Turning to our results. For the fourth quarter, Endurance’s diluted book value per share shrank to 2.1% and now stands at 50.56. After adding back dividends paid, book value per share is down 1.9% for the year 2011. For 2011, Endurance produced a net loss of $94 million, while experiencing 467 million of catastrophe losses.
In the fourth quarter, the company posted a combined ratio of 112.5%, a number which included 22 percentage points of current year catastrophe losses. Year-over-year, fourth quarter written premiums grew materially, with a 39% increase in the gross premiums and a 19% increase in net premiums. These premium increases were attributable both to price increases and growth in policy counts, both in our Insurance and Reinsurance businesses.
Net investment income for the fourth quarter was 41 million, down from the 57 million we generated in the fourth quarter of 2010, as a result of lower alternative returns and fixed income yields. Finally, our balance sheet and capital position remained strong with our loss reserves generating 42 million of positive development in the fourth quarter and our P&L position is being comfortably within our risk tolerances. Later in the call I’ll provide further commentary on our performance for the quarter as well as some thoughts on our positioning for the 2012 year.
With that I’ll pass the call over to Mike McGuire, who will review our financial results in more detail.Mike McGuire Thanks, David, and good morning everyone. Endurance generated a net loss of $27.4 million and $0.88 per diluted share for the fourth quarter and an operating loss of $31.3 million and $0.98 per diluted share. For the full-year we generate a net loss of $93.7 million or $2.95 per share and an operating loss of $128.2 million or $3.81 per share. Our diluted book value per share ended the year at $50.56, down 4.1% for the year. Adding back the $1.20 per share in dividends paid in the year, the decline in book value was 1.9%. Read the rest of this transcript for free on seekingalpha.com