Endurance Specialty Holdings Ltd., which is due to take its shares public in the next few months, yesterday reported net income of $102 million for 2002.

The Bermuda-registered insurer, formed in the wake of the September 11 terrorist attacks, said gross premiums written and acquired were $799 million and net premiums written and acquired were $765 million.

"Endurance delivered excellent results in 2002 as we maintained our conservative investment strategy, prudent reserving, and diverse portfolio," said chairman and chief executive officer Kenneth J. LeStrange. "We are pleased with our performance and the initiatives we were able to implement this year."

Endurance said it had a combined ratio of 86.2 percent and the loss ratio for the year was 55.3 percent. Shareholders' equity was $1.2 billion at year end and total assets were $2.1 billion.

Endurance launched operations after a private offering in December 2001 for gross cash proceeds of $1.2 billion. The company has rapidly expanded and launched operations in the UK and US during the fourth quarter.

Endurance Holdings' three wholly-owned operating subsidiaries, Endurance Specialty Insurance Ltd. (Bermuda), Endurance Worldwide Insurance Limited (U.K.) and Endurance Reinsurance Corporation of America (US) write specialty lines of insurance and reinsurance on a global basis.