Endurance Specialty Posts $102 Million Net Income for 2002

Bermuda-based Endurance Specialty Holdings Ltd. announced that its net income for 2002 was $102 million, with gross premiums written and acquired of $799 million and net premiums written and acquired of $765 million.

“Endurance had a combined ratio of 86.2% and the loss ratio for the year was 55.3%,” said the bulletin. “Shareholders’ equity was $1.2 billion at year end and total assets were $2.1 billion.”

2002 was the company’s first full year of operation. Aon, Zurich and other investors launched Endurance in December of 2001, following the Sept. 11 attacks. A private offering succeeded in raising gross cash proceeds of $1.2 billion.

Kenneth J. LeStrange, Chairman, President, and CEO commented, “Endurance delivered excellent results in 2002 as we maintained our conservative investment strategy, prudent reserving, and diverse portfolio. We are pleased with our performance and the initiatives we were able to implement this year.”