 26,949 1,046 203,129 31%
2007 534,271 33,666 53,588 10,446 94,450 2,377 194,527 36%
3,374,839 1,416,584 277,634 16,827 151,864 6,695 1,869,603 55%

Exhibit 13, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Property
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - 311 282 288 247
2002 4,140 30,526 38,201 40,399 47,929 49,100
2003 33,405 86,726 111,103 121,682 129,814
2004 100,784 262,724 317,438 339,027
2005 242,876 575,686 744,265
2006 39,947 132,334
2007 33,666

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - 375 297 297 251
2002 44,587 58,185 51,144 46,415 52,455 51,329
2003 92,559 138,812 140,358 141,935 140,192
2004 231,434 358,379 364,599 363,812
2005 624,905 864,784 894,494
2006 115,891 175,134
2007 97,700

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 369 297 297 251
2002 91,782 74,327 54,720 48,189 53,878 52,736
2003 258,262 185,661 153,769 148,677 144,721
2004 481,390 430,596 378,536 375,206
2005 879,858 919,544 910,901
2006 247,374 203,129
2007 194,527

Exhibit 13, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Property
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 31.8% 25.6% 25.6% 21.7%
2002 40.1% 32.5% 23.9% 21.1% 23.6% 23.1%
2003 49.6% 35.6% 29.5% 28.5% 27.8%
2004 64.8% 58.0% 50.9% 50.5%
2005 119.4% 124.8% 123.6%
2006 37.5% 30.8%
2007 35.0%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 1,182 1,160 1,160 1,160
2002 197,944 226,110 228,002 228,603 228,596 228,632
2003 516,369 526,111 521,428 519,915 521,176
2004 724,797 739,058 739,085 743,037
2005 731,911 731,076 736,730
2006 637,373 659,288
2007 555,175

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 369 (71) (0) (46) 251
2002 91,782 (17,455) (19,606) (6,531) 5,689 (1,142) (39,046)
2003 258,262 (72,600) (31,893) (5,092) (3,956) (113,541)
2004 481,390 (50,795) (52,060) (3,330) (106,185)
2005 879,858 39,686 (8,643) 31,043
2006 247,374 (44,245) (44,245)
2007 194,527 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (17,455) (91,838) (89,290) (11,777) (61,362) (271,722)

Exhibit 13, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Surety
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 0 - - - - - - 0%
2003 1,300 164 (0) - 1 0 164 13%
2004 4,715 785 611 - 50 10 1,456 31%
2005 39,739 9,975 3,207 - 2,829 91 16,101 41%
2006 62,027 8,620 4,741 1,251 10,368 245 25,225 41%
2007 60,034 2,968 3,090 4,153 24,076 470 34,757 58%
167,814 22,512 11,648 5,404 37,323 816 77,703 46%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 4,300 869 289 - 403 - 1,561 36%
2006 4,268 - 296 84 1,195 - 1,575 37%
2007 86 4 - - 42 - 46 53%
8,654 873 586 84 1,640 - 3,182 37%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 0 - - - - - - 0%
2003 1,300 164 (0) - 1 0 164 13%
2004 4,715 785 611 - 50 10 1,456 31%
2005 35,440 9,106 2,918 - 2,426 91 14,540 41%
2006 57,759 8,620 4,444 1,168 9,172 245 23,650 41%
2007 59,947 2,964 3,090 4,153 24,034 470 34,711 58%
159,160 21,639 11,063 5,320 35,683 816 74,521 47%

Exhibit 14, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Surety
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 20 92 107 92 164
2004 41 513 738 785
2005 751 5,738 9,975
2006 403 8,620
2007 2,968

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 77 97 225 188 164
2004 43 820 939 1,396
2005 4,388 9,571 13,182
2006 2,100 14,612
2007 10,211

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 766 425 276 183 164
2004 2,353 1,713 1,199 1,456
2005 26,156 19,667 16,101
2006 28,620 25,225
2007 34,757

Exhibit 14, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Reinsurance Short Tail
Short Tail Surety
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2003 58.9% 32.7% 21.2% 14.1% 12.6%
2004 49.9% 36.3% 25.4% 30.9%
2005 65.8% 49.5% 40.5%
2006 46.1% 40.7%
2007 57.9%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - 0 0 0
2003 1,095 1,065 1,340 1,345 1,300
2004 3,853 4,656 4,703 4,715
2005 35,957 39,826 39,739
2006 59,288 62,027
2007 60,034

