Bermuda’s Endurance Specialty Holdings Ltd. on Wednesday [May 1] reported net income available to common shareholders of $92.1 million and $2.13 per diluted common share for the first quarter of 2013 versus net income of $74.4 million and $1.72 per diluted common share for the first quarter of 2012.
Operating highlights for the quarter ended March 31, 2013 were as follows:
- Net premiums written of $908.9 million, an increase of 7.8% over the same period in 2012;
- Combined ratio of 85.0%, which included 12.1 percentage points of favorable prior year loss reserve development;
- Net investment income of $49.3 million, a decrease of $7.8 million from the same period in 2012;
- Operating income, which excludes after-tax realized investment gains and losses and foreign exchange gains and losses, of $89.8 million and $2.08 per diluted common share;
- An operating return on average common equity for the quarter of 3.9% or 15.6% on an annualized basis; and
- Fully diluted book value per share of $54.10 as of March 31, 2013, an increase of 2.3% from year end 2012 and up 2.9% when adjusting for dividends paid during the first quarter.
David Cash, Chief Executive Officer, commented, “We had an excellent start to the year with strong financial performance and solid progress in the ongoing development of our businesses. Net premiums written increased as a result of a successful January 1st renewal season in our reinsurance segment as we saw the benefit from our international expansion and the addition of specialty underwriting teams hired in 2012. Strategically, momentum is accelerating as we have attracted several new leaders and teams to our global insurance and reinsurance operations.”