PEMBROKE, Bermuda, June 4, 2009 (GLOBE NEWSWIRE) -- Endurance Specialty Holdings Ltd. (NYSE:ENH), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, today announced that A.M. Best has upgraded the financial strength rating of its operating subsidiary, American Agri-Business Insurance Company (AA-BIC), to A (Excellent). The rating upgrade reflects AA-BIC's excellent financial performance, experienced management team, and the strength and liquidity of Endurance's capital position.
President of ARMtech, Samuel R. Scheef, commented "The recognition of Endurance's exceptional financial strength in our ratings upgrade is a significant step for AA-BIC and ARMtech as we continue to provide specialty expertise and exceptional service to our insureds and agents."
Kenneth J. LeStrange, Chairman, President and Chief Executive Officer of Endurance, added that "We are very pleased that A.M. Best has upgraded AA-BIC's rating to match that of the rest of Endurance. ARMtech and AA-BIC are an integral part of our insurance operation and will continue to play a significant role in our strategy as a leading specialty insurer and reinsurer."
Headquartered in Lubbock, Texas, American Agri-Business Insurance Company and its affiliated company, ARMtech, are leading underwriters of U.S. federally sponsored crop insurance. With extensive agribusiness and insurance expertise as well as advanced underwriting and claims software, the companies offer traditional Multi Peril Crop Insurance (MPCI), Crop Hail, Livestock Risk Protection and other agribusiness risk management products through an independent agent network.
About Endurance Specialty Holdings
Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture, workers' compensation, professional lines of insurance and property, catastrophe, casualty, agriculture, marine, aerospace, and surety and other specialty lines of reinsurance. We maintain excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and A (Strong) from Standard and Poor's on our principal operating subsidiaries. Endurance's headquarters are located at Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Endurance, please visit http://www.endurance.bm.