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Charman spotlights Endurance’s “good quarter”

Endurance Specialty Holdings Ltd. reported an increase in net income available to common shareholders of $75.2 million and $1.70 per diluted common share for the third quarter of 2013 versus net income of $31.9 million and $0.74 per diluted common share for the third quarter of 2012.

The nine month figures also showed improvement, with the period ending September 30, 2013, net income available to common shareholders was $220.2 million and $5.04 per diluted common share versus net income of $170.6 million and $3.94 per diluted common share for the nine months ended September 30, 2012. Book value per diluted share was $54.33 at September 30, 2013, an increase of 4.6 percent from June 30, 2013 and up 2.7 percent from December 31, 2012.

John Charman, chairman and chief executive officer, who took over the company's top positions earlier this year, commented, “Endurance had a good quarter, both financially and strategically. Financially, our strong operating results were driven by improved underwriting performance and positive investment returns. Strategically, we have made significant progress driving substantial improvements in our underwriting capabilities, streamlining our operations and enhancing our positioning in the global market. These strategies are accelerating. We continue to attract market leading talent and these new high quality growth initiatives combined with our more streamlined operations significantly improves our ability to transform Endurance into a world class underwriting organisation with industry leading profitability.”

endurance stated that their operating highlights for the quarter ended September 30, 2013 included:

Net premiums written of $395.3 million, a decline of 23.1 percent compared to the same period in 2012;

Combined ratio of 87.7 percent, which included 8.7 percentage points of favourable prior year loss reserve development and 3.7 percentage points of catastrophe losses from 2013 events;

Net investment income of $38.1 million, a decrease of $7.8 million from the same period in 2012;

Operating income, which excludes after-tax realised investment losses and foreign exchange losses, of $83.9 million and $1.89 per diluted common share; and

Operating return on average common equity for the quarter of 3.6 percent or 14.2 percent on an annualised basis.

Operating highlights for the nine months ended September 30, 2013 were as follows:

Net premiums written of $1,768.9 million, a decline of 3.9 percent over the same period in 2012;

Combined ratio of 89.3 percent, which included 10.6 percentage points of favourable prior year loss reserve development and 4.5 percentage points of current year catastrophe losses; Net investment income of $119.9 million, a decrease of $14.9 million over the same period in 2012;

Operating income, which excludes after-tax realised investment gains and foreign exchange losses, of $221.0 million and $5.06 per diluted common share; and

Operating return on average common equity for the first nine months of the year of 9.4 percent, or 12.6 percent on an annualised basis.

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Published November 05, 2013 at 8:00 am (Updated November 04, 2013 at 6:39 pm)

Charman spotlights Endurance’s “good quarter”

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