Pembroke, Bermuda-based specialty insurer and reinsure Endurance Specialty Holdings Ltd. reported net income dropped 24 percent primarily on the loss in investment income.

The insurer reported net income fell $24 million to $78 million, which translated into earnings per share of $1.15 a share. The company reported revenues of $407 million, a decrease of 8 percent or $37 million.

Gross premium written rose 52 percent, or $295 million to $869 million with a combined ratio of 84.4.

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