This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Endurance Reports Third Quarter Net Income Of $139.1 Million And 20.2% Annualized Return On Average Common Equity

PEMBROKE, Bermuda, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Endurance Specialty Holdings Ltd. (NYSE:ENH) today reported net income of $139.1 million and $2.51 per diluted common share for the third quarter of 2010 versus net income of $153.8 million and $2.51 per diluted common share in the third quarter of 2009.

For the nine months ended September 30, 2010, net income was $253.5 million and $4.33 per diluted common share versus net income of $381.3 million and $6.15 per diluted common share for the nine months ended September 30, 2009.

Operating highlights for the quarter ended September 30, 2010 were as follows:

  • Net premiums written of $451.9 million, an increase of 13.9% over the same period in 2009;
  • Combined ratio of 83.7%, which included 7.5 percentage points of favorable prior year loss reserve development;
  • Net investment income of $53.7 million, a decrease of $17.9 million over the same period in 2009;
  • Operating income, which excludes after-tax realized investment gains and losses and foreign exchange gains and losses, of $119.4 million and $2.14 per diluted common share;
  • Operating return on average common equity for the quarter of 4.3%, or 17.2% on an annualized basis; and
  • Book value of $51.83 per diluted common share, up 8.5% from June 30, 2010.

Operating highlights for the nine months ended September 30, 2010 were as follows:

  • Net premiums written of $1,605.6 million, an increase of 10.0% over the same period in 2009;
  • Combined ratio of 90.1%, which included 8.0 percentage points of favorable prior year loss reserve development;
  • Net investment income of $143.5 million, a decrease of $81.5 million over the same period in 2009;
  • Operating income, which excludes after-tax realized investment gains and losses and foreign exchange gains and losses, of $237.3 million and $4.04 per diluted common share;
  • Operating return on average common equity for the first nine months of the year of 8.5%, or 11.3% on an annualized basis; and
  • Book value of $51.83 per diluted common share, up 16.2% from December 31, 2009.

David Cash, Chief Executive Officer, commented, "Endurance generated strong returns in the quarter in spite of historically low investment yields and strong competitive forces in many of the underwriting markets in which we operate. During the quarter, we found a number of good opportunities in which to deploy our capital, including the expansion and diversification of our international catastrophe reinsurance portfolio through a renewal rights transaction. Our agriculture insurance line of business continues to outperform our expectations, generating improved margins on a growing premium base. In addition, we repurchased nearly three million shares of our common stock at a significant discount to book value."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs