Endurance Specialty has reported total revenues of $455.1m for the fourth quarter of 2009, an increase of 10% compared to $412.9m for the same period last year.
The company’s net premiums written for the quarter were down 18.7% to $146.4m from $180.1m in the year ago quarter. Net premiums earned were $393.9m, down by 0.9% compared to $431.7m for the fourth quarter of 2008.
For the fourth quarter ended December 31, 2009, the company posted a net income of $154.8m, or $2.56 per share compared to $16.8m, or $0.22 per share for the same period last year.
For the full year 2009, the company has reported total revenues of $1.9bn, up 0.4% compared to $1.8bn in 2008. Net premiums written were $1.6bn and net premiums earned were $1.6bn. Net income was $536.1m, or $8.69 per share compared to $98.6m, or $1.31 per share in 2008.
Kenneth LeStrange, chairman, president and CEO, said: Our excellent results in the fourth quarter capped a record year for Endurance. Solid underwriting results, strong performance from our investment portfolio and disciplined capital management contributed to outstanding results and growth in book value per share in 2009.
“We begin 2010 with an exceptionally strong balance sheet and excellent strategic position that should enable Endurance to continue to deliver on our commitments to our shareholders, clients and employees.