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Endurance Specialty Holdings Ltd: Blue Capital Reinsurance Holdings Reports Fourth Quarter 2015 Financial Results and Declares Special Dividend

PEMBROKE, Bermuda - February 3, 2016 - Blue Capital Reinsurance Holdings Ltd.
(NYSE:BCRH) ("Blue Capital" or the "Company"), a Bermuda holding company
that, through its operating subsidiaries, offers collateralized reinsurance
in the property catastrophe market and invests in various insurance-linked
securities, today reported its financial results for the fourth quarter of

The Company's net income and operating income was $5.4 million ($0.62 per
share) for the fourth quarter of 2015 and $20.7 million ($2.36 per share) for
the twelve months ended December 31, 2015. The Company's fully converted book
value per common share was $21.41 at December 31, 2015, reflecting a 2.9%
increase for the quarter and an 11.4% increase year-to-date, each inclusive
of dividends declared in such periods.

Reinsurance premiums written for the current quarter and year-to-date periods
were $5.0 million and $38.6 million, declining by $1.0 million and $6.4
million compared to the same periods in 2014 primarily as a result of
portfolio management decisions and pricing reductions in the global
catastrophe market.

The combined ratio for the current quarter was 42.4% compared to 61.7% in the
fourth quarter of 2014. The improvement in the current quarter's combined
ratio was driven by a lower loss and loss adjustment expense ratio partially
offset by a higher general and administrative expense ratio. Loss and loss
adjustment expenses for the current quarter were $0.3 million and were
predominantly driven by net losses that occurred earlier in the year. General
and administration expenses were $1.6 million, or $0.4 million higher than a
year ago largely due to higher performance fees resulting from Blue Capital's
improved profitability.

The Company's Board of Directors has declared a special dividend of $1.24 per
common share, which is payable on March 15, 2016 to all shareholders of
record as of February 29, 2016. This special dividend, together with the
regular dividends declared during each of the first three quarters of 2015,
represents 90.4% of the Company's "Distributable Income" with respect to
2015. Distributable Income, a non-GAAP measure, has been defined within the
Company's dividend policy to be its net income plus (minus) non-cash expenses
(revenues) recorded in net income for the period.

Adam Szakmary, President and CEO, commented: "I am delighted to report that
2015 was an excellent year for Blue Capital on many fronts. We continue to
generate attractive growth in book value per share. Growth in 2015 of 11.4%
inclusive of dividends was uncorrelated to financial market volatility. 2015
also marked the second consecutive year Blue Capital declared a special
dividend resulting in the Company distributing over 90% of total annual
earnings. We continue to be encouraged by our business prospects and the
portfolio of catastrophe reinsurance risk assembled during the recent January
underwriting period which provides investors preferred access to the
reinsurance market. The acquisition of Blue Capital Management Ltd. by
Endurance Specialty Holdings Ltd. has given Blue Capital access to a larger
more diversified insurance group and catastrophe portfolio that enhances the
Company's positioning for future success."

January Renewal Update

As of January 31, 2016 the Company bound indemnity reinsurance contracts with
expected total annual premiums of $37.6 million, which is an increase of $2.9
million when compared to the same period in 2015. The business generated by
the Company is expected to produce a net rate on line for the portfolio of
19.5%, which is a 2.9% increase when compared to the same period in 2015.

The Company's in-force portfolio deployed as of January 31, 2016 consisted of
approximately 21% in support of first event reinsurance coverages, 49.0% in
support of catastrophe quota share coverages and the balance in support of
second and subsequent event reinsurance coverages.

About Blue Capital

Blue Capital Reinsurance Holdings Ltd., through its operating subsidiaries,
offers collateralized reinsurance in the property catastrophe market,
leveraging underwriting expertise and infrastructure from established
resources. Underwriting decisions, operations and other management services
are provided to Blue Capital by Blue Capital Management Ltd., a subsidiary
of Endurance Specialty Holdings Ltd. (NYSE: ENH), a recognized global
specialty provider of property and casualty insurance and reinsurance and a
leading property catastrophe and short tail reinsurer since 2001. Endurance
acquired Blue Capital Management Ltd. as part of its acquisition of
Montpelier Re Holdings Ltd. and its subsidiaries in July 2015. Additional
information can be found in Blue Capital's public filings with the U.S.
Securities and Exchange Commission or at www.bcapre.bm.

