Endurance reports Q1 losses
Endurance Specialty Holdings Ltd. has reported that in the first three months of 2011 it incurred a net loss of $87.4m, equating to $2.25 per diluted common share.
This compares to a net profit of $55.8m ($0.91 per diluted share) in the same period last year and $111.2m, equating to $2.09 per diluted common share, in Q4 2010.
Net premiums rose by 13.6% year-on-year to $798.9m, and net investment income declined by $4m to $52.5m.
Chief Executive Officer David Cash explained that the firm was hit by the extreme frequency and severity of global catastrophe losses in the early part of the year.
However, Cash expressed satisfaction at the way the firm performed, with losses remaining within expectations.
Category: Endurance News, Financials, Insurance News
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