Endurance Specialty Holdings Ltd. yesterday reported net profits of $28.9 million for its third quarter, and nine month net income of $63.5 million.

The company, formed in the wake of the September 11 terrorist attacks, recorded gross premiums written for the three months to September 30 of $228.3 million and net premiums earned of $111.5 million.

Endurance chairman and chief executive officer Kenneth J. LeStrange said: “Endurance continues to achieve significant positive performance in the global insurance and reinsurance markets.

“We are pleased with the success that we have been able to achieve to date.”

Endurance had a combined ratio of 88.7 percent for the quarter and shareholders' equity as of September 30, 2002 was $1.17 billion.

The company said its loss ratio of 62.1 percent in the third quarter included provisions for losses related to the European floods.

For the nine months ended September 30, gross premiums written and acquired for this period were $623.5 million, and net premiums earned were $204.3 million.

The company had a combined ratio of 85.6 percent for the first nine months of 2002 with a loss ratio of 56.4 percent.

The company said it had losses and loss adjustment expenses incurred of $69.3 million for the third quarter and $115.1 million for the nine month period, acquisition expenses of $18.5 million for the quarter and $33.3 million for the nine month period and general and administrative expenses of $11 million for the quarter and $26.5 million for the nine month period.

Total expenses for the quarter were $98.9 million and $174.9 million for the first nine months.