Bermuda-based Endurance posted a strong set of results in the first quarter of 2015 as it experienced double digit growth.
Its profits jumped to $100.3 million in the first quarter of 2015, compared with $96.3 million in the first quarter of 2014.
Endurance’s gross written premiums (GWP) increased 12.4 percent to $1.3 billion in the quarter, compared with $1.2 billion in the same period of the prior year, while its combined ratio deteriorated slightly to 82.4 percent in the first quarter of 2015, compared with 81.3 percent in the first quarter of 2014.
Within its insurance division, GWP hiked 12.9 percent to $732.2 million in the first quarter, compared with $652.3 million in the same period of the prior year.
Endurance said this was driven by strong growth in its expanded underwriting capabilities within the professional lines, casualty and other specialty, property, marine and energy lines of business.
Its insurance division posted a solid combined ratio of 90.6 percent in the quarter, an improvement of 8.4 percentage points, driven by lower loss and general and administrative expense ratios partially offset by a higher acquisition expense ratio.
Within its reinsurance division, GWP jumped 11.9 percent to $565.2 million in the first quarter of 2015, compared with $505.2 million in the first quarter of 2014. This was driven by the professional lines and specialty line of business, partially offset by declines within the property and casualty lines of business.
In the specialty line business, GWP more than doubled in the first quarter driven by new business generated by the recently hired international agriculture and marine teams.
Its reinsurance division posted a combined ratio of 78 percent in the first quarter of 2015, compared with 71.3 percent in the first quarter of 2014, due to higher loss, acquisition and general and administrative expense ratios.
John Charman, chairman and chief executive officer, said: “During the first quarter we generated excellent results with double digit percentage growth in gross premiums written across our specialty businesses, 3 percent growth in book value per share plus dividends, and an annualised operating ROE of 13 percent.
“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."
Endurance, First Quarter 2015 Results, Bermuda, John Charman