Endurance announces Q3 profits
Endurance Specialty Holdings Ltd. has reported its third quarter results, including a net income of $139.1m, equating to $2.51 per diluted common share.
This is a decline of just under 10% from Q3 2009 when the firm made net income of $153.8m ($2.51 per diluted common share), but is well over double the $58.6m ($0.97 per share) of Q2 2010.
Net premiums were up 13.9% to $451.9m with book value up 8.5% to $51.83 per diluted common share.
In the first nine months of the year Endurance made a net profit of $253.5m, ($4.33 per diluted common share), approximately two-thirds of the $381.3m ($6.15 per share) achieved in the corresponding period last year.
For the first three quarters net premiums increased by 10% to $1,605.6m, and book value was up 16.2% to $51.83 per diluted common share.
Chief Executive Officer David Cash said that the firm had managed to generate strong returns despite a high degree of competitiveness in the market and low investment yields.
Category: Financials, Insurance News
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