Endurance Comments on First Quarter 2016 Investment Results
(Thomson Reuters ONE) -
PEMBROKE, Bermuda - April 14, 2016 - Endurance Specialty Holdings Ltd.
(NYSE:ENH), a Bermuda-based specialty provider of property and casualty
insurance and reinsurance, today announced that it expects its first quarter
2016 investment portfolio total return to be approximately 98 basis points and
its net investment income to be approximately $11 million. The Company's net
investment income was impacted by approximately $28 million of mark to market
losses in its other investment portfolio from ongoing financial market
volatility and lower than expected alternative manager performance. These
losses partially offset increased net investment income from the Company's
available for sale and trading securities which was approximately $39 million
for the first quarter.
The Company will report its full first quarter 2016 results on May 2, 2016 as
previously announced.
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 agriculture, casualty and other specialty, professional lines
and property, marine/energy and aviation lines of insurance and catastrophe,
property, casualty, professional lines and 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 Waterloo House, 100 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 visit www.endurance.bm.
Safe Harbor for Forward-Looking Statements
Some of the statements in this press release may include, and Endurance may make
related oral 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," "would," "expect,"
"intend," "plan," "believe," "project," "target," "anticipate," "seek," "will,"
"deliver," 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 materially 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,
2015.
The foregoing review of important factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements that are
included herein and elsewhere, including the risk factors included in
Endurance's most recent reports on Form 10-K and Form 10-Q and other documents
of Endurance on file with the Securities and Exchange Commission. Any forward-
looking statements made in this material are qualified by these cautionary
statements, and there can be no assurance that the actual results or
developments anticipated by Endurance will be realized or, even if substantially
realized, that they will have the expected consequences to, or effects on,
Endurance or its business or operations. Except as required by law, Endurance
undertakes no obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future developments or
otherwise.
The contents of any website referenced in this press release are not
incorporated by reference herein.
Contact:
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations(at)endurance.bm
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Endurance Specialty Holdings Ltd via GlobeNewswire
[HUG#2003818]
Unternehmensinformation / Kurzprofil:
Datum: 14.04.2016 - 22:15 Uhr
Sprache: Deutsch
News-ID 464234
Anzahl Zeichen: 6880
contact information:
Town:
Pembroke
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 185 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Endurance Comments on First Quarter 2016 Investment Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Endurance Specialty Holdings Ltd (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
