GOLDEN GATE CAPITAL INVESTS IN BERMUDA-BASED ENDURANCE SPECIALTY INSURANCE

SAN FRANCISCO, CA (January 3, 2002) - Golden Gate Capital, a private equity investment firm based in San Francisco, California announced today its investment in Endurance Specialty Insurance, a Bermuda-based start-up focusing on the commercial property and liability insurance and reinsurance markets.

Endurance was formed in the wake of the massive capital drain in the reinsurance market following September 11, estimated as high as $70 billion. The company is led by a world-class management team, including CEO Kenneth LeStrange, former Chairman and CEO of Aon Corporation’s retail brokerage operations for the Americas. Strategic investors include Aon, Zurich, and Capital Z Financial Services Fund II. The Company has approximately $1.2 billion in capital under management.

"The opportunity in this market is very attractive," said Jesse Rogers, a Managing Director of Golden Gate Capital. "With the significant capital drain on the system, Endurance is well-positioned to offer new business in a more attractive pricing environment, without the reserve liabilities associated with existing reinsurers. We strongly believe in the capabilities of the management team, and are excited to work with the blue chip roster of strategic investors."

About the investors: Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $700 million of capital under management. Golden Gate Capital's strategy is to partner with exceptional management teams to pursue change-intensive, growth investments in companies that are exploiting the forces of change in technology and the broader economy.