Exhibit 99.1
Endurance Reports Second Quarter 2012 Financial Results
PEMBROKE, Bermuda – July 31, 2012 – Endurance Specialty Holdings Ltd. (NYSE:ENH) today reported net income available to common shareholders of $64.3 million and $1.48 per diluted common share for the second quarter of 2012 versus net income of $37.2 million and $0.87 per diluted common share for the second quarter of 2011.
For the six months ended June 30, 2012, Endurance reported net income available to common shareholders of $138.6 million and $3.20 per diluted common share versus a net loss of $54.1 million and $1.36 per diluted common share for the six months ended June 30, 2011. Book value per diluted share was $53.48 at June 30, 2012, an increase of 3.0% for the quarter and 5.8% from year end 2011.
Operating highlights for the quarter ended June 30, 2012 were as follows:
| | • | | Net premiums written of $484.4 million, an increase of 9.7% over the same period in 2011; |
| | • | | Combined ratio of 92.5%, which included 3.8 percentage points of favorable prior year loss reserve development and 2.7 percentage points of catastrophe losses from current quarter events; |
| | • | | Net investment income of $31.8 million, a decrease of $8.1 million from the same period in 2011; |
| | • | | Operating income, which excludes after-tax realized investment gains and losses and foreign exchange gains and losses, of $50.4 million and $1.18 per diluted common share; and |
| | • | | Operating return on average common equity for the quarter of 2.2% or 9.0% on an annualized basis. |
Operating highlights for the six months ended June 30, 2012 were as follows:
| | • | | Net premiums written of $1,327.5 million, an increase of 7.0% over the same period in 2011; |
| | • | | Combined ratio of 94.3%, which included 3.9 percentage points of favorable prior year loss reserve development and 4.0 percentage points of current year catastrophe losses; |
| | • | | Net investment income of $88.8 million, a decrease of $3.5 million over the same period in 2011; |
| | • | | Operating income, which excludes after-tax realized investment gains and losses and foreign exchange gains and losses, of $102.8 million and $2.42 per diluted common share; and |
| | • | | Operating return on average common equity for the first half of the year of 4.7%, or 9.3% on an annualized basis. |
David Cash, Chief Executive Officer, commented, “Our results this quarter reflect relatively light catastrophe losses and improving P&C market conditions which led to improved underwriting margins within both our insurance and reinsurance segments compared to a year ago. Through successful growth initiatives and favorable renewals, we were able to grow our agriculture insurance, catastrophe reinsurance and casualty reinsurance businesses in the quarter while maintaining underwriting discipline in the current market.”
Commenting further on current drought conditions and the Company’s crop insurance business, Mr. Cash added, “While we anticipate that the current drought conditions will adversely impact our earnings in the second half of the year, our crop insurance business is very well diversified by crop and by geography. Our strong positions in the Southern states where irrigation is more prevalent and in parts of the northern and western corn belt of the Midwest where drought conditions currently have not been as severe will likely help mitigate the adverse impact of the drought claims we expect to receive in the central and eastern corn belt of the Midwest.”
Insurance Segment
Operating highlights for Endurance’s Insurance segment for the quarter ended June 30, 2012 were as follows:
| | • | | Net premiums written of $186.7 million, an increase of 7.6% from the second quarter of 2011; |
| | • | | Combined ratio of 97.3%, an improvement of 0.3 percentage points from the second quarter of 2011; and |
| | • | | Favorable prior year loss reserve development of 5.1 percentage points during the current period, compared to 9.3 percentage points of favorable prior year loss reserve development in the second quarter of 2011. |
Operating highlights for Endurance’s Insurance segment for the six months ended June 30, 2012 were as follows:
| | • | | Net premiums written of $614.4 million, an increase of 1.4% from the same period in 2011; |
| | • | | Combined ratio of 98.9%, an increase of 2.9 percentage points from the same period in 2011; and |
| | • | | Favorable prior year loss reserve development of 5.0 percentage points during the current period, compared to 14.0 percentage points of favorable prior year loss reserve development in the same period in 2011. |
Net premiums written in the Insurance segment increased $13.2 million and $8.6 million for the second quarter and six months ended June 30, 2012, respectively, compared to the same periods in the prior year as growth in agriculture premiums was partially offset by a reduction in property premiums. Within the agriculture line of business, premiums increased as a result of growth in policy counts and increased premium levels per policy, which more than offset a decline in premium due to lower commodity prices. The declines in property insurance premiums compared to a year ago were driven by the Company’s strategic decision to reallocate capital to lines of business with greater profit potential.
The improvement in the Insurance segment combined ratio for the quarter ended June 30, 2012 compared to the same period in 2011 was driven by a lower general and administrative expense ratio, partially offset by a higher net loss ratio. Lower general and administrative expenses resulted from favorable compensation cost adjustments across the Company and higher levels of expense reimbursements in the agriculture line of business while the higher net loss ratio was the result of lower prior year favorable loss reserve development in the current quarter compared to a year ago. For the six months ended June 30, 2012, the combined ratio was 2.9 percentage points higher than the same period a year ago as a higher net loss ratio was partially offset by a lower general and administrative expense ratio.
The Insurance segment’s net loss ratio in the second quarter of 2012 benefited from $13.6 million, or 5.1 percentage points of favorable prior year loss reserve development, compared to $23.2 million, or 9.3 percentage points, for the same period a year ago. For the six months ended June 30, 2012, the net loss ratio benefitted from 5.0 percentage points of favorable prior year loss reserve development compared to 14.0 percentage points for the first six months of 2011. The lower level of favorable prior year loss reserve development in the second quarter and first six months of 2012 compared to the same periods in 2011 was driven predominantly by the agriculture line of business. The increased favorable loss reserve development in the prior year periods resulted from the combination of a very strong 2010 crop year with a delayed harvest that extended claims settlements until the first two quarters of 2011 compared to the 2011 crop year, which did not experience the same level of harvest delays or extension of claim settlements into the first two quarters of 2012.
