Pembroke, Bermuda-based Endurance Specialty Holdings Ltd. Monday reported second quarter net income of $75.0 million, up 41.9% from the same period last year on an improved combined ratio, increased premiums and lower loss expenses.
Net written premiums for the three months ended June 30 increased 10.1% to $511.4 million while net investment income rose 21.0% to $39.3 million.
Net losses and loss expenses dropped 27.8% to $259.1 million.
Revenues decreased 11.4% to $519.2 million as the company recorded a loss in the change of unearned premiums of $29.8 million compared with a gain of $78.7 million in the year-ago period.
Endurance’s combined ratio for the second quarter improved to 88.1% from 94.3% in the second quarter of 2013.
“I am very proud to report that Endurance has generated another solid quarter of financial results, demonstrating not only continuing profitable premium growth and broadly improved loss ratios across our expanded global businesses, but importantly strong growth in our book value per share. The transformation of Endurance that we began just over a year ago is clearly visible in our overall operating and financial performance,” said John Charman, chairman and CEO.
For the six months ended June 30, net income increased 18.2% to $171.2 million as revenues fell 9.6% to $960.0 million.
Six-month net premiums written slipped 4.6% to $1.31 billion while net investment income slid 1.8% to $80.3 million.
The company’s six-month combined ratio improved to 85.0% from 90.2% in the year-ago period.