Endurance Specialty's Profit Up Sharply

Endurance Specialty's Profit Up Sharply

NU Online News Service, May 6, 9:57 a.m. EDT?Endurance Specialty Holdings said a stronger underwriting performance led to a first-quarter profit of $51.2 million, or 86 cents per share, up from $3.3 million, or five cents per share, for last year's first quarter.

The Bermuda-based property-casualty insurance and reinsurance provider said its gross premiums written were $362.1 million for the 2003 first quarter, up from $130.9 million during the corresponding period last year. Net premiums written also rose, to $360.1 million, compared to $130.9 million in the quarter last year.

Endurance also noted that its combined ratio for the first quarter was 83.4 percent, an improvement over the 2002 first quarter's loss-making 111.8 percent ratio.

"Our focused underwriting platform and technical risk analysis continue to drive our company and its results," said Kenneth J. LeStrange, chairman and chief executive officer at Endurance.

Mr. LeStrange also noted the company's completion of its initial public offering at the New York Stock Exchange, which raised more than $220 million last February.

"We have also met or exceeded our expectations in all critical areas--including net income, return on equity and gross premiums," Mr. LeStrange said.

He added that Endurance's property catastrophe, casualty treaty and property treaty businesses all posted significant growth and that the company continues to build a strong presence in its other business segments.

Endurance offers a variety of property-casualty coverage through its subsidiaries in Bermuda, the United Kingdom and the United States, with an emphasis on catastrophe policies. The company's primary lines include property individual risk and casualty individual risk, while reinsurance lines include property per risk treaty reinsurance and property catastrophe reinsurance, as well as casualty treaty reinsurance.

Chicago-based Aon Corporation owned 26 percent of Endurance before the IPO.