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - - - - - - -
2003 766 (340) (149) (93) (19) (602)
2004 2,353 (640) (514) 257 (898)
2005 26,156 (6,489) (3,566) (10,055)
2006 28,620 (3,395) (3,395)
2007 34,757 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A - (340) (789) (7,096) (6,724) (14,949)

Exhibit 14, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance and Reinsurance
Workers Compensation
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 14,246 318 2,311 - 8,347 160 11,136 78%
2003 36,001 18,762 5,849 - 6,050 178 30,839 86%
2004 49,475 16,905 10,680 - 13,352 360 41,297 83%
2005 73,644 27,019 17,220 - 13,157 456 57,852 79%
2006 160,628 27,661 19,475 - 40,885 1,760 89,781 56%
2007 231,634 9,855 8,579 - 116,363 7,772 142,569 62%
565,628 100,521 64,114 - 198,154 10,687 373,475 66%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 137 57 9 - 4 - 70 51%
2005 2,680 799 390 - 257 - 1,446 54%
2006 7,801 - - - 1,788 - 1,788 23%
2007 18,093 - - - 6,867 - 6,867 38%
28,711 857 399 - 8,915 - 10,171 35%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 14,246 318 2,311 - 8,347 160 11,136 78%
2003 36,001 18,762 5,849 - 6,050 178 30,839 86%
2004 49,337 16,848 10,671 - 13,347 360 41,227 84%
2005 70,964 26,220 16,830 - 12,900 456 56,406 79%
2006 152,827 27,661 19,475 - 39,097 1,760 87,994 58%
2007 213,541 9,855 8,579 - 109,496 7,772 135,702 64%
536,917 99,664 63,715 - 189,238 10,687 363,305 68%

Exhibit 15, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance and Reinsurance
Workers Compensation
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - 98 122 266 318
2003 59 6,934 12,550 16,633 18,762
2004 3,306 9,835 14,376 16,905
2005 1,474 20,008 27,019
2006 3,102 27,661
2007 9,855

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 625 1,010 1,976 2,379 2,629
2003 2,178 16,794 21,018 23,761 24,610
2004 10,687 21,365 26,104 27,585
2005 5,750 43,224 44,239
2006 8,566 47,136
2007 18,434

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 8,527 9,441 11,218 11,102 11,172 11,136
2003 30,784 35,712 34,194 30,862 30,839
2004 41,905 46,018 41,222 41,297
2005 45,020 61,588 57,852
2006 80,091 89,781
2007 142,569

Exhibit 15, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES
Insurance and Reinsurance
Workers Compensation
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 59.9% 66.3% 78.7% 77.9% 78.4% 78.2%
2003 85.5% 99.2% 95.0% 85.7% 85.7%
2004 84.7% 93.0% 83.3% 83.5%
2005 61.1% 83.6% 78.6%
2006 49.9% 55.9%
2007 61.5%

Earned Premium 12 24 36 48 60 72 84
2001 - - - - - - -
2002 12,992 15,286 14,224 14,239 14,244 14,246
2003 34,623 35,717 37,284 36,077 36,001
2004 50,952 50,438 49,555 49,475
2005 53,497 73,528 73,644
2006 150,689 160,628
2007 231,634

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 8,527 914 1,777 (117) 70 (36) 2,609
2003 30,784 4,928 (1,519) (3,332) (22) 55
2004 41,905 4,113 (4,796) 75 (608)
2005 45,020 16,568 (3,735) 12,833
2006 80,091 9,690 9,690
2007 142,569 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 914 6,705 2,477 8,510 5,972 24,579