Reinsurance Segment
Operating highlights for Endurance’s Reinsurance segment for the quarter ended June 30, 2012 were as follows:
| | • | | Net premiums written of $297.8 million, an increase of 11.0% from the second quarter of 2011; |
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| | • | | Combined ratio of 87.6%, an improvement of 18.8 percentage points from the second quarter of 2011; |
| | • | | Favorable prior year loss reserve development of 2.3 percentage points compared to 9.1 percentage points of favorable prior year loss reserve development in the second quarter of 2011; and |
| | • | | Net catastrophe losses from 2012 events of $14.4 million or 5.8 percentage points on the net loss ratio. |
Operating highlights for Endurance’s Reinsurance segment for the six months ended June 30, 2012 were as follows:
| | • | | Net premiums written of $713.0 million, an increase of 12.3% from the same period in 2011; |
| | • | | Combined ratio of 90.4%, an improvement of 48.1 percentage points from the same period in 2011; |
| | • | | Favorable prior year loss reserve development of 3.0 percentage points during the current period, compared to 7.8 percentage points of favorable prior year loss reserve development in the same period in 2011; and |
| | • | | Net catastrophe losses from 2012 events of $36.9 million or 7.8 percentage points on the net loss ratio. |
The $29.5 million increase in net premiums written within the Reinsurance segment during the second quarter of 2012 over the second quarter of 2011 resulted primarily from increases within the catastrophe and casualty lines of business partially offset by a decline in the aerospace and marine line of business. The increase in catastrophe premiums was driven by improved pricing during mid year renewals and through the reallocation of capital from the insurance property line of businesses to the catastrophe line of business. The increase in casualty premiums resulted from one large contract being expanded at renewal, higher premium adjustments compared to a year ago and one contract having the renewal date transition to the second quarter of 2012. The reduction in the aerospace and marine line of business was largely driven by the non-renewal of business as one large ceding company retained more net exposures. For the six months ended June 30, 2012, net premiums written increased $78.2 million primarily due to increases within the property, catastrophe and casualty lines of business.
The combined ratio in the Reinsurance segment for the second quarter of 2012 improved compared to the same period in 2011 predominantly due to a lower net loss ratio and modestly improved general and administrative and acquisition expense ratio. The second quarter 2012 net loss ratio included 5.8 points of catastrophe losses relating to the earthquake in Italy and tornadoes that impacted the United States during the quarter while the second quarter 2011 net loss ratio included 27.1 points of catastrophe losses relating to United States tornadoes. The Reinsurance segment’s net loss ratio in the second quarter of 2012 benefited from $5.9 million, or 2.3 percentage points of favorable prior year loss reserve development, compared to $21.6 million, or 9.1 percentage points, for the same period a year ago.
For the first six months of 2012, the Reinsurance segment reported a combined ratio of 90.4% compared to 138.5% for the same period in 2011. The improvement in the combined ratio was largely attributable to an improvement in the net loss ratio as a result of the lower frequency and severity of catastrophe events in 2012, which added 7.8 points to the net loss ratio compared to 58.6 points to the net loss ratio in the first six months of 2011. For the six months ended June 30, 2012, the net loss ratio benefitted from 3.0 percentage points of favorable prior year loss reserve development compared to 7.8 percentage points in the first six months of 2011.
Investments
Endurance’s net investment income for the quarter and six months ended June 30, 2012 was $31.8 million and $88.8 million, a decrease of $8.1 million and $3.5 million, respectively, compared to the same periods in 2011. The total return of Endurance’s investment portfolio was 0.90% and 2.29% for the quarter and six months ended June 20, 2012, respectively, compared to 1.32% and 2.23% for the quarter and six months ended June 30, 2011, respectively. Investment income generated from Endurance’s fixed maturity investments declined by $7.2 million and $12.4 million for the three
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and six months ended June 30, 2012, respectively, compared to the same period in 2011 due to lower reinvestment rates during 2012 and the short duration of Endurance’s fixed maturity portfolio. During the second quarter and six months ended June 30, 2012, Endurance’s net investment income included mark to market losses of $0.1 million and gains of $23.1 million, respectively, on its alternative investment funds and high yield loan funds, which are included in other investments, as compared to gains of $1.2 million and $14.9 million in the second quarter and first six months of 2011, respectively. The ending book yield on Endurance’s fixed maturity investments at June 30, 2012 was 2.57%, down from 2.68% at December 31, 2011 and 2.93% at June 30, 2011.
At June 30, 2012, Endurance’s fixed maturity portfolio, which comprises 92.9% of Endurance’s investments, had an average credit quality of AA and a duration of 2.60 years. Endurance’s fixed maturity portfolio was in a net unrealized gain position of $145.2 million at June 30, 2012, an improvement of $22.4 million from December 31, 2011. Endurance recorded net realized investment gains, net of impairment losses recognized in earnings, of $14.6 million and $19.5 million during the second quarter and first six months of 2012 compared to net realized investment gains of $20.6 million and $22.7 million during the second quarter and first six months of 2011.
Endurance ended the second quarter of 2012 with cash and invested assets of $6.4 billion, which represents a 0.8% increase from December 31, 2011. Net operating cash flow was $70.3 million for the six months ended June 30, 2012 versus $288.3 million for the same period in 2011.
Capitalization and Shareholders’ Equity
At June 30, 2012, Endurance’s shareholders’ equity was $2.75 billion or $53.48 per diluted common share versus $2.61 billion or $50.56 per diluted common share at December 31, 2011. For the quarter and six months ended June 30, 2012, Endurance declared and paid common dividends of $0.31 and $0.62 per share, respectively.
