Forward-looking statements are sensitive to many factors including those identified in Endurance's most recent annual report on Form 10-K and other documents on file with the SEC, that could cause actual results to differ materially from those contained in forward-looking statements.
Forward looking statements speak only as of the date on which they are made. Endurance undertakes no obligation publicly to update or revise any forward looking statement whether as a result of new information, future developments or otherwise.
In addition, this presentation contains information regarding the operating income and other measures that are non-GAAP financial measures. For a reconciliation of these items to the most directly comparable GAAP financial measures, please refer to our press release, which can be found on our website, www.endurance.bm.
I would now like to turn the call over to David Cash.David Cash
Thank you, Greg. Good morning and welcome to our call. The first quarter was a good one for Endurance. Our earnings were solid with improved exceeding results in both our segments. Strong returns from the investment portfolio and growth in book value per share. Strategically Endurance made progress on a number of fronts. The company generated solid organic growth in its reinsurance business, achieved double-digit policy count growth in our agriculture insurance business, and improved margins in our U.S. insurance operations. We continue to see a trend of improved pricing in our business. This trend began to emerge last year and was very visible in the business we underwrote in the first quarter ending April 1. Looking closer in our results, Endurance produced net income of 74.4 million and operating income of 53.3 million for the quarter. We delivered a combined ratio of 96.5 for the quarter. Our net written premiums were up 5.5% on year-over-year basis. And finally diluted book value per share grew 2.7% over yearend 2011.
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