Exhibit 15, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 70 - - - 25 0 25 36%
2002 43,745 - - - 14,426 216 14,642 33%
2003 174,168 58 - 4,000 63,545 1,013 68,616 39%
2004 235,162 3,746 23 - 116,614 1,750 122,133 52%
2005 264,714 8,030 27 10,000 159,219 2,702 179,977 68%
2006 331,764 13,454 29,337 2,500 207,088 5,592 257,971 78%
2007 515,353 9,173 11,395 - 328,068 12,839 361,476 70%
1,564,976 34,461 40,782 16,500 888,985 24,113 1,004,841 64%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 509 - - - - - - 0%
2004 446 36 - - - - 36 8%
2005 4,618 - - - 3,200 - 3,200 69%
2006 28,353 82 8,790 - 19,733 - 28,605 101%
2007 65,653 80 560 - 41,501 - 42,141 64%
99,578 198 9,350 - 64,435 - 73,982 74%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 70 - - - 25 0 25 36%
2002 43,745 - - - 14,426 216 14,642 33%
2003 173,660 58 - 4,000 63,545 1,013 68,616 40%
2004 234,716 3,710 23 - 116,614 1,750 122,097 52%
2005 260,096 8,030 27 10,000 156,018 2,702 176,777 68%
2006 303,410 13,372 20,547 2,500 187,355 5,592 229,366 76%
2007 449,700 9,093 10,836 - 286,567 12,839 319,335 71%
1,465,398 34,263 31,433 16,500 824,550 24,113 930,859 64%

Exhibit 16, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - 18 24 48 58
2004 - 44 160 3,746
2005 2,780 2,744 8,030
2006 392 13,454
2007 9,173

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 0 5,018 6,108 4,048 4,058
2004 - 44 160 3,769
2005 10,780 15,794 18,056
2006 9,283 45,291
2007 20,568

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 28 24 22 25
2002 33,569 28,373 22,967 20,466 16,428 14,642
2003 124,562 114,944 93,978 81,589 68,616
2004 161,954 146,297 134,874 122,133
2005 200,930 194,916 179,977
2006 260,035 257,971
2007 361,476

Exhibit 16, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Long Tail

GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 39.6% 34.7% 30.8% 36.2%
2002 76.7% 64.9% 52.5% 46.8% 37.6% 33.5%
2003 71.5% 66.0% 54.0% 46.8% 39.4%
2004 68.9% 62.2% 57.4% 51.9%
2005 75.9% 73.6% 68.0%
2006 78.4% 77.8%
2007 70.1%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 70 70 70 70
2002 44,252 44,252 43,745 43,745 43,745 43,745
2003 173,063 174,352 174,168 174,168 174,168
2004 236,951 235,206 235,202 235,162
2005 265,176 264,882 264,714
2006 329,830 331,764
2007 515,353

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 28 (3) (3) 4 25
2002 33,569 (5,196) (5,406) (2,501) (4,038) (1,785) (18,927)
2003 124,562 (9,618) (20,966) (12,388) (12,973) (55,946)
2004 161,954 (15,657) (11,423) (12,741) (39,821)
2005 200,930 (6,013) (14,939) (20,952)
2006 260,035 (2,064) (2,064)
2007 361,476 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (5,196) (14,996) (39,128) (33,866) (44,498) (137,684)

Exhibit 16, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 17 - - - - - - 0%
2002 34,133 2,270 - - 5 0 2,276 7%
2003 68,842 17,566 6,387 - 18 96 24,067 35%
2004 109,247 33,769 9,313 - 351 145 43,578 40%
2005 118,461 148,356 31,116 - 4,041 538 184,051 155%
2006 147,393 33,656 14,885 - 4,493 337 53,371 36%
2007 155,199 15,399 26,496 - 22,796 952 65,643 42%
633,291 251,017 88,197 - 31,704 2,067 372,986 59%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 347 - - - - - - 0%
2003 1,877 41 - - - - 41 2%
2004 2,443 2,418 51 - - - 2,470 101%
2005 8,992 1,712 2,618 - 62 - 4,392 49%
2006 74,184 452 1,010 - 2,117 - 3,580 5%
2007 108,968 271 3,358 - 10,184 - 13,812 13%
196,812 4,894 7,037 - 12,363 - 24,294 12%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 17 - - - - - - 0%
2002 33,786 2,270 - - 5 0 2,276 7%
2003 66,965 17,526 6,387 - 18 96 24,026 36%
2004 106,803 31,351 9,262 - 351 145 41,108 38%
2005 109,468 146,644 28,498 - 3,979 538 179,659 164%
2006 73,209 33,204 13,874 - 2,376 337 49,791 68%
2007 46,231 15,128 23,139 - 12,613 952 51,831 112%
436,480 246,123 81,160 - 19,341 2,067 348,692 80%