Earnings Call
Endurance will host a conference call on August 1, 2012 at 8:30 a.m. Eastern time to discuss its financial results. The conference call can be accessed via telephone by dialing (800) 967-7135 or (719) 457-2625 (international) and entering pass code: 5400386. Those who intend to participate in the conference call should register at least ten minutes in advance to ensure access to the call. A telephone replay of the conference call will be available through August 15, 2012 by dialing (888) 203-1112 or (719) 457-0820 (international) and entering the pass code: 5400386.
The public may access a live broadcast of the conference call at the “Investors” section of Endurance’s website,www.endurance.bm. Following the live broadcast, an archived version will continue to be available on Endurance’s website.
A copy of Endurance’s financial supplement for the second quarter of 2012 will be available on Endurance’s website atwww.endurance.bm shortly after the release of earnings.
Operating income (loss), operating return (loss) on average common equity, operating income (loss) per diluted common share, operating income (loss) allocated (attributable) to common shareholders and the combined ratio excluding prior year net loss reserve development are non-GAAP measures. Reconciliations of these measures to the appropriate GAAP measures are included in the attached tables.
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About Endurance Specialty Holdings
Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture, professional lines and surety and other specialty lines of insurance and property, catastrophe, casualty, agriculture, marine, aerospace, and surety and other specialty lines of reinsurance. We maintain excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and A (Strong) from Standard and Poor’s on our principal operating subsidiaries. Endurance’s headquarters are located at Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Endurance, please visitwww.endurance.bm.
Safe Harbor for Forward-Looking Statements
Some of the statements in this press release may include forward-looking statements which reflect our current views with respect to future events and financial performance. Such statements may include forward-looking statements both with respect to us in general and the insurance and reinsurance sectors specifically, both as to underwriting and investment matters. Statements which include the words “should,” “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” and similar statements of a future or forward-looking nature identify forward-looking statements in this press release for purposes of the U.S. federal securities laws or otherwise. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.
All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or may be important factors that could cause actual results to differ from those indicated in the forward-looking statements. These factors include, but are not limited to, the effects of competitors’ pricing policies, greater frequency or severity of claims and loss activity, changes in market conditions in the agriculture insurance industry, termination of or changes in the terms of the U.S. multiple peril crop insurance program, a decreased demand for property and casualty insurance or reinsurance, changes in the availability, cost or quality of reinsurance or retrocessional coverage, our inability to renew business previously underwritten or acquired, our inability to maintain our applicable financial strength ratings, our inability to effectively integrate acquired operations, uncertainties in our reserving process, changes to our tax status, changes in insurance regulations, reduced acceptance of our existing or new products and services, a loss of business from and credit risk related to our broker counterparties, assessments for high risk or otherwise uninsured individuals, possible terrorism or the outbreak of war, a loss of key personnel, political conditions, changes in insurance regulation, changes in accounting policies, our investment performance, the valuation of our invested assets, a breach of our investment guidelines, the unavailability of capital in the future, developments in the world’s financial and capital markets and our access to such markets, government intervention in the insurance and reinsurance industry, illiquidity in the credit markets, changes in general economic conditions and other factors described in our Annual Report on Form 10-K for the year ended December 31, 2011.
Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation publicly to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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ENDURANCE SPECIALTY HOLDINGS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of United States dollars, except share and per share amounts)
| | | | | | | | |
| | | June 30,
2012 | | | December 31,
2011 | |
Assets | | | | | | | | |
Cash and cash equivalents | | $ | 842,180 | | | $ | 890,914 | |
Fixed maturity investments, available for sale, at fair value | | | 5,081,814 | | | | 4,831,966 | |
Short-term investments, available for sale, at fair value | | | 40,913 | | | | 67,802 | |
Equity securities, available for sale, at fair value | | | 70,652 | | | | 59,767 | |
Other investments | | | 478,860 | | | | 432,658 | |
Premiums receivable, net | | | 1,289,478 | | | | 544,017 | |
Insurance and reinsurance balances receivable | | | 115,904 | | | | 92,710 | |
Deferred acquisition costs | | | 196,693 | | | | 166,049 | |
Prepaid reinsurance premiums | | | 258,522 | | | | 149,670 | |
Losses recoverable | | | 618,447 | | | | 666,928 | |
Accrued investment income | | | 27,383 | | | | 29,708 | |
Goodwill and intangible assets | | | 176,743 | | | | 181,828 | |
Deferred tax asset | | | 36,376 | | | | 33,355 | |
Net receivable on sales of investments | | | 30,776 | | | | 77,821 | |
Other assets | | | 75,387 | | | | 67,422 | |
| | | | | | | | |
Total Assets | | $ | 9,340,128 | | | $ | 8,292,615 | |
| | | | | | | | |
| | |
Liabilities | | | | | | | | |
Reserve for losses and loss expenses | | $ | 3,984,622 | | | $ | 3,824,224 | |
Reserve for unearned premiums | | | 1,437,482 | | | | 932,108 | |
Deposit liabilities | | | 24,938 | | | | 26,887 | |
Reinsurance balances payable | | | 306,122 | | | | 189,488 | |
Debt | | | 527,299 | | | | 528,118 | |
Net payable on purchases of investments | | | 186,652 | | | | 55,243 | |
Other liabilities | | | 125,771 | | | | 125,382 | |
| | | | | | | | |
Total Liabilities | | | 6,592,886 | | | | 5,681,450 | |
| | | | | | | | |
| | |
Shareholders’ Equity | | | | | | | | |
Preferred shares | | | | | | | | |
Series A, non-cumulative - 8,000,000 issued and outstanding (2011 - 8,000,000) | | | 8,000 | | | | 8,000 | |
Series B, non-cumulative - 9,200,000 issued and outstanding (2011 - 9,200,000) | | | 9,200 | | | | 9,200 | |
Common shares | | | | | | | | |
43,296,381 issued and outstanding (2011 – 43,086,834) | | | 43,296 | | | | 43,087 | |
Additional paid-in capital | | | 531,145 | | | | 526,910 | |
Accumulated other comprehensive income | | | 150,252 | | | | 130,392 | |
Retained earnings | | | 2,005,349 | | | | 1,893,576 | |
| | | | | | | | |
Total Shareholders’ Equity | | | 2,747,242 | | | | 2,611,165 | |
| | | | | | | | |
| | |
Total Liabilities and Shareholders’ Equity | | $ | 9,340,128 | | | $ | 8,292,615 | |
| | | | | | | | |
| | |
Book Value per Common Share | | | | | | | | |
Dilutive common shares outstanding | | | 43,329,374 | | | | 43,142,277 | |
Diluted book value per common share[a] | | $ | 53.48 | | | $ | 50.56 | |
| | | | | | | | |
Note: All financial information contained herein is unaudited, except the balance sheet data for the year ended December 31, 2011, which was derived from Endurance’s audited financial statements.
