Endurance Reports Q1 2015 Financial Results
Bermuda-based Endurance Specialty Holdings Ltd. reported net income available to common shareholders of $100.3 million and $2.23 per diluted common share for the first quarter of 2015 versus net income of $96.3 million and $2.17 per diluted common share for the first quarter of 2014. Book value per diluted share was $62.79 at March 31, 2015, up 2.4% from December 31, 2014.
Operating highlights for the quarter ended March 31, 2015 were as follows:
- Gross premiums written of $1,301.4 million, an increase of 12.4% compared to the same period in 2014, or an increase of approximately 16.0% when excluding the impact of foreign currency changes;
- Net premiums written of $765.0 million, a decline of 4.2% compared to the same period in 2014;
- Combined ratio of 82.4%, which included 14.7 percentage points of favorable prior year loss reserve development and 1.8 percentage points of net catastrophe losses from 2015 events;
- Net investment income of $41.9 million, an increase of $0.9 million from the same period in 2014;
- Operating income, which excludes after-tax realized investment gains and losses and foreign exchange losses, of $91.2 million and $2.03 per diluted common share; and
- Operating return on average common equity for the quarter of 3.3% or 13.0% on an annualized basis.
John R. Charman, Chairman and Chief Executive Officer, commented, “During the first quarter we generated excellent results with double digit percentage growth in gross premiums written across our specialty businesses, 3.0% growth in book value per share plus dividends, and an annualized operating ROE of 13.0%. In the first quarter we announced our acquisition of Montpelier Re which we expect to significantly accelerate our global transformation, building on the strong growth and momentum that we have achieved over the last two years.
“The addition of Montpelier’s high quality underwriting portfolio along with the added strategic capabilities, breadth of distribution and new underwriting platforms will better enable us to increase our scale and relevance to our clients and distribution partners while aiding us in delivering superior returns to our shareholders.”
