Endurance profit hit by hurricane and quake
Losses from Hurricane Matthew and the Kaikoura earthquake in New Zealand were mostly responsible for a $71 million dip in fourth-quarter profits for Endurance Specialty Holdings.
The company reported net income of $20.1 million, or 30 cents per diluted common share, for the quarter, which compared to $91.4 million, and $1.36 per share, during the same period in 2015.
However, for the full year, Endurance reported net income of $333.2 million, or $4.93 per share, compared to $311.3 million, or $5.73 per share in 2015.
Catastrophe losses for the quarter were $59.6 million, while the combined ratio jumped to 93.7 per cent from 76.2 per cent during the same period in 2015.
For the full year, the Bermudian-based insurer and reinsurer saw gross premiums increase 26.5 per cent to $4.2 billion. Its net investment income was $176.6 million, a rise of $62.8 million.
The combined ratio for 2016 was 88.1 per cent, up from 82.9 per cent the previous year.
Endurance's book value per diluted share at the end of 2016 was $68.66, up 4.9 per cent for the year.