Exhibit 17, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 149 1,449 2,257 2,267 2,270 2,270
2003 72 11,354 15,278 17,279 17,566
2004 3,457 22,765 28,659 33,769
2005 27,812 99,143 148,356
2006 12,365 33,656
2007 15,399

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 1,600 3,392 2,404 2,268 2,271 2,270
2003 13,740 17,332 20,012 23,946 23,954
2004 26,254 47,827 43,671 43,082
2005 158,999 185,098 179,472
2006 52,435 48,541
2007 41,895

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 13,253 4,577 2,407 2,317 2,279 2,276
2003 33,451 19,610 20,147 24,065 24,067
2004 65,889 45,282 44,232 43,578
2005 215,024 188,960 184,051
2006 84,094 53,371
2007 65,643

Exhibit 17, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Short Tail

GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 38.8% 13.4% 7.1% 6.8% 6.7% 6.7%
2003 48.6% 28.5% 29.3% 35.0% 35.0%
2004 60.3% 41.4% 40.5% 39.9%
2005 181.5% 159.5% 155.4%
2006 57.1% 36.2%
2007 42.3%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 17 17 17 17
2002 34,208 34,208 34,133 34,133 34,133 34,133
2003 69,172 68,825 68,733 68,870 68,842
2004 110,295 109,195 109,260 109,247
2005 119,232 118,655 118,461
2006 148,269 147,393
2007 155,199

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 13,253 (8,676) (2,171) (90) (37) (3) (10,977)
2003 33,451 (13,840) 537 3,918 2 (9,383)
2004 65,889 (20,608) (1,050) (654) (22,312)
2005 215,024 (26,063) (4,910) (30,973)
2006 84,094 (30,724) (30,724)
2007 65,643 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (8,676) (16,011) (20,161) (23,233) (36,289) (104,369)

Exhibit 17, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1 0 - - 0 0 0 28%
2002 109,910 30,686 20,535 14,726 24,270 893 91,110 83%
2003 358,996 106,650 42,012 8,594 83,778 2,016 243,050 68%
2004 386,325 88,393 40,168 11,375 100,347 2,278 242,562 63%
2005 412,608 66,044 50,087 11,053 120,289 2,721 250,194 61%
2006 416,145 43,976 29,969 9,238 162,393 3,024 248,600 60%
2007 249,215 5,271 9,949 4,765 136,315 2,265 158,566 64%
1,933,200 341,020 192,721 59,751 627,392 13,198 1,234,082 64%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 1,499 1,164 362 - - - 1,525 102%
2004 2,788 1,147 170 - 83 - 1,400 50%
2005 4,042 1,402 685 - 451 - 2,538 63%
2006 5,078 - - - 817 - 817 16%
2007 712 - - - 48 - 48 7%
14,119 3,713 1,217 - 1,399 - 6,328 45%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1 0 - - 0 0 0 28%
2002 109,910 30,686 20,535 14,726 24,270 893 91,110 83%
2003 357,496 105,487 41,650 8,594 83,778 2,016 241,525 68%
2004 383,537 87,246 39,998 11,375 100,264 2,278 241,161 63%
2005 408,567 64,642 49,402 11,053 119,838 2,721 247,657 61%
2006 411,067 43,976 29,969 9,238 161,576 3,024 247,783 60%
2007 248,503 5,271 9,949 4,765 136,268 2,265 158,518 64%
1,919,081 337,307 191,505 59,751 625,994 13,198 1,227,754 64%

Exhibit 18, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - 0 0 0 0
2002 1 5,014 9,459 13,636 30,207 30,686
2003 10,726 31,212 54,998 76,100 106,650
2004 15,597 37,776 58,358 88,393
2005 6,864 43,207 66,044
2006 10,112 43,976
2007 5,271

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - 0 0 0 0
2002 9 16,834 25,402 57,153 68,294 65,948
2003 31,603 74,940 104,244 131,172 157,256
2004 41,254 85,919 123,699 139,937
2005 23,742 91,639 127,184
2006 23,118 83,183
2007 19,985

