Endurance Specialty Holdings this week reported that its third quarter net income ? its earnings stood at $56.5 million ? had nearly doubled over what it made during the same period last year.

Endurance, which was one of a wave of reinsurers to set up on the Island after a void in capacity following the September 11 terrorist attacks, said their net income, which is equal to 83 cents per share, had jumped 98 percent in comparison to its net income of $28.9 million, or 48 cents per share earned in the third quarter of 2002.

Operating income, which excludes after-tax realised investment gains and losses and foreign exchange gains, for the quarter was 112 percent higher at $55.2 million, or 81 cents per share. Endurance CEO Kenneth LeStrange said of the quarter?s results: ?Endurance continues to produce outstanding results for our shareholders in 2003.

?Despite seasonal catastrophe losses, every segment of our business performed well.

?As a result, during the first nine months of our second year of operation, we have exceeded our annualised return on average equity objective of 14 to 15 percent.?

Mr. LeStrange continued: ?Our broad based strategy continues to show success.

?During the third quarter, growth from our US operations and casualty lines accelerated, allowing us to benefit from the operating platform which we have assembled.

?Our acquisition of the Hart Re portfolio continues to perform very well, generating a $17 million underwriting profit in the quarter.?

The company reported that it wrote $325.1 million in gross premiums during the third quarter, an increase of 42 percent from the $228.3 million in business written during the same period last year.

For the nine months ended September 30, 2003, Endurance had gross premiums written and acquired of $1.3 billion. Earned premiums in the quarter were $335.8 million, an increase of 201 percent from the third quarter of 2002.

Looking at what kind of money was being made on the underwriting side, Endurance reported a combined ratio for the quarter of 88.5 percent, a fraction off the 88.4 percent combined ratio it had for the third quarter of 2002.

On the loss side, Endurance said its had posted a ?moderate? $17 million loss during the quarter from Hurricanes? Fabian and Isabel as well as the loss of the Telstar Galaxy IV satellite, which adversely affected our aerospace business. The loss ratio was 59.2 percent in the quarter compared to 62.1 percent during the same period last year, which it said reflected lower relative levels of catastrophe losses.

Shareholder equity, at September 30, 2003 stood at $1.6 billion or $23.19 per share. Total assets were $3.4 billion and cash and invested assets were $2.5 billion, up over $1.3 billion since the company?s formation in December 2001. Reporting on its debt levels, Endurance said it had made a scheduled $38.4 million principal repayment on an outstanding three year term loan, leaving $103 million in debt outstanding at the end of September. Operating cash flow was used to make the principal repayment, the company reported.