Endurance Specialty Holdings Ltd. saw its profits hold firm despite the continued turbulence in the underwriting and investment markets, according to its chairman and CEO Kenneth LeStrange.

The insurer's net income was up slightly at $78.3 million or $1.24 per share for the first quarter of 2009 versus $77.8 million or $1.13 per share for the same period in 2008.

But the company's gross premiums written dropped by 9.8 percent to $783.3 million compared in the first quarter to $868.6 million for the corresponding time last year, while its combined ratio improved to 92.2 percent from 104 percent previously. Net investment income rose 37.7 percent to $64.6 million over the same period in 2008, with operating income, excluding after-tax realised investment gains and losses and foreign exchange gains and losses, standing at $88.2 million or $1.40 per share.

Book value also increased by 3.9 percent from December 31, 2008 to $34.34 per share.

Mr. LeStrange said: "Endurance produced strong underwriting and investment results this quarter in the face of continued turbulence in the underwriting and investment markets.

"We saw improving conditions in some areas such as catastrophe exposed property insurance and reinsurance lines, aviation and some large account casualty insurance while other segments of the market, such as middle market casualty insurance and casualty reinsurance showed continued signs of competition, albeit at a moderating pace.

"Looking forward, our efforts over the past several years to expand our underwriting capabilities and distribution relationships has positioned us well to take advantage of potential opportunities across a broad spectrum of insurance and reinsurance lines of business."