Endurance Specialty Holdings has reported net income available to common shareholders of $76.6 million in the second quarter, marginally up on the $76 million for the same period in 2015.

Profit was $1.14 per diluted common share, down from $1.68 year-on-year but beating analysts’ advance estimate of $1.11.

Meanwhile, net income available to the company was fractionally lower at $83.9 million, compared to $84.2 million a year ago.

The company’s gross premiums written were $1.13 billion, up 32 per cent, while its combined ratio was 92.6 per cent, compared with 85.5 per cent for the same three months in 2015.

John Charman, chief executive officer, said: “Endurance’s second-quarter results demonstrated strong underlying underwriting profitability as reflected by our combined ratio of 92.6 per cent.

“Our embedded risk management practices aligned with our comprehensive reinsurance and retrocessional programmes enabled us to achieve underwriting profitability in both business segments despite a number of severe global catastrophes and large risk losses across the industry.

“Our solid underwriting results benefited from our increased scalability and focused expense management resulting in a significantly improved general and administrative expense ratio.”

He continued: “Strategically, the second quarter reflected our continued focused and diversified core underwriting expansion as evidenced by the 32 per cent growth in our gross written premiums. In addition to our targeted growth across our global businesses, our successful renewal of the Montpelier portfolio also helped drive our expansion.

“The quick, effective and successful integration of Montpelier has enabled us to exceed our expense and capital synergy objectives; those important benefits are now clearly visible in our financial results.

“Endurance is well equipped and very well positioned to thrive in the current market, which is showing increasing signs of moderation.”

Insurance losses included the Fort McMurray wildfires in Canada, convective storms in Texas and Europe and the Kumamoto earthquake in Japan. The losses of $55.5 million, consisted of net loss expenses of $73.6 million partially offset by $11.1 million in net reinstatement premiums and $7 million of amounts attributable to non-controlling interests.

Endurance’s net investment income for the quarter was up $11.7 million, to $44 million, while its net foreign exchange gains included net income of $32.8 million. Operating income was down 31.1 per cent at $54.8 million.

Endurance’s shares closed down 43 cents at $67.20 yesterday before the earnings report was released.