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 1 1 0 0
2002 72,726 76,302 78,877 99,587 95,744 91,110
2003 246,387 246,754 239,842 237,385 243,050
2004 278,762 264,330 253,230 242,562
2005 250,434 245,071 250,194
2006 245,448 248,600
2007 158,566

Exhibit 18, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Long Tail

GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 51.5% 42.3% 34.2% 27.7%
2002 66.2% 69.4% 71.8% 90.6% 87.1% 82.9%
2003 68.6% 68.7% 66.8% 66.1% 67.7%
2004 72.2% 68.4% 65.5% 62.8%
2005 60.7% 59.4% 60.6%
2006 59.0% 59.7%
2007 63.6%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 1 1 1 1
2002 106,880 104,027 105,839 116,280 110,056 109,910
2003 353,359 356,595 359,871 359,087 358,996
2004 383,413 387,669 388,229 386,325
2005 385,777 412,701 412,608
2006 406,784 416,145
2007 249,215

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 1 (0) (0) (0) 0
2002 72,726 3,576 2,575 20,710 (3,843) (4,634) 18,384
2003 246,387 368 (6,913) (2,456) 5,664 (3,337)
2004 278,762 (14,432) (11,100) (10,668) (36,201)
2005 250,434 (5,363) 5,123 (240)
2006 245,448 3,151 3,151
2007 158,566 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 3,576 2,943 (635) (22,763) (1,363) (18,242)

Exhibit 18, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 71 - - - - - - 0%
2002 3,682 - - - 25 0 25 1%
2003 2,327 - - - 139 2 141 6%
2004 16,544 1,686 158 - 4,587 71 6,502 39%
2005 52,512 29,232 - - 5,142 77 34,451 66%
2006 120,547 72,752 2 - 7,488 112 80,354 67%
2007 143,797 626 178 - 109,783 1,649 112,237 78%
339,481 104,296 338 - 127,164 1,913 233,710 69%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 - - - - - - - 0%
2003 - - - - - - - 0%
2004 - - - - - - - 0%
2005 - - - - - - - 0%
2006 842 - - - - - - 0%
2007 1,989 - - - - - - 0%
2,830 - - - - - - 0%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 71 - - - - - - 0%
2002 3,682 - - - 25 0 25 1%
2003 2,327 - - - 139 2 141 6%
2004 16,544 1,686 158 - 4,587 71 6,502 39%
2005 52,512 29,232 - - 5,142 77 34,451 66%
2006 119,705 72,752 2 - 7,488 112 80,354 67%
2007 141,808 626 178 - 109,783 1,649 112,237 79%
336,651 104,296 338 - 127,164 1,913 233,710 69%

Exhibit 19, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 704 1,630 1,666 1,686
2005 4,073 29,191 29,232
2006 840 72,752
2007 626

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - - - - - -
2003 - - - - -
2004 923 1,831 1,867 1,844
2005 5,008 29,252 29,232
2006 842 72,754
2007 804

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - - - - -
2002 - 460 287 206 125 25
2003 823 477 349 256 141
2004 12,688 11,368 9,204 6,502
2005 42,960 36,316 34,451
2006 78,385 80,354
2007 112,237

Exhibit 19, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Other
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2002 0.0% 12.5% 7.8% 5.6% 3.4% 0.7%
2003 35.4% 20.5% 15.0% 11.0% 6.1%
2004 76.7% 68.7% 55.6% 39.3%
2005 81.8% 69.2% 65.6%
2006 65.0% 66.7%
2007 78.1%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 71 71 71 71
2002 - 3,650 3,677 3,685 3,682 3,682
2003 3,366 2,323 2,327 2,327 2,327
2004 17,231 16,406 16,444 16,544
2005 50,949 52,735 52,512
2006 120,684 120,547
2007 143,797

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 - - - - -
2002 - 460 (173) (81) (81) (100) 25
2003 823 (346) (128) (92) (115) (681)
2004 12,688 (1,320) (2,164) (2,702) (6,186)
2005 42,960 (6,643) (1,865) (8,509)
2006 78,385 1,969 1,969
2007 112,237 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A 460 (519) (1,530) (8,980) (2,813) (13,382)

