Endurance Holdings Q2 Net Income: $76.6M
Bermuda-based Endurance Specialty Holdings Ltd. reported net income available to common shareholders of $76.6 million and $1.14 per diluted common share for the second quarter of 2016, versus net income of $76.0 million and $1.68 per diluted common share for the second quarter of 2015.
For the six months ended June 30, 2016, Endurance reported net income available to common shareholders of $183.0 million and $2.72 per diluted common share versus net income of $176.3 million and $3.91 per diluted common share for the six months ended June 30, 2015. Book value per diluted common share was $68.20 at June 30, 2016, up 4.2% from December 31, 2015.
John R. Charman, Chairman and Chief Executive Officer, commented, “Endurance’s second quarter results demonstrated strong underlying underwriting profitability as reflected by our combined ratio of 92.6%.
“Our embedded risk management practices aligned with our comprehensive reinsurance and retrocessional programs enabled us to achieve underwriting profitability in both business segments despite a number of severe global catastrophes and large risk losses across the industry. Our solid underwriting results benefited from our increased scalability and focused expense management resulting in a significantly improved general and administrative expense ratio.”
“Strategically, the second quarter reflected our continued focused and diversified core underwriting expansion as evidenced by the 32.0% growth in our gross written premiums. In addition to our targeted growth across our global businesses, our successful renewal of the Montpelier portfolio also helped drive our expansion.
“The quick, effective and successful integration of Montpelier has enabled us to exceed our expense and capital synergy objectives; those important benefits are now clearly visible in our financial results. Endurance is well equipped and very well positioned to thrive in the current market, which is showing increasing signs of moderation.”
