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03/01/2017TABLE OF CONTENTS
PagePART I
Item 1.
Business~
Item 1A .Risk Factors~
Item 1B .!Unresolved Staff Comments~
Item 2.
Properties~
Item 3.Legal Proceedings~
Item 4.Mine Safety Disclosures~
PART IIItem 5..&Market for Registrant's Common Equity,~
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/0001PART IV112223Item 15.23*Exhibits and Financial Statement Schedules~
34Item 16.4Form 10K Summary~
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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EventNet Loss"(U.S. dollars in millions)
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Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment Ratings!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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December 31, 2016
December 31, 2015 Amortized
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)Sovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt Exposure (1)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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Cash FlowsCash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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03/01/2017
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }+}$
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }+}$
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EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }+}$
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ReinsuranceDISTRIBUTIONMarket InformationPerformance Graph Item 6 Selected Financial DataCritical Accounting Estimates!Years Ended December 31 2016 20
PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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03/01/2017KCItem 7A. Quantitative and Qualitative Disclosures About Market Risk
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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!!!!!!!!!! !
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!!!!!!!!!!!!!!( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/2017KCItem 7A. Quantitative and Qualitative Disclosures About Market Risk
December 31, 2016
Due within
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Mortgage
Collateralized
Asset backed
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }a/} $
!!!!!!!!!! !
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!!!!!!!!!!!!!!( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/2017KCItem 7A. Quantitative and Qualitative Disclosures About Market Risk
December 31, 2015
Due within
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Due after ten
Mortgage
Collateralized
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Totalone yearyear through
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( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/2017KCItem 7A. Quantitative and Qualitative Disclosures About Market Risk
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EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }I;}$
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }}$
( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/20174. Investments, cont'd.
December 31, 2016
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ReinsuranceDISTRIBUTIONMarket InformationPerformance Graph Item 6 Selected Financial DataCritical Accounting Estimates!Years Ended December 31 2016 20
PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }}$
( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/20174. Investments, cont'd.
December 31, 2015
Market Value
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~
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }U5}$
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03/01/20172*Net Realized and Unrealized (Losses) Gains
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!ENDURANCE SPECIALTY HOLDINGS LT!Securities registered pursuant TABLE OF CONTENTSBUSINESS SEGMENTS Insurance
ReinsuranceDISTRIBUTIONMarket InformationPerformance Graph Item 6 Selected Financial DataCritical Accounting Estimates!Years Ended December 31 2016 20
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }2}$
#
( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/2017#Unrealized Gains and Losses
December 31, 2016
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!ENDURANCE SPECIALTY HOLDINGS LT!Securities registered pursuant TABLE OF CONTENTSBUSINESS SEGMENTS Insurance
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PremiumsNet Investment Income!Net Realized and Unrealized LosNet Losses and Loss ExpensesNet Losses and Loss Expe (1)
Insurance (1)
Insurance (2)Reinsurance (1)Reinsurance (2)Investment PortfolioInvestment RatingsInvestment Ratings (1)!Investment Portfolio ManagementSovereign Debt ExposureSovereign Debt Exposure (1)
Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement contd 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }2}$
#
( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/20174. Investments, cont'd.
December 31, 2015
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Insurance (1)
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EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }0}$
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( ENDURANCE SPECIALTY HOLDINGS LTD10K
03/01/20174. Investments, cont'd.
Less than 12 months
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TotalDecember 31, 2016
UnrealizedFair
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie!12 Commitments and continge (1)13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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Cash FlowsCash Flows (1)Cash Flows (2)!Current Reserve for Losses and Current Reserve for Losses (1)Reinsurance (3)Reinsurance (4)Reinsurance (5)!Potential Percentage Change in Potential Percentage Chang (1)Ceded ReinsuranceIncome TaxesIncome Taxes (1)!Item 7A Quantitative and Qualit!Item 7A Quantitative and Qu (1)!Item 7A Quantitative and Qu (2)!Item 7A Quantitative and Qu (3)!Item 7A Quantitative and Qu (4)!Item 7A Quantitative and Qu (5)!Item 7A Quantitative and Qu (6)!Item 7A Quantitative and Qu (7)!INDEX TO CONSOLIDATED FINANCIALDECEMBER 31 2016 AND 2015 !FOR THE YEARS ENDED DECEMBER 31!FOR THE YEARS ENDED DECEMBE (1)!FOR THE YEARS ENDED DECEMBE (2)1 OrganizationPurchase price!3 Acquisition of Montpelier con!3 Acquisition of Montpelier (1)Financial results!Supplemental pro forma informat!Composition of Net Investment I4 Investments contd4 Investments contd (1)4 Investments contd (2)4 Investments contd (3)!Net Realized and Unrealized (1)Unrealized Gains and Losses4 Investments contd (4)4 Investments contd (5)4 Investments contd (6)!Collateralized Reinsurance Enti 5 Fair value measurement c (1) 5 Fair value measurement c (2) 5 Fair value measurement c (3) 5 Fair value measurement c (4) 5 Fair value measurement c (5)!6 Reserve for losses and loss e!6 Reserve for losses and lo (1)!6 Reserve for losses and lo (2)!6 Reserve for losses and lo (3)!6 Reserve for losses and lo (4)!6 Reserve for losses and lo (5)!6 Reserve for losses and lo (6)!6 Reserve for losses and lo (7)!6 Reserve for losses and lo (8)!6 Reserve for losses and lo (9)!Reconciliation of Claims DeveloHistorical Claims Duration
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EXHIBIT INDEX SUBSIDIARIES OF THE REGISTRANTU }2}$
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7 Reinsurance7 Reinsurance (1)9 Derivatives contd9 Derivatives contd (1)10 Segment reporting contd 10 Segment reporting contd (1) 10 Segment reporting contd (2) 10 Segment reporting contd (3) 10 Segment reporting contd (4)!11 Goodwill and intangible asse!12 Commitments and contingencie13 Shareholders equity!Accumulated other comprehensive!Accumulated other comprehen (1)13 Shareholders equity contd13 Shareholders equity c (1)14 Earnings per share14 Earnings per share (1)!Summary of StockBased Employee !16 Stockbased employee compensa!18 Statutory requirements and d!18 Statutory requirements a (1)19 Taxes contd19 Taxes contd (1)19 Taxes contd (2)19 Taxes contd (3)!20 Condensed unaudited quarterl!20 Condensed unaudited quar (1)!Index to Consolidated Finan (1)AT DECEMBER 31 2016 DECEMBER 31 2016 AND 2015 (1)!YEARS ENDED DECEMBER 31 201 (1)!YEARS ENDED DECEMBER 31 201 (2)!YEARS ENDED DECEMBER 31 201 (3)!YEARS ENDED DECEMBER 31 201 (4)!YEARS ENDED DECEMBER 31 201 (5)!FOR THE YEARS ENDED DECEMBE (3)!FOR THE YEARS ENDED DECEMBE (4)!FOR THE YEARS ENDED DECEMBE (5)!FOR THE YEARS ENDED DECEMBE (6)!FOR THE YEARS ENDED DECEMBE (7)
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