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Endurance Specialty Q1 net income up

Company recorded net investment income growth 37.7%

Endurance Specialty Holdings, a provider of insurance and reinsurance, has reported a net income of $78.3m, or $1.24 per diluted share, for the first quarter ended March 31, 2009, compared to $77.81m, or $1.13 per diluted share, for the first quarter ended March 31, 2008.

For the first quarter of 2009, net income available to common and participating common shareholders increased to $74.42m from $73.94m in the first quarter of 2008.

According to the company, gross premiums written were $783.31m for the first quarter of 2009, a decrease of 9.8% over $868.59m for the same quarter of 2008. For the first quarter of 2009, net written premiums decreased 9% to $582.91m from $640.79m during the corresponding quarter last year.

Net investment income for the first quarter of 2009 was $64.55m, an increase of 37.7%, compared to $46.88m for the comparable quarter in 2008. It said that for the first quarter of 2009, total revenues were $437.54m, compared to $406.7m a year ago.

Total assets as of March 31, 2009 were $7.8 billion, compared to $7.27 billion as of December 31, 2008.

Endurance Specialty Holdings is a global specialty provider of insurance and reinsurance with over 700 employees in Bermuda, the United Kingdom and the United States.