Net income of $149.1 million, $2.42 per diluted common share
Endurance Specialty Holdings has reported net income of $149.1 million and $2.42 per diluted common share for the second quarter of 2009, versus net income of $103.3 million and $1.54 per diluted common share in the second quarter of 2008.
For the six months ended June 30, 2009, net income was $227.4 million and $3.65 per diluted common share, versus net income of $181.1 million and $2.67 per diluted common share for the six months ended June 30, 2008.
Gross and net premium decline in the Insurance segment was driven by reductions in workers’ compensation and property lines. This was a result of Endurance’s exit from the California workers’ compensation and UK property insurance markets in the first quarter of 2009.
The increase in gross and net premiums written in the Reinsurance segment resulted primarily from growth in new business written, as well as increased pricing on renewal contracts in Endurance’s property and catastrophe lines.
Endurance Specialty Holdings is a Bermuda-based specialty provider of property and casualty insurance and reinsurance.