Endurance Specialty Holdings reported net income of $135.3 million for second-quarter 2007 last night–more than double the $64.1 million 2006 figure–with favorable loss developments and a jump in net investment income contributing to the result.
On a per-share basis, net income was $1.85 per share for the second quarter of 2007 versus 85 cents per share in the second quarter of 2006.
In second-quarter 2006, Endurance's results were hit with unfavorable developments of nearly $22 million stemming from 2005 catastrophes. In contrast, in second-quarter 2007, the company recorded $27.6 million of favorable prior-year developments, according to an earnings announcement released yesterday.
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