| [a] | Excludes the $430 million liquidation value of the preferred shares (2011 - $430 million). |
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ENDURANCE SPECIALTY HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands of United States dollars, except share and per share amounts)
| | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | For the Six Months Ended | |
| | | June 30,
2012 | | | June 30,
2011 | | | June 30,
2012 | | | June 30,
2011 | |
Revenues | | | | | | | | | | | | | | | | |
Gross premiums written | | $ | 604,076 | | | $ | 502,924 | | | $ | 1,665,725 | | | $ | 1,503,282 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net premiums written | | $ | 484,413 | | | $ | 441,758 | | | $ | 1,327,469 | | | $ | 1,240,630 | |
Change in unearned premiums | | | 34,927 | | | | 44,820 | | | | (396,494 | ) | | | (371,219 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net premiums earned | | | 519,340 | | | | 486,578 | | | | 930,975 | | | | 869,411 | |
Other underwriting income (loss) | | | 19 | | | | 1,088 | | | | (316 | ) | | | 19 | |
Net investment income | | | 31,766 | | | | 39,842 | | | | 88,841 | | | | 92,343 | |
Net realized and unrealized gains | | | 14,958 | | | | 21,532 | | | | 20,161 | | | | 25,307 | |
| | | | |
Total other-than-temporary impairment losses | | | (148 | ) | | | (484 | ) | | | (148 | ) | | | (1,740 | ) |
Portion of loss recognized in other comprehensive income (loss) | | | (259 | ) | | | (448 | ) | | | (478 | ) | | | (839 | ) |
| | | | | | | | | | | | | | | | |
Net impairment losses recognized in earnings (losses) | | | (407 | ) | | | (932 | ) | | | (626 | ) | | | (2,579 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total revenues | | | 565,676 | | | | 548,108 | | | | 1,039,035 | | | | 984,501 | |
| | | | | | | | | | | | | | | | |
| | | | |
Expenses | | | | | | | | | | | | | | | | |
Net losses and loss expenses | | | 345,897 | | | | 361,970 | | | | 608,664 | | | | 763,823 | |
Acquisition expenses | | | 72,128 | | | | 67,887 | | | | 140,617 | | | | 133,505 | |
General and administrative expenses | | | 62,609 | | | | 65,886 | | | | 128,650 | | | | 131,847 | |
Amortization of intangibles | | | 2,777 | | | | 3,026 | | | | 5,554 | | | | 5,824 | |
Net foreign exchange (gains) losses | | | (336 | ) | | | 3,348 | | | | (18,473 | ) | | | (3,570 | ) |
Interest expense | | | 9,044 | | | | 9,057 | | | | 18,091 | | | | 18,111 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 492,119 | | | | 511,174 | | | | 883,103 | | | | 1,049,540 | |
| | | | | | | | | | | | | | | | |
| | | | |
Income (loss) before income taxes | | | 73,557 | | | | 36,934 | | | | 155,932 | | | | (65,039 | ) |
Income tax (expense) benefit | | | (1,074 | ) | | | 4,143 | | | | (907 | ) | | | 18,699 | |
| | | | | | | | | | | | | | | | |
Net income (loss) | | | 72,483 | | | | 41,077 | | | | 155,025 | | | | (46,340 | ) |
| | | | |
Preferred dividends | | | (8,188 | ) | | | (3,875 | ) | | | (16,376 | ) | | | (7,750 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net income (loss) available (attributable) to common and participating common shareholders | | $ | 64,295 | | | $ | 37,202 | | | $ | 138,649 | | | $ | (54,090 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Per share data | | | | | | | | | | | | | | | | |
Basic earnings (losses) per common share | | $ | 1.48 | | | $ | 0.92 | | | $ | 3.20 | | | $ | (1.36 | ) |
| | | | | | | | | | | | | | | | |
Diluted earnings (losses) per common share | | $ | 1.48 | | | $ | 0.87 | | | $ | 3.20 | | | $ | (1.36 | ) |
| | | | | | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
RESULTS BY SEGMENT
(in thousands of United States dollars, except ratios)
| | | | | | | | | | | | |
| | | For the quarter ended June 30, 2012 | |
| | | Insurance | | | Reinsurance | | | Reported
Totals | |
| | | |
Revenues | | | | | | | | | | | | |
Gross premiums written | | $ | 292,659 | | | $ | 311,417 | | | $ | 604,076 | |
Ceded premiums written | | | (106,000 | ) | | | (13,663 | ) | | | (119,663 | ) |
| | | | | | | | | | | | |
Net premiums written | | | 186,659 | | | | 297,754 | | | | 484,413 | |
| | | | | | | | | | | | |
Net premiums earned | | | 266,085 | | | | 253,255 | | | | 519,340 | |
Other underwriting (loss) income | | | (1,300 | ) | | | 1,319 | | | | 19 | |
