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Endurance Specialty 2010

  • Analysis

Endurance Specialty Holdings Ltd consolidated results year ended 31 December ● US$ mn Category 2006 2007 2008 2009 2010 Gross written premium 1,789.64 1,781.12 2,246.42 2,021.45 2,053.24 Net written premium 1,585.56 1,574.98 1,784.29 1,606.05 1,763.74 Increased NWP % (2.1) (0.7) 13.3 (10.0) 9.8 Retention 88.6 88.4 79.4 79.5 85.9 Net earned premium 1,638.57 1,594.80 1,766.49 1,633.19 1,741.11 Claims incurred 827.63 749.08 1,135.43 866.64 1,038.10 Claims incurred % NEP 50.5 47.0 64.3 53.1 59.6 Operating expenses 507.86 524.84 516.28 505.12 506.15 Operating expenses % NWP 32.0 33.3 28.9 31.5 28.7 Underwriting result 304.47 322.48 110.80 265.34 195.23 Underwriting result % NWP 19.2 20.5 6.2 16.5 11.1 Combined ratio 81.5 79.9 93.5 84.0 88.7 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 257.45 281.28 130.18 284.20 200.36 Net realised gains/(losses) (20.34) (18.30) (57.37) (13.95) 18.54 Pre-tax result 527.96 542.07 89.06 524.70 371.90 Pre-tax % NWP 33.3 34.4 5.0 32.7 21.1 Net income 498.13 521.11 98.62 536.10 364.74 Shareholders' funds 2,297.87 2,512.26 2,207.28 2,787.28 2,848.15 Solvency margin 144.9 159.5 123.7 173.5 161.5 Unearned premium reserve 843.20 855.09 885.49 832.56 842.15 Outstanding claims reserve 2,657.44 2,704.87 2,677.62 2,689.36 3,000.58 Total technical provisions 3,500.64 3,559.96 3,563.11 3,521.92 3,842.73 Technical reserves as % NWP 220.8 226.0 199.7 219.3 217.9 Overall coverage as % NWP 365.7 385.5 323.4 392.8 379.4

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