Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
July 30, 2009

Endurance record increased Q2 profits

by Richard Kilner

Story link: Endurance record increased Q2 profits

Endurance Specialty Holdings Ltd. (NYSE:ENH) has reported a net income of $149.1m for the last quarter.

The Q2 performance, equating to $2.42 per diluted share, marks a significant improvement on Endurance’s results for the same time last year which were a net income of $103.3m, or $1.54 per share.

For the first half of the year, the firm enjoyed a net income of $227.4m, $3.65 per diluted share, an increase of over $40m on the $181.1m profit achieved in the first half of 2008.

Gross and net written premiums both rose, by 7.9% and 2.3% respectively, during Q2 2009 and by 3.2% and 4.3% during the first six months of the year.

Chairman and CEO Kenneth J. LeStrange has lauded the results of the second quarter, describing them as outstanding.

The substantial rise in profits comes after a flat Q1 net income of $78.3m, up by just $0.5m on the previous year.

The firm’s upward trajectory began from Q4 2008 where it had meagre profits of $16.9m, down 89%, since when it has seen net income level off and in the latest quarter improve substantially.

 

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