Investor Relations
Phone: +1 441 278 0988
Email: investorrelations@endurance.bm

Safe Harbor for Forward-Looking Statements

Some of the statements in this press release may include, and Blue Capital may
make related oral forward-looking statements which reflect our current views
with respect to future events and financial performance. Such statements may
include forward-looking statements both with respect to us in general and the
insurance and reinsurance sectors specifically, both as to underwriting and
investment matters. Statements that include the words "should," "would,"
"expect," "estimates", "intend," "plan," "believe," "project," "target,"
"anticipate," "seek," "will," "deliver," and similar statements of a future
or forward-looking nature identify forward-looking statements in this press
release for purposes of the U.S. federal securities laws or otherwise. We
intend these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in the Private Securities
Litigation Reform Act of 1995.
All forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or may be important factors that could
cause actual results to differ materially from those indicated in the
forward-looking statements. These factors include, but are not limited to,
the effects of competitors' pricing policies, greater frequency or severity
of claims and loss activity, changes in market conditions, decreased demand
for property and casualty reinsurance, changes in the availability, cost or
quality of reinsurance or retrocessional coverage, our inability to renew
business previously underwritten or acquired, uncertainties in our reserving
process, changes to our tax status, reduced acceptance of our existing or new
products and services, a loss of business from and credit risk related to our
broker counterparties, assessments for high risk or otherwise uninsured
individuals, possible terrorism or the outbreak of war, a loss of key
personnel, political conditions, changes in insurance regulation, operational
risk, including the risk of fraud and errors and omissions, as well as
technology breaches or failure, changes in accounting policies, our
investment performance, the valuation of our invested assets, a breach of our
investment guidelines, potential treatment of us as an investment company or
a passive foreign investment company for purposes of U.S. securities laws or
U.S. federal taxation, respectively, our dependence as a holding company upon
dividends or distributions from our operating subsidiaries, the
unavailability of capital in the future, developments in the world's
financial and capital markets and our access to such markets, government
intervention in the insurance and reinsurance industry, illiquidity in the
credit markets, changes in general economic conditions and other factors
described in our Annual Report on Form 10-K for the year ended December 31,
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included herein and elsewhere, including the risk factors
included in Blue Capital's most recent report on Form 10-K and other
documents of Blue Capital on file with the Securities and Exchange
Commission. Any forward-looking statements made in this material are
qualified by these cautionary statements, and there can be no assurance that
the actual results or developments anticipated by Blue Capital will be
realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, Blue Capital or its business or operations.
Except as required by law, Blue Capital undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
The contents of any website referenced in this press release are not
incorporated by reference herein.


(In millions of U.S. dollars, except share amounts)

| December 31, 2015 December 31, 2014 |
| Assets (Unaudited) |
| Cash and cash equivalents $ 1.0 $ 1.1 |
| Cash and cash equivalents pledged as collateral 5.1 10.4 |
| Reinsurance premiums receivable 15.9 5.9 |
| Deferred reinsurance acquisition costs 0.1 0.1 |
| Funds held by reinsured companies as collateral 195.3 183.6 |
| Other assets 0.2 0.2 |
| Total Assets $ 217.6 $ 201.3 |
| Liabilities |
| Loss and loss adjustment expense reserves $ 4.0 $ 7.9 |
| Unearned reinsurance premiums 1.3 1.1 |
| Debt 13.0 8.0 |
| Reinsurance balances payable 7.6 2.8 |
| Other liabilities 4.1 1.0 |
| Total Liabilities 30.0 20.8 |
| Shareholders' Equity |
| Common Shares and additional paid-in capital 8.8 8.8 |
| Additional paid-in capital 165.3 165.2 ...

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