Exhibit 19, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,160 247 4 - 0 0 251 22%
2002 271,464 68,742 4,219 - 1,520 86 74,568 27%
2003 646,467 171,633 18,555 - 4,489 346 195,022 30%
2004 924,998 420,659 45,669 717 12,181 879 480,105 52%
2005 1,019,855 1,012,476 255,131 5,835 25,722 4,300 1,303,464 128%
2006 947,714 167,310 81,549 4,301 67,648 2,302 323,111 34%
2007 742,976 46,867 74,829 16,679 160,091 3,774 302,239 41%
4,554,634 1,887,934 479,956 27,532 271,651 11,687 2,678,760 59%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 25,994 (178) - - - - (178) -1%
2003 5,939 - - - - - - 0%
2004 5,798 5,920 - - - - 5,920 102%
2005 10,575 6,996 289 - 403 - 7,688 73%
2006 11,026 - 296 84 1,195 - 1,575 14%
2007 25,102 4 - - 344 - 348 1%
84,434 12,741 586 84 1,942 - 15,353 18%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,160 247 4 - 0 0 251 22%
2002 245,470 68,921 4,219 - 1,520 86 74,746 30%
2003 640,527 171,633 18,555 - 4,489 346 195,022 30%
2004 919,200 414,739 45,669 717 12,181 879 474,185 52%
2005 1,009,280 1,005,481 254,842 5,835 25,319 4,300 1,295,776 128%
2006 936,688 167,310 81,253 4,217 66,453 2,302 321,536 34%
2007 717,874 46,863 74,829 16,679 159,746 3,774 301,891 42%
4,470,200 1,875,193 479,371 27,448 269,709 11,687 2,663,407 60%

Exhibit 20, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - 311 282 288 247
2002 4,548 42,401 54,920 58,240 66,956 68,742
2003 43,118 112,878 144,974 159,217 171,633
2004 110,291 309,385 383,459 420,659
2005 267,472 742,835 1,012,476
2006 47,633 167,310
2007 46,867

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - 375 297 297 251
2002 48,981 78,811 74,361 68,490 74,184 72,961
2003 121,009 186,352 188,264 191,017 190,187
2004 269,751 447,151 463,252 467,045
2005 830,506 1,217,759 1,273,442
2006 143,284 253,160
2007 138,375

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 369 297 297 251
2002 114,221 101,465 79,444 70,395 75,645 74,568
2003 336,749 251,642 205,430 198,271 195,022
2004 599,618 547,437 483,575 480,105
2005 1,197,737 1,319,057 1,303,464
2006 377,382 323,111
2007 302,239

Exhibit 20, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Short Tail

GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 31.8% 25.6% 25.6% 21.7%
2002 42.1% 37.4% 29.3% 25.9% 27.9% 27.5%
2003 52.1% 38.9% 31.8% 30.7% 30.2%
2004 64.8% 59.2% 52.3% 51.9%
2005 117.4% 129.3% 127.8%
2006 39.8% 34.1%
2007 40.7%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 1,182 1,160 1,160 1,160
2002 208,132 267,125 270,622 271,411 271,468 271,464
2003 636,017 646,866 646,052 645,175 646,467
2004 895,156 917,736 920,573 924,998
2005 1,025,286 1,013,974 1,019,855
2006 918,386 947,714
2007 742,976

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 369 (71) (0) (46) 251
2002 114,221 (12,756) (22,021) (9,049) 5,251 (1,078) (39,653)
2003 336,749 (85,107) (46,212) (7,159) (3,249) (141,727)
2004 599,618 (52,181) (63,862) (3,470) (119,513)
2005 1,197,737 121,320 (15,593) 105,727
2006 377,382 (54,271) (54,271)
2007 302,239 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (12,756) (106,759) (107,513) 55,549 (77,706) (249,186)

