Endurance Reports Q4 2015 Financial Results
Bermuda-based Endurance Specialty Holdings Ltd. reported net income available to common shareholders of $91.4 million and $1.36 per diluted common share for the fourth quarter of 2015 versus net income of $76.4 million and $1.70 per diluted common share for the fourth quarter of 2014.
For the year ended December 31, 2015, Endurance reported net income available to common shareholders of $311.3 million and $5.73 per diluted common share versus net income of $315.7 million and $7.06 per diluted common share for the year ended December 31, 2014. Book value per diluted share was $65.48 at December 31, 2015, up 6.8% from December 31, 2014.
John R. Charman, Chairman and Chief Executive Officer, commented, “2015 marked another year of excellent strategic and financial progress in the transformation of Endurance into a leading global specialty insurance and reinsurance carrier. Last year, we continued the strong organic expansion of our global underwriting capabilities that we began in 2013 by continuing to expand our underwriting expertise, our products and our geographies.
“We also completed the successful acquisition and smooth integration of Montpelier. Financially, our results were excellent, with a full year operating ROE of 12.0%, excluding expenses related to the acquisition and integration of Montpelier, and a full year combined ratio of 82.9%.
“Our greatly expanded global underwriting capabilities and substantially improved market relevance enabled our businesses to selectively grow our gross written premiums 14.7% to $3.3 billion in 2015 despite the significant headwinds we faced from an increasingly competitive global marketplace.
“The actions we have taken over the last three years to increase our scale, expand our underwriting capabilities and improve our market presence globally have prepared us extremely well for the competitive conditions we face. We are uniquely positioned to continue generating strong shareholder value as we reap the benefits of our transformation and we further leverage the investments we have made in our underwriting and risk management capabilities.”
