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.
Kenneth J. LeStrange, chairman and chief executive officer called the results "solid" despite financial market volatility. Much of the premium growth was in the company's agriculture insurance business.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.