| | | | | | | | | | | | |
Total underwriting revenues | | | 264,785 | | | | 254,574 | | | | 519,359 | |
| | | | | | | | | | | | |
| | | |
Expenses | | | | | | | | | | | | |
Net losses and loss expenses | | | 208,504 | | | | 137,393 | | | | 345,897 | |
Acquisition expenses | | | 17,545 | | | | 54,583 | | | | 72,128 | |
General and administrative expenses | | | 32,819 | | | | 29,790 | | | | 62,609 | |
| | | | | | | | | | | | |
| | | 258,868 | | | | 221,766 | | | | 480,634 | |
| | | | | | | | | | | | |
Underwriting income | | $ | 5,917 | | | $ | 32,808 | | | $ | 38,725 | |
| | | | | | | | | | | | |
| | | |
Net loss ratio | | | 78.4 | % | | | 54.2 | % | | | 66.5 | % |
Acquisition expense ratio | | | 6.6 | % | | | 21.6 | % | | | 13.9 | % |
General and administrative expense ratio | | | 12.3 | % | | | 11.8 | % | | | 12.1 | % |
| | | | | | | | | | | | |
Combined ratio | | | 97.3 | % | | | 87.6 | % | | | 92.5 | % |
| | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
RESULTS BY SEGMENT
(in thousands of United States dollars, except ratios)
| | | | | | | | | | | | |
| | | For the quarter ended June 30, 2011 | |
| | | Insurance | | | Reinsurance | | | Reported
Totals | |
| | | |
Revenues | | | | | | | | | | | | |
Gross premiums written | | $ | 225,750 | | | $ | 277,174 | | | $ | 502,924 | |
Ceded premiums written | | | (52,244 | ) | | | (8,922 | ) | | | (61,166 | ) |
| | | | | | | | | | | | |
Net premiums written | | | 173,506 | | | | 268,252 | | | | 441,758 | |
| | | | | | | | | | | | |
Net premiums earned | | | 249,397 | | | | 237,181 | | | | 486,578 | |
Other underwriting income | | | —�� | | | | 1,088 | | | | 1,088 | |
| | | | | | | | | | | | |
Total underwriting revenues | | | 249,397 | | | | 238,269 | | | | 487,666 | |
| | | | | | | | | | | | |
| | | |
Expenses | | | | | | | | | | | | |
Net losses and loss expenses | | | 191,396 | | | | 170,574 | | | | 361,970 | |
Acquisition expenses | | | 15,861 | | | | 52,026 | | | | 67,887 | |
General and administrative expenses | | | 36,227 | | | | 29,659 | | | | 65,886 | |
| | | | | | | | | | | | |
| | | 243,484 | | | | 252,259 | | | | 495,743 | |
| | | | | | | | | | | | |
Underwriting income (loss) | | $ | 5,913 | | | $ | (13,990 | ) | | $ | (8,077 | ) |
| | | | | | | | | | | | |
| | | |
Net loss ratio | | | 76.7 | % | | | 71.9 | % | | | 74.4 | % |
Acquisition expense ratio | | | 6.4 | % | | | 22.0 | % | | | 14.0 | % |
General and administrative expense ratio | | | 14.5 | % | | | 12.5 | % | | | 13.5 | % |
| | | | | | | | | | | | |
Combined ratio | | | 97.6 | % | | | 106.4 | % | | | 101.9 | % |
| | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
RESULTS BY SEGMENT
(in thousands of United States dollars, except ratios)
| | | | | | | | | | | | |
| | | For the six months ended June 30, 2012 | |
| | | Insurance | | | Reinsurance | | | Reported
Totals | |
| | | |
Revenues | | | | | | | | | | | | |
Gross premiums written | | $ | 928,006 | | | $ | 737,719 | | | $ | 1,665,725 | |
Ceded premiums written | | | (313,566 | ) | | | (24,690 | ) | | | (338,256 | ) |
| | | | | | | | | | | | |
Net premiums written | | | 614,440 | | | | 713,029 | | | | 1,327,469 | |
| | | | | | | | | | | | |
Net premiums earned | | | 427,715 | | | | 503,260 | | | | 930,975 | |
Other underwriting (loss) income | | | (1,300 | ) | | | 984 | | | | (316 | ) |
| | | | | | | | | | | | |
Total underwriting revenues | | | 426,415 | | | | 504,244 | | | | 930,659 | |
| | | | | | | | | | | | |
| | | |
Expenses | | | | | | | | | | | | |
Net losses and loss expenses | | | 322,206 | | | | 286,458 | | | | 608,664 | |
Acquisition expenses | | | 33,759 | | | | 106,858 | | | | 140,617 | |
General and administrative expenses | | | 67,254 | | | | 61,396 | | | | 128,650 | |
| | | | | | | | | | | | |
| | | 423,219 | | | | 454,712 | | | | 877,931 | |
| | | | | | | | | | | | |
Underwriting income | | $ | 3,196 | | | $ | 49,532 | | | $ | 52,728 | |
| | | | | | | | | | | | |
| | | |
Net loss ratio | | | 75.3 | % | | | 57.0 | % | | | 65.4 | % |
Acquisition expense ratio | | | 7.9 | % | | | 21.2 | % | | | 15.1 | % |
General and administrative expense ratio | | | 15.7 | % | | | 12.2 | % | | | 13.8 | % |
| | | | | | | | | | | | |
Combined ratio | | | 98.9 | % | | | 90.4 | % | | | 94.3 | % |
| | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
