Endurance report $93.7 million net loss for 2011

Endurance has reported a net loss of $93.7 million for 2011, despite gross written premiums rising by 12.3 percent over the period.

The company’s chief executive officer, David Cash, acknowledged that 2011 had been a ‘challenging year’ but added that he was positive about rates.

“I am pleased with the improved pricing we were able to achieve in our reinsurance portfolio at January 1st, particularly in our catastrophe lines, and our insurance business is also starting to see positive pricing momentum in a number of places,” he says.

Endurance also reported a net investment income of $147 million for 2011, a decrease of $53.3 million over the same period in 2010.