Endurance Specialty Reports 2ndQ Net Income of $31.3M

Bermuda-based Endurance Specialty Insurance Ltd. reported net income of $31.3 million for the second quarter ended June 30, 2002.

Gross premiums written and acquired for the period were $264.3 million. Net premiums earned for the quarter were $75.1 million. Endurance had a combined ratio of 75.0 percent for the quarter and shareholders’ equity as of June 30 was $1.21 billion. The loss ratio of 48.3 percent in the quarter ended June 30 reflected the relatively light level of catastrophic losses in the quarter.

For the six months ended June 30, 2002, net income was $34.6 million. Gross premiums written for this period were $395.2 million and net premiums earned were $92.8 million.

The company had a combined ratio of 82.0 percent for the first half of 2002. As of July 15, 2002, Endurance had bound gross premiums in excess of $550 million. This represents over 1,000 contracts written on behalf of over 400 clients around the world. Endurance has built a Bermuda-based staff of 75 including 27 underwriters and 9 actuaries.

Although Endurance is a privately held company, Kenneth LeStrange, Chairman, President and CEO of Endurance and Colleen Brennan, Chief Financial Officer have announced that they will voluntarily personally certify corporate financial results in a manner comparable to the requirements for public companies contained in recently enacted legislation.

“We are pleased with the success of Endurance from a financial and strategic perspective,” Le Strange said. “The company has established broad relationships with clients and brokers on a worldwide basis; forged a strong management team and staff in Bermuda; and has established a leading presence in a number of specialty insurance and reinsurance lines of business. Our people, infrastructure, and capital base are enabling Endurance Specialty to assume a leading role in the global insurance industry.”