RESULTS BY SEGMENT
(in thousands of United States dollars, except ratios)
| | | | | | | | | | | | |
| | | For the six months ended June 30, 2011 | |
| | | Insurance | | | Reinsurance | | | Reported
Totals | |
| | | |
Revenues | | | | | | | | | | | | |
Gross premiums written | | $ | 851,581 | | | $ | 651,701 | | | $ | 1,503,282 | |
Ceded premiums written | | | (245,779 | ) | | | (16,873 | ) | | | (262,652 | ) |
| | | | | | | | | | | | |
Net premiums written | | | 605,802 | | | | 634,828 | | | | 1,240,630 | |
| | | | | | | | | | | | |
Net premiums earned | | | 411,889 | | | | 457,522 | | | | 869,411 | |
Other underwriting income | | | — | | | | 19 | | | | 19 | |
| | | | | | | | | | | | |
| | | 411,889 | | | | 457,541 | | | | 869,430 | |
| | | | | | | | | | | | |
| | | |
Expenses | | | | | | | | | | | | |
Net losses and loss expenses | | | 290,232 | | | | 473,591 | | | | 763,823 | |
Acquisition expenses | | | 32,169 | | | | 101,336 | | | | 133,505 | |
General and administrative expenses | | | 73,033 | | | | 58,814 | | | | 131,847 | |
| | | | | | | | | | | | |
| | | 395,434 | | | | 633,741 | | | | 1,029,175 | |
| | | | | | | | | | | | |
Underwriting income (loss) | | $ | 16,455 | | | $ | (176,200 | ) | | $ | (159,745 | ) |
| | | | | | | | | | | | |
| | | |
Net loss ratio | | | 70.5 | % | | | 103.5 | % | | | 87.9 | % |
Acquisition expense ratio | | | 7.8 | % | | | 22.1 | % | | | 15.4 | % |
General and administrative expense ratio | | | 17.7 | % | | | 12.9 | % | | | 15.1 | % |
| | | | | | | | | | | | |
Combined ratio | | | 96.0 | % | | | 138.5 | % | | | 118.4 | % |
| | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
CONSOLIDATED FINANCIAL RATIOS
As Reported
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the quarter ended June 30, | |
| | | Insurance | | | Reinsurance | | | Total | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | | | | |
Net loss ratio | | | 78.4 | % | | | 76.7 | % | | | 54.2 | % | | | 71.9 | % | | | 66.5 | % | | | 74.4 | % |
Acquisition expense ratio | | | 6.6 | % | | | 6.4 | % | | | 21.6 | % | | | 22.0 | % | | | 13.9 | % | | | 14.0 | % |
General and administrative expense ratio | | | 12.3 | % | | | 14.5 | % | | | 11.8 | % | | | 12.5 | % | | | 12.1 | % | | | 13.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio | | | 97.3 | % | | | 97.6 | % | | | 87.6 | % | | | 106.4 | % | | | 92.5 | % | | | 101.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Effect of Prior Year Net Loss Reserve Development
Favorable / (Unfavorable)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the quarter ended June 30, | |
| | | Insurance | | | Reinsurance | | | Total | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | | | | |
Net loss ratio | | | 5.1 | % | | | 9.3 | % | | | 2.3 | % | | | 9.1 | % | | | 3.8 | % | | | 9.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net of Prior Year Net Loss Reserve Development
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the quarter ended June 30, | |
| | | Insurance | | | Reinsurance | | | Total | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | | | | |
Net loss ratio | | | 83.5 | % | | | 86.0 | % | | | 56.5 | % | | | 81.0 | % | | | 70.3 | % | | | 83.6 | % |
Acquisition expense ratio | | | 6.6 | % | | | 6.4 | % | | | 21.6 | % | | | 22.0 | % | | | 13.9 | % | | | 14.0 | % |
General and administrative expense ratio | | | 12.3 | % | | | 14.5 | % | | | 11.8 | % | | | 12.5 | % | | | 12.1 | % | | | 13.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio | | | 102.4 | % | | | 106.9 | % | | | 89.9 | % | | | 115.5 | % | | | 96.3 | % | | | 111.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
The combined ratio is the sum of the loss, acquisition expense and general and administrative expense ratios. Endurance presents the combined ratio as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. The combined ratio, excluding prior year net loss reserve development, enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of underwriting activities in a manner similar to how management analyzes Endurance’s underlying business performance. The combined ratio, net of prior year net loss reserve development, should not be viewed as a substitute for the combined ratio.
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ENDURANCE SPECIALTY HOLDINGS LTD.
