Endurance’s profits drop as GWP rises.
Endurance Specialty Holdings Ltd, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced a net income of $103.3m in the second quarter of 2008, down 24% on the same period last year.
The insurer’s net income for the first half of 2008 totals $181.1m compared to $237.2m for the six months ended 30th June, 2007.
Its combined operating ratio for the second quarter of the year was 89%, and for the first six months 86.9%.
Kenneth J. LeStrange, chairman and chief executive officer of Endurance, said: “Endurance produced another quarter of strong core earnings in the midst of increasing competition in the insurance and reinsurance markets and continued volatility in the financial markets, as well as increased levels of U.S. catastrophes and adverse crop growing conditions in many parts of the Midwestern United States. Our second quarter performance in spite of these obstacles is a testament to the quality of Endurance’s strategy of diversification and the effectiveness of Endurance’s underwriting, risk control and capital management.”
The company posted $518.1 million GWP for the quarter, an increase of 2.2% over the same period in 2007, while for the six months leading up to 30 June 2008, GWP amounted to $1,386.7, an increase 28.4% increase on 2007.
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