Endurance Specialty Holdings improved its first quarter profits by $4 million, to hit $108.4 million compared to the same period a year ago.

The net income available to common shareholders was $100.3 million, or $2.23 per common share.

The company’s gross premiums written were $1,301.4 million, up 12.4 per cent year-on-year.

Endurance announced earlier this year it is buying fellow Island-based reinsurer Montpelier Re Holdings in a $1.83 billion deal.

Commenting on the earnings announcement, chairman and CEO John Charman said: “During the first quarter we generated excellent results with double digit percentage growth in gross premiums written across our speciality businesses, 3 per cent growth in book value per share plus dividends, and an annualised operating ROE of 13 per cent.

“In the first quarter we announced our acquisition of Montpelier Re which we expect to significantly accelerate our global transformation, building on the strong growth and momentum that we have achieved over the last two years.

“The addition of Montpelier’s high quality underwriting portfolio along with the added strategic capabilities, breadth of distribution and new underwriting platforms will better enable us to increase our scale and relevance to our clients and distribution partners while aiding us in delivering superior returns to our shareholders.”

In the company’s reinsurance segment it increased gross written premiums to $565.2 million, up 11.9 per cent year-on-year.

Endurance’s net investment income for the quarter was $41.9 million, up $0.9 million on last year. The company’s cash and invested assets stood at $6.5 billion on March 31, down 1.9 per cent since the start of the year.