Exhibit 20, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 87 - - - 25 0 25 29%
2002 77,879 2,270 - - 14,431 216 16,918 22%
2003 243,010 17,625 6,387 4,000 63,563 1,109 92,684 38%
2004 344,408 37,516 9,336 - 116,965 1,895 165,711 48%
2005 383,174 156,385 31,143 10,000 163,260 3,240 364,028 95%
2006 479,157 47,110 44,221 2,500 211,581 5,929 311,342 65%
2007 670,552 24,572 37,892 - 350,865 13,791 427,119 64%
2,198,268 285,478 128,979 16,500 920,689 26,180 1,377,827 63%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 347 - - - - - - 0%
2003 2,385 41 - - - - 41 2%
2004 2,889 2,454 51 - - - 2,506 87%
2005 13,610 1,712 2,618 - 3,262 - 7,593 56%
2006 102,537 534 9,800 - 21,850 - 32,185 31%
2007 174,621 350 3,917 - 51,685 - 55,953 32%
296,390 5,092 16,387 - 76,798 - 98,276 33%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 87 - - - 25 0 25 29%
2002 77,531 2,270 - - 14,431 216 16,918 22%
2003 240,625 17,584 6,387 4,000 63,563 1,109 92,643 39%
2004 341,519 35,062 9,285 - 116,965 1,895 163,205 48%
2005 369,564 154,674 28,525 10,000 159,998 3,240 356,435 96%
2006 376,620 46,576 34,421 2,500 189,731 5,929 279,157 74%
2007 495,931 24,221 33,975 - 299,179 13,791 371,166 75%
1,901,878 280,386 112,592 16,500 843,891 26,180 1,279,550 67%

Exhibit 21, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - - - - -
2002 149 1,449 2,257 2,267 2,270 2,270
2003 72 11,373 15,303 17,327 17,625
2004 3,457 22,809 28,819 37,516
2005 30,593 101,888 156,385
2006 12,757 47,110
2007 24,572

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - - - - -
2002 1,600 3,392 2,404 2,268 2,271 2,270
2003 13,740 22,350 26,120 27,993 28,012
2004 26,254 47,871 43,830 46,852
2005 169,779 200,892 197,528
2006 61,719 93,831
2007 62,464

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 28 24 22 25
2002 46,890 33,042 25,374 22,782 18,707 16,918
2003 157,886 134,578 114,144 105,652 92,684
2004 227,831 191,589 179,107 165,711
2005 416,364 383,947 364,028
2006 343,873 311,342
2007 427,119

Exhibit 21, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Insurance Segment
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 32.0% 28.0% 24.8% 29.2%
2002 60.2% 42.4% 32.6% 29.3% 24.0% 21.7%
2003 65.0% 55.4% 47.0% 43.5% 38.1%
2004 66.2% 55.6% 52.0% 48.1%
2005 108.7% 100.2% 95.0%
2006 71.8% 65.0%
2007 63.7%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 87 87 87 87
2002 78,460 78,460 77,878 77,879 77,879 77,879
2003 242,235 243,176 242,902 243,038 243,010
2004 347,246 344,402 344,461 344,408
2005 384,408 383,537 383,174
2006 478,099 479,157
2007 670,552

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 28 (3) (3) 4 25
2002 46,890 (13,848) (7,669) (2,591) (4,076) (1,789) (29,972)
2003 157,886 (23,308) (20,434) (8,492) (12,968) (65,202)
2004 227,831 (36,242) (12,483) (13,396) (62,120)
2005 416,364 (32,417) (19,919) (52,336)
2006 343,873 (32,531) (32,531)
2007 427,119 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (13,848) (30,948) (59,271) (57,469) (80,600) (242,136)

Exhibit 21, Page 3

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment
ITD SUMMARY

Gross
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,233 247 4 - 0 0 251 20%
2002 385,056 99,428 24,754 14,726 25,815 979 165,703 43%
2003 1,007,790 278,283 60,566 8,594 88,406 2,363 438,213 43%
2004 1,327,868 510,739 85,995 12,092 117,115 3,228 729,169 55%
2005 1,484,976 1,107,752 305,218 16,888 151,153 7,099 1,588,110 107%
2006 1,484,406 284,038 111,520 13,539 237,529 5,439 652,065 44%
2007 1,135,987 52,764 84,957 21,443 406,189 7,689 573,042 50%
6,827,315 2,333,250 673,015 87,283 1,026,208 26,798 4,146,553 61%

Ceded
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 - - - - - - - 0%
2002 25,994 (178) - - - - (178) -1%
2003 7,439 1,164 362 - - - 1,525 21%
2004 8,587 7,067 170 - 83 - 7,320 85%
2005 14,617 8,398 974 - 854 - 10,225 70%
2006 16,945 - 296 84 2,012 - 2,392 14%
2007 27,803 4 - - 392 - 396 1%
101,384 16,454 1,802 84 3,341 - 21,681 21%

