Endurance profits hold steady
Endurance Speciality Holdings this week posted its first quarter results, with net income increasing 0.5% despite a 9% drop in net premiums written.
Net income for the Bermuda-based insurer during the first three months of 2009 was $78.3 million, compared to $77.8 million for the same period last year.
Net premiums written were $582.9 million, $58 million lower than for the year ago period. Endurance said a quarter of this decline was due to a stronger US dollar.
Combined ratio for the quarter worsened on year by 7.8 percentage points to 92.2%.
The increase in net income was attributed to a rise in investment income, and a 37.7% increase in net interest income.
Kenneth J. LeStrange, chairman and chief executive officer, said: “Endurance produced strong underwriting and investment results this quarter in the face of continued turbulence in the underwriting and investment markets.
“While reinsurance and insurance markets are stabilising and in some cases improving, the current underwriting environment requires caution and discipline due to at times irrational competitive pressures.
“Endurance’s breadth of product offerings, strong capital position, and talents of people position us well for any potential reordering of the industry which may take place over the next several years.”
Category: Financials, Insurance News
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