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Takeover bid costs, investment declines ding Endurance in third quarter

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Takeover bid costs, investment declines ding Endurance in third quarter

Endurance Specialty Holdings Ltd. reported third quarter net income of $68.0 million, 9.5% lower than the same period last year, as falling investment income and costs related to the company’s failed bid to acquire Aspen Insurance Holdings Ltd. hit profits, Endurance said Monday.

Net premiums written slipped 1.3% to $390.1 million for the three months ended Sept. 30 as net investment income plunged 33.4% to $25.4 million.

Third quarter revenues fell 5.4% to $552.0 million and the company’s combined ratio deteriorated to 90.2% from 87.7% during the year-ago period.

The quarter included $2.3 million of general and administrative expenses related to Pembroke, Bermuda-based Endurance’s proposed acquisition of Hamilton, Bermuda-based Aspen, Endurance said in its statement.

“During the third quarter, we continued to make strong progress in the transformation of Endurance. Despite the significant and increasing competition throughout the global insurance and reinsurance industry that we had anticipated, we have meaningfully improved the underwriting quality across our lines of business,” John R. Charman, chairman and CEO, said in the company’s earnings statement.

For the nine months ended Sept. 30, net income increased 8.7% from that of the same period a year earlier to $239.3 million.

Net premiums written declined 3.9% to $1.77 billion, and net investment income fell 11.9% to $105.6 million.

Nine-month revenue was down 8.1% to $1.51 billion, and the company’s nine-month combined ratio improved to 87.0% from 89.3% in the year-ago period.

The nine-month period included $15.3 million of general and administrative expenses related to the Endurance’s proposed acquisition of Aspen, Endurance said in its statement

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