Endurance reports Q1 results
Endurance Specialty Holdings Ltd. has reported its financial results for the first quarter of 2010.
The firm made net profits of $55.8m, equivalent to $0.91 per diluted common share, down from $78.3m ($1.24 per diluted common share) in the corresponding quarter last year.
Operating income was recorded at $60.2m, or $0.98 per diluted common share.
Gross written premiums were up 4.5% to $818.9m, with net premiums up 20.6% to $702.9m.
The firm had a combined ratio of 97.3%, including 17.8% of catastrophe losses due to the Chilean earthquake and European Windstorm Xynthia.
However, net investment income declined by 12.5% from last year and was recorded at $56.5m.
Chief Executive Officer David Cash has described the quarterly results as indicative of the strong franchise the firm is aiming to create, adding that the firm achieved an underwriting profit despite significant catastrophe losses.
Category: Endurance News, Financials, Insurance News
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