Endurance Ltd Report Net Income Of $59 Million
Bermuda-based Endurance Specialty Holdings Ltd. today [Feb 6] reported net income available to common shareholders of $59.0 million and $1.33 per diluted common share for the fourth quarter of 2013 compared to a net loss attributable to common shareholders of $40.8 million and $0.96 per diluted common share for the fourth quarter of 2012.
For the year ended December 31, 2013, Endurance reported net income available to common shareholders of $279.2 million and $6.37 per diluted common share versus net income available to common shareholders of $129.8 million and $3.00 per diluted common share for the year ended December 31, 2012. Book value per diluted share was $55.18 at December 31, 2013, an increase of 4.3% from year end 2012.
John R. Charman, Chairman and Chief Executive Officer, commented, “Against the backdrop of the strategic re-underwriting and rebalancing of our underwriting portfolios, Endurance generated solid financial results in the fourth quarter and full year of 2013, with a full year operating return on equity of 11.9% and a combined ratio of 90.2%.
“Our results benefitted from lower levels of catastrophe losses and strong favorable reserve development, and we are just beginning to see the positive impact of the significant underwriting investments we have made over the last year.
“Strategically, we have made great progress in the transformation of Endurance into a leading diversified global specialty insurer and reinsurer and I am very pleased with the positive impact of the high quality, market leading underwriting teams that we have quickly and effectively integrated into Endurance.
“Last autumn, our strategic forward planning envisaged our underwriting activity taking place in a soft market environment for the next couple of years; critically, we now have the leadership, underwriting experience and expertise to profitably align and direct Endurance through these exceptionally challenging times. My colleagues and I are excited about our prospects for 2014 and are determined to reward our shareholders accordingly.
