Endurance Specialty Holdings, which saw a shakeup of senior management and strategy in 2013, reports strong year-end results. Group-wide gross premiums written increased 4.6 percent to $2,665.2 million and the company reports a combined ratio of 90.2 percent.
John Charman, chairman and CEO, says: “against the backdrop of the strategic re-underwriting and rebalancing of our underwriting portfolio, Endurance generated solid financial results in the fourth quarter and full year of 2013. Our results benefited from lower levels of catastrophe losses and strong favourable reserve development, and we are just beginning to see the positive impact of the significant underwriting investments and we have made over the last year.”
Endurance’s reinsurance segment saw gross premiums written increase by 6.3 percent to $1,189.8 million. The segment’s combined ratio fell to 76.8 percent, representing an improvement of 17.9 percent.
According to Endurance the increase in gross written premiums resulted primarily from a growth in casualty, professional and other specialty business. The business was written largely by new underwriting teams. The new business was offset by significant non-renewals and reduced participation on contracts in the property and catastrophe lines.
The combined ratio improved predominantly due to a lower net loss ratio. Improvements were offset by higher acquisition and general administrative expense ratios.
Charman continues: “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.”
Endurance, casualty, annual results