Endurance Specialty Holdings Ltd. saw a third quarter net loss of $377 million or $6.26 per share primarily due to losses from hurricanes that hit the Gulf Coast in August and September. In the corresponding period of 2004, Endurance?s income was $26.8 million or 40 cents per share.

The 2005 third quarter operating loss was $377.8 million or $6.27 per share versus operating income of $23.7 million or 36 cents per share in the same period of 2004. For the nine months ended September 30, 2005, the net loss was $170.7 million or $2.81 per share versus net income of $242.5 million or $3.58 per share for the first nine months of 2004.

Kenneth J. LeStrange, chairman and chief executive officer, said: ?With the successful execution of our $600 million capital plan, however, we have restored our capitalisation to pre-event levels in a manner that minimises dilution to our existing shareholders and maintains our conservative financial position for our clients. Our capital position is strong and balanced and we believe we are well positioned to take advantage of potential future market opportunities.?

Gross premiums written were $370.6 million for the quarter ended September 30, 2005 compared to $367.9 million for the third quarter of 2004.

The combined ratio was 204.4 percent in the third quarter of 2005 compared to 103 percent in the third quarter of 2004. Endurance?s property catastrophe, property treaty, direct property, and other specialty lines segments have been adversely affected by third quarter net losses from Hurricanes Katrina and Rita estimated at $479 million.

Significant increases in invested assets and investment yields over the past year pushed third quarter 2005 investment income up 59.8 percent to $49.5 million compared with $31 million of investment income in the third quarter of 2004. Alternative investments added $6.6 million to investment income in the third quarter of 2005, relative to $1 million in the third quarter of 2004.

At September 30, 2005, shareholder?s equity was $1.6 billion or $23.71 per share, down 11.2 percent from September 30, 2004.

Total assets were $6.2 billion and cash and invested assets were $4.5 billion, an increase of 25.3 percent from the quarter ended September 30, 2004.