6 May 2014News

Endurance transformation leads to strong quarterly results

Endurance has reported net income available to common shareholders of $96.3 million and $2.17 per diluted common share for the first quarter of 2014, as it continues its 'transformation'.

This compares to net income of $92.1 million and $2.13 per diluted common share for the first quarter of 2013.

Gross premiums written for the quarter were recorded at $1,157.5 million, a decrease of 1.7 percent from the same period in 2013.

John Charman, chairman and CEO, comments: "During the first quarter we generated strong financial results as evidenced by our annualised operating return on equity of 15 percent. The transformation of Endurance began 12 months ago and as we promised, the much improved financial and operating performance is now emerging.

“This quarter our London insurance underwriting platform is now fully staffed and we have realised significant, attractive, across-the-board premium growth from all our newly added US specialty underwriting teams. We successfully expanded our global specialty business whilst at the same time continuing the overall rebalancing and repositioning of our global reinsurance portfolio.”

The company also reported a combined ratio of 81.3 percent, a satisfying figure, which included 12.7 percentage points of favourable prior year loss reserve development.

Charman continues, “From a strategic perspective we significantly increased our reinsurance purchasing activity across both our insurance and reinsurance portfolios to optimise the risk/ reward characteristics of our business. Whilst we have planned for market conditions on both sides of our balance sheet to remain extremely challenging over the next couple of years, we have deliberately positioned Endurance to outperform in this environment.  We remain dedicated to achieving superior returns for our valued shareholders."