Insurer - Endurance Worldwide

COMPANY NAME: Endurance Worldwide Insurance
ADDRESS: 7th Floor
2 Minster Court
London
EC3R 7BB
TELEPHONE: 020 7337 2800
FAX: 020 7337 2900
WEBSITE: www.enduranceww.com
MAIN LINES OF BUSINESS:
-Property per risk treaty insurance
-Property catastrophe reinsurance
-Casualty treaty risk

FINANCIAL STATISTICS:Endurance Specialty Holdings reported 2003 second quarter income of $66.8m, compared to $31.3m for the same period in 2002. Operating income stood at $61.3m, an increase of 111% on the 2002 second quarter figure.Gross premiums written (GPW) and acquired were $652.7m, compared to $264.3m in the 2002 second quarter. The 2003 second quarter GPW figure included $396m obtained as part of Endurance's acquisition of the majority of the assumed reinsurance business underwritten by HartRe.The combined ratio was 84.2% in the second quarter of 2003, compared to 75% in the 2002 second quarter. The loss ratio was 56.6%, compared to 48.3% in the 2002 second quarter.The acquisition expense ratio stood at 19.7% in the 2003 second quarter, compared to 16.1% in 2002 second quarter.At the end of June 2003, Endurance's total assets stood at $3.3bn. Cash and invested assets were $2.34bn, up around $1.1bn since the company's formation in December 2001. Operating cash flow stood at $226m in the second quarter of 2003.

KEY CONTACTS:Mark Boucher, chief executive
David Ahmad, head of resinsurance treaty underwriting
NUMBER OF STAFF: 35
COMPANY HISTORY:
Headquartered in Bermuda, Endurance Specialty Holdings, through its operating subsidiaries, is a global provider of property and casualty insurance and reinsurance. Using an analytical approach to risk, Endurance helps risk managers, reinsurance buyers and their brokers solve their insurance and reinsurance needs.Endurance launched operations at the end of 2001 after raising approximately $1.2bn.Current investors include: Aon; Capital Z Financial Services: Thomas H Lee Partners; Texas Pacific Group; Perry Capital; GIC Special Investments; General Motors Asset Management; Lightyear Capital; CSFB Merchant Banking; Golden Gate Capital; and Reservoir Capital.To help accelerate its Bermuda business, Endurance acquired LaSalle Re's property-catastrophe reinsurance business in May 2002. In September 2002, the company repurchased $100m in equity from initial investor Zurich Financial Services. By the end of 2002, Endurance had also formed and licensed operating subsidiaries in the US and London. Endurance Worldwide Insurance currently focuses on commercial property risks, predominantly in the UK, and international treaty business, mainly sourced from Europe.Endurance Reinsurance Corporation of America is headquartered in White Plains, New York and focuses primarily on the North American broker market reinsurance business.DID YOU KNOW?Endurance Worldwide Insurance moved into its permanent headquarters at 2 Minster Court in Mincing Lane, London on a ten-year lease.