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NEW YORK--Standard & Poor's Corp. has raised its financial strength ratings on the operating companies of Endurance Specialty Holdings Ltd. to A from A-.
In a statement, the rating agency said the change stems from Pembroke, Bermuda-based Endurance's strong competitive position, its diversified insurance and reinsurance business and its "strong" financial flexibility, among other factors.
New York-based S&P also noted in the statement that Endurance has reduced the volatility of its business, in part by nonrenewing certain "large national commercial per-risk accounts (flood exposure) and property and offshore marine" exposures.