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Endurance Reports Increase In Q3 Net Income

Reported a net income of $153.8m for the third quarter of 2009 versus a net loss of $99.4m in the third quarter of 2008

Endurance Specialty Holdings has reported a net income of $153.8m and $2.51 per diluted common share for the third quarter of 2009 versus a net loss of $99.4m and $1.79 per diluted common share in the third quarter of 2008.

For the nine months ended September 30, 2009, the net income was $381.3m and $6.15 per diluted common share versus net income of $81.8m and $1.09 per diluted common share for the nine months ended September 30, 2008.

The net premiums written for the quarter ended September 30, 2009 of $396.7m, a decrease of 19.7% over the same period in 2008. The net investment income of $71.6m, an increase of $44.1m over the same period in 2008.

The operating income, which excludes after-tax realised investment gains and losses and foreign exchange gains and losses for the quarter ended September 30, 2009 is $148.1m and $2.41 per diluted common share.

The operating income, which excludes after-tax realised investment gains and losses and foreign exchange gains and losses for the nine months ended September 30, 2009 is $367.0m and $5.91 per diluted common share.

Kenneth LeStrange, chairman and CEO, said: I am extremely pleased that Endurance has delivered another quarter of excellent operating results and robust growth in book value per share. Our strong results highlight the quality of our underwriting and investment activities and careful and conscientious risk management practices. Although market conditions remain competitive, we are committed to maintaining our underwriting discipline and we are well positioned strategically and financially to capitalise on attractive underwriting opportunities.