Net
Accident Earned Paid Loss Case Reserves Additional Ultimate Loss Ultimate Loss
Year Premium & ALAE & ALAE Case Reserves IBNR ULAE & LAE & LAE Ratio
2001 1,233 247 4 - 0 0 251 20%
2002 359,062 99,606 24,754 14,726 25,815 979 165,882 46%
2003 1,000,351 277,120 60,205 8,594 88,406 2,363 436,688 44%
2004 1,319,281 503,671 85,825 12,092 117,032 3,228 721,849 55%
2005 1,470,359 1,099,355 304,244 16,888 150,299 7,099 1,577,884 107%
2006 1,467,461 284,038 111,224 13,455 235,517 5,439 649,673 44%
2007 1,108,185 52,760 84,957 21,443 405,797 7,689 572,646 52%
6,725,932 2,316,796 671,213 87,199 1,022,867 26,798 4,124,872 61%

Exhibit 22, Page 1

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment
GROSS BASIS

Paid Loss & ALAE 12 24 36 48 60 72 84

2001 - - - 311 282 288 247
2002 4,549 47,414 64,379 71,875 97,163 99,428
2003 53,844 144,090 199,972 235,316 278,283
2004 126,593 348,791 443,483 510,739
2005 278,410 815,232 1,107,752
2006 58,585 284,038
2007 52,764

Case Incurred Loss

& ALAE (incl ACRs) 12 24 36 48 60 72 84
2001 - - - 375 297 297 251
2002 48,989 95,645 99,762 125,643 142,478 138,909
2003 152,612 261,292 292,508 322,189 347,444
2004 311,928 534,901 588,817 608,826
2005 859,256 1,338,651 1,429,858
2006 167,244 409,097
2007 159,164

Ultimate Loss
& LAE 12 24 36 48 60 72 84
2001 - - - 370 298 297 251
2002 193,493 177,237 157,450 173,105 171,576 165,703
2003 583,729 498,369 445,870 436,096 438,213
2004 891,683 823,418 746,361 729,169
2005 1,503,191 1,599,041 1,588,110
2006 702,345 652,065
2007 573,042

Exhibit 22, Page 2

Valuation Date: December 31, 2007 ENDURANCE SPECIALTY HOLDINGS LTD.
Values in Thousands USD (2.0065 USD/GBP) ACCIDENT YEAR GLOBAL DEVELOPMENT TRIANGLES

Reinsurance Segment
GROSS BASIS

Ultimate Loss
& LAE Ratio 12 24 36 48 60 72 84
2001 0.0% 0.0% 0.0% 30.0% 24.2% 24.1% 20.4%
2002 50.3% 46.0% 40.9% 45.0% 44.6% 43.0%
2003 57.9% 49.5% 44.2% 43.3% 43.5%
2004 67.2% 62.0% 56.2% 54.9%
2005 101.2% 107.7% 106.9%
2006 47.3% 43.9%
2007 50.4%

Earned Premium 12 24 36 48 60 72 84
2001 - - - 1,255 1,233 1,233 1,233
2002 315,012 374,802 380,138 391,377 385,206 385,056
2003 992,743 1,005,783 1,008,250 1,006,589 1,007,790
2004 1,295,800 1,321,811 1,325,245 1,327,868
2005 1,462,012 1,479,410 1,484,976
2006 1,445,854 1,484,406
2007 1,135,987

Loss Emergence @ 12 12 - 24 24 - 36 36 - 48 48 - 60 60 - 72 72 - 84 Total Development

2001 370 (72) (0) (46) 251
2002 193,493 (16,256) (19,786) 15,655 (1,529) (5,873) (27,789)
2003 583,729 (85,360) (52,500) (9,773) 2,117 (145,516)
2004 891,683 (68,266) (77,056) (17,192) (162,514)
2005 1,503,191 95,850 (10,931) 84,919
2006 702,345 (50,281) (50,281)
2007 573,042 -

Calendar Year CY 2001 CY 2002 CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 Total Development
N/A N/A (16,256) (104,777) (105,182) 7,491 (82,206) (300,930)

Exhibit 22, Page 3