CONSOLIDATED FINANCIAL RATIOS
As Reported
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended June 30, | |
| | | Insurance | | | Reinsurance | | | Total | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | | | | |
Net loss ratio | | | 75.3 | % | | | 70.5 | % | | | 57.0 | % | | | 103.5 | % | | | 65.4 | % | | | 87.9 | % |
Acquisition expense ratio | | | 7.9 | % | | | 7.8 | % | | | 21.2 | % | | | 22.1 | % | | | 15.1 | % | | | 15.4 | % |
General and administrative expense ratio | | | 15.7 | % | | | 17.7 | % | | | 12.2 | % | | | 12.9 | % | | | 13.8 | % | | | 15.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio | | | 98.9 | % | | | 96.0 | % | | | 90.4 | % | | | 138.5 | % | | | 94.3 | % | | | 118.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Effect of Prior Year Net Loss Reserve Development
Favorable / (Unfavorable)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended June 30, | |
| | | Insurance | | | Reinsurance | | | Total | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | | | | |
Net loss ratio | | | 5.0 | % | | | 14.0 | % | | | 3.0 | % | | | 7.8 | % | | | 3.9 | % | | | 10.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net of Prior Year Net Loss Reserve Development
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended June 30, | |
| | | Insurance | | | Reinsurance | | | Total | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | | | | |
Net loss ratio | | | 80.3 | % | | | 84.5 | % | | | 60.0 | % | | | 111.3 | % | | | 69.3 | % | | | 98.7 | % |
Acquisition expense ratio | | | 7.9 | % | | | 7.8 | % | | | 21.2 | % | | | 22.1 | % | | | 15.1 | % | | | 15.4 | % |
General and administrative expense ratio | | | 15.7 | % | | | 17.7 | % | | | 12.2 | % | | | 12.9 | % | | | 13.8 | % | | | 15.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio | | | 103.9 | % | | | 110.0 | % | | | 93.4 | % | | | 146.3 | % | | | 98.2 | % | | | 129.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
The combined ratio is the sum of the loss, acquisition expense and general and administrative expense ratios. Endurance presents the combined ratio as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. The combined ratio, excluding prior year net loss reserve development, enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of underwriting activities in a manner similar to how management analyzes Endurance’s underlying business performance. The combined ratio, net of prior year net loss reserve development, should not be viewed as a substitute for the combined ratio.
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ENDURANCE SPECIALTY HOLDINGS LTD.
GROSS AND NET PREMIUMS WRITTEN BY SEGMENT
(in thousands of United States dollars)
The following tables show Endurance’s gross and net premiums written for the quarters ended June 30, 2012 and 2011:
| | | | | | | | | | | | | | | | |
| | | Quarter Ended June 30, 2012 | | | Quarter Ended June 30, 2011 | |
| | | Gross Premiums
Written | | | Net Premiums
Written | | | Gross Premiums
Written | | | Net Premiums
Written | |
Insurance | | | | | | | | | | | | | | | | |
Agriculture | | $ | 133,439 | | | $ | 67,249 | | | $ | 57,125 | | | $ | 46,049 | |
Professional lines | | | 51,019 | | | | 42,832 | | | | 49,181 | | | | 37,624 | |
Casualty | | | 68,088 | | | | 43,549 | | | | 63,178 | | | | 43,811 | |
Property | | | 18,182 | | | | 11,990 | | | | 35,904 | | | | 25,996 | |
Healthcare liability | | | 19,922 | | | | 19,031 | | | | 20,454 | | | | 20,115 | |
Surety and other specialty | | | 2,009 | | | | 2,008 | | | | (92 | ) | | | (89 | ) |
| | | | | | | | | | | | | | | | |
Subtotal Insurance | | $ | 292,659 | | | $ | 186,659 | | | $ | 225,750 | | | $ | 173,506 | |
| | | | | | | | | | | | | | | | |
| | | | |
Reinsurance | | | | | | | | | | | | | | | | |
Catastrophe | | $ | 172,222 | | | $ | 158,865 | | | $ | 146,249 | | | $ | 139,337 | |
Casualty | | | 58,897 | | | | 58,895 | | | | 45,619 | | | | 45,617 | |
Property | | | 54,026 | | | | 54,033 | | | | 52,185 | | | | 52,185 | |
Aerospace and marine | | | 18,288 | | | | 18,287 | | | | 26,743 | | | | 24,726 | |
Surety and other specialty | | | 7,984 | | | | 7,674 | | | | 6,378 | | | | 6,387 | |
| | | | | | | | | | | | | | | | |
Subtotal Reinsurance | | $ | 311,417 | | | $ | 297,754 | | | $ | 277,174 | | | $ | 268,252 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total | | $ | 604,076 | | | $ | 484,413 | | | $ | 502,924 | | | $ | 441,758 | |
| | | | | | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
GROSS AND NET PREMIUMS WRITTEN BY SEGMENT
(in thousands of United States dollars)
The following tables show Endurance’s gross and net premiums written for the six months ended June 30, 2012 and 2011:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended June 30, 2012 | | | Six Months Ended June 30, 2011 | |
| | | Gross Premiums
Written | | | Net Premiums
Written | | | Gross Premiums
Written | | | Net Premiums
Written | |
Insurance | | | | | | | | | | | | | | | | |
Agriculture | | $ | 667,106 | | | $ | 422,169 | | | $ | 565,830 | | | $ | 392,521 | |
Professional lines | | | 87,364 | | | | 73,037 | | | | 84,650 | | | | 68,748 | |
Casualty | | | 105,915 | | | | 70,012 | | | | 102,060 | | | | 69,570 | |
Property | | | 28,026 | | | | 12,823 | | | | 60,594 | | | | 38,581 | |
Healthcare liability | | | 36,575 | | | | 33,379 | | | | 38,591 | | | | 36,521 | |
Surety and other specialty | | | 3,020 | | | | 3,020 | | | | (144 | ) | | | (139 | ) |
| | | | | | | | | | | | | | | | |
Subtotal Insurance | | $ | 928,006 | | | $ | 614,440 | | | $ | 851,581 | | | $ | 605,802 | |
| | | | | | | | | | | | | | | | |
| | | | |
Reinsurance | | | | | | | | | | | | | | | | |
Catastrophe | | $ | 315,404 | | | $ | 292,583 | | | $ | 284,496 | | | $ | 270,460 | |
Casualty | | | 180,571 | | | | 179,332 | | | | 161,971 | | | | 161,171 | |
Property | | | 160,772 | | | | 160,779 | | | | 122,272 | | | | 122,272 | |
Aerospace and marine | | | 43,917 | | | | 43,880 | | | | 47,581 | | | | 45,565 | |
Surety and other specialty | | | 37,055 | | | | 36,455 | | | | 35,381 | | | | 35,360 | |
| | | | | | | | | | | | | | | | |
Subtotal Reinsurance | | $ | 737,719 | | | $ | 713,029 | | | $ | 651,701 | | | $ | 634,828 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total | | $ | 1,665,725 | | | $ | 1,327,469 | | | $ | 1,503,282 | | | $ | 1,240,630 | |
| | | | | | | | | | | | | | | | |
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ENDURANCE SPECIALTY HOLDINGS LTD.
