Endurance Reports 2013 Q/2 Financial Results
Bermuda-based Endurance Specialty Holdings Ltd. reported net income available to common shareholders of $52.8 million and $1.21 per diluted common share for the second quarter of 2013 versus net income of $64.3 million and $1.48 per diluted common share for the second quarter of 2012.
For the six months ended June 30, 2013, Endurance reported net income available to common shareholders of $144.9 million and $3.34 per diluted common share versus net income of $138.6 million and $3.20 per diluted common share for the six months ended June 30, 2012. Book value per diluted share was $51.95 at June 30, 2013, a decline of 1.8% from year end 2012.
Operating highlights for the quarter ended June 30, 2013 were as follows:
- Net premiums written of $464.6 million, a decrease of 4.1% compared to the same period in 2012;
- Combined ratio of 94.3%, which included 11.6 percentage points of favorable prior year loss reserve development and 8.9 percentage points of catastrophe losses from 2013 events;
- Net investment income of $32.5 million, an increase of $0.7 million from the same period in 2012;
- Operating income, which excludes after-tax realized investment gains and foreign exchange losses and gains, of $47.3 million and $1.09 per diluted common share; and
- Operating return on average common equity for the quarter of 2.0% or 8.2% on an annualized basis.
