Endurance posts strong results in 2015; CEO confident on future
Bermuda-based Endurance has posted a strong set of results for 2015, driven by solid growth in both its insurance and reinsurance segments.
Endurance’s profits decreased slightly to $311.3 million in 2015, compared with $315.7 million in 2014, while its combined ratio improved to 82.9 percent in 2015, compared with 86 percent in the prior year.
Its GWP hiked to $3.3 billion in 2015, an increase of 14.7 percent compared with $2.9 billion in 2014. Endurance also reported strong GWP growth in the fourth quarter of 2015 to $515.6 million, an increase of 22.5 percent compared with the same period in 2014.
The top line growth was driven by Endurance’s insurance segment which reported a GWP increase of 21.5 percent to $2.1 billion in 2015, compared with $1.7 billion in the prior year. Within this segment, the combined ratio also improved to 87.8 percent in 2015, compared with 96.9 percent in 2014.
Endurance’s reinsurance segment also posted solid top line growth, with GWP of $1.2 billion in 2015, an increase of 4.8 percent. Its combined ratio also improved marginally to 69.4 percent, compared with 70.7 percent in 2014.
John Charman, chairman and chief executive officer, said: "2015 marked another year of excellent strategic and financial progress in the transformation of Endurance into a leading global specialty insurance and reinsurance carrier.
“Last year, we continued the strong organic expansion of our global underwriting capabilities that we began in 2013 by continuing to expand our underwriting expertise, our products and our geographies. We also completed the successful acquisition and smooth integration of Montpelier.
He added: “The actions we have taken over the last three years to increase our scale, expand our underwriting capabilities and improve our market presence globally have prepared us extremely well for the competitive conditions we face. We are uniquely positioned to continue generating strong shareholder value as we reap the benefits of our transformation and we further leverage the investments we have made in our underwriting and risk management capabilities."