RECONCILIATIONS
(in thousands of United States dollars, except share, per share amounts and ratios)
The following is a reconciliation of Endurance’s net income (loss), net income (loss) per diluted common share, net income (loss) allocated to common shareholders under the two-class method and annualized return on average common equity to operating income (loss), operating income (loss) per diluted common share, operating income (loss) allocated to common shareholders under the two-class method and annualized operating return on average common equity (all non-GAAP measures) for the three and six months ended June 30, 2012 and 2011:
| | | | | | | | | | | | | | | | |
| | | Quarter Ended
June 30, | | | Six Months Ended
June 30, | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
Net income (loss) | | $ | 72,483 | | | $ | 41,077 | | | $ | 155,025 | | | $ | (46,340 | ) |
(Less) add after-tax items: | | | | | | | | | | | | | | | | |
Net foreign exchange (gains) losses | | | (365 | ) | | | 3,181 | | | | (16,625 | ) | | | (3,670 | ) |
Net realized and unrealized gains | | | (13,050 | ) | | | (20,717 | ) | | | (18,018 | ) | | | (24,739 | ) |
Net impairment losses recognized in earnings | | | 387 | | | | 932 | | | | 606 | | | | 2,579 | |
| | | | | | | | | | | | | | | | |
Operating income (loss) before preferred dividends | | $ | 59,455 | | | $ | 24,473 | | | $ | 120,988 | | | $ | (72,170 | ) |
Preferred dividends | | | (8,188 | ) | | | (3,875 | ) | | | (16,376 | ) | | | (7,750 | ) |
| | | | | | | | | | | | | | | | |
Operating income (loss) allocated (attributable) to common and participating common shareholders | | $ | 51,267 | | | $ | 20,598 | | | $ | 104,612 | | | $ | (79,920 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Operating income (loss) allocated (attributable) to common shareholders under the two-class method | | $ | 50,402 | | | $ | 20,199 | | | $ | 102,818 | | | $ | (80,436 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Weighted average diluted common | | | 42,635,182 | | | | 42,155,890 | | | | 42,562,007 | | | | 40,227,173 | |
| | | | | | | | | | | | | | | | |
| | | | |
Operating income (loss) per diluted common share[b] | | $ | 1.18 | | | $ | 0.48 | | | $ | 2.42 | | | $ | (2.00 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Average common equity [a] | | $ | 2,285,890 | | | $ | 2,224,270 | | | $ | 2,249,204 | | | $ | 2,444,215 | |
| | | | |
Operating return on average common equity | | | 2.2 | % | | | 0.9 | % | | | 4.7 | % | | | (3.3 | )% |
| | | | | | | | | | | | | | | | |
Annualized operating return on average common equity | | | 9.0 | % | | | 3.7 | % | | | 9.3 | % | | | (6.5 | )% |
| | | | | | | | | | | | | | | | |
| | | | |
Net income (loss) | | $ | 72,483 | | | $ | 41,077 | | | $ | 155,025 | | | $ | (46,340 | ) |
Preferred dividends | | | (8,188 | ) | | | (3,875 | ) | | | (16,376 | ) | | | (7,750 | ) |
| | | | | | | | | | | | | | | | |
Net income (loss) available (attributable) to common and participating common shareholders | | $ | 64,295 | | | $ | 37,202 | | | $ | 138,649 | | | $ | (54,090 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net income (loss) available (attributable) to common shareholders under the two-class method | | $ | 63,210 | | | $ | 36,492 | | | $ | 136,272 | | | $ | (54,606 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net income (loss) per diluted common share | | $ | 1.48 | | | $ | 0.87 | | | $ | 3.20 | | | $ | (1.36 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Return (loss) on average common equity, Net income (loss) | | | 2.8 | % | | | 1.7 | % | | | 6.2 | % | | | (2.2 | )% |
| | | | | | | | | | | | | | | | |
Annualized return (loss) on average common equity, Net income (loss) | | | 11.3 | % | | | 6.7 | % | | | 12.3 | % | | | (4.4 | )% |
| | | | | | | | | | | | | | | | |
| [a] | Average common equity is calculated as the arithmetic average of the beginning and ending common equity balances for the stated period, which excludes the $430 million liquidation value of the preferred shares (2011: $430 million; 2010: $200 million) |
| [b] | Represents diluted losses per share calculated under the two-class method which was the lower of the treasury stock method and the two-class method. |
- 16 -
Operating income (loss) and operating income (loss) per diluted common share are internal performance measures used by Endurance in the management of its operations. Operating income (loss) allocated (attributable) to common shareholders (excludes unvested restricted shares outstanding which are considered participating) per diluted common share represents operating income (loss) divided by weighted average dilutive common shares, which has been calculated in accordance with the two-class method under U.S. GAAP. Operating income (loss) represents after-tax operational results excluding, as applicable, after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Endurance believes these amounts are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income (loss) and net income (loss) per dilutive common share determined in accordance with the two-class method under GAAP, Endurance believes that showing operating income (loss) and operating income (loss) per dilutive common share enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Endurance’s results of operations in a manner similar to how management analyzes Endurance’s underlying business performance. Operating income (loss) and operating income (loss) per dilutive common share should not be viewed as substitutes for GAAP net income (loss) and net income (loss) per dilutive common share, respectively.
Endurance presents return on equity as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.
Contact:
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations@endurance.bm
# # #
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