Endurance posts growth despite selective underwriting
Bermuda-based re/insurer Endurance posted a 4.6 percent increase in group-wide gross written premiums, despite “significant non-renewals” and “reduced participation on contracts” in the reinsurance sector.
The company reported group-wide gross written premiums of $2.7 million in 2013, compared with $2.5 million in 2012 and a reduced combined ratio of 90.2 percent.
John Charman, chairman and CEO, said: “Against the backdrop of the strategic re-underwriting and rebalancing of our underwriting portfolio, Endurance generated solid financial results in the fourth quarter and full year of 2013. Our results benefited from lower levels of catastrophe losses and strong favourable reserve development, and we are just beginning to see the positive impact of the significant underwriting investments and we have made over the last year.”
Endurance, which saw an overhaul of senior management and strategy last year, said that the 6.3 percent increase of gross written premiums in the reinsurance sector, which totalled $1.2 million, was aided by growth in casualty, professional and other specialty lines and offset against significant non-renewals and reduced participation on contracts in the property and catastrophe lines.
“Last autumn, our strategic forward planning envisaged our underwriting activity taking place in a soft market environment for the next couple of years; critically, we now have the leadership, underwriting experience and expertise to profitably align and direct Endurance through these exceptionally challenging times. My colleagues and I are excited about our prospects for 2014 and are determined to reward our shareholders accordingly,” said Charman.
