Endurance Specialty Holdings Ltd. boosted its net income by more than $45 million for the second quarter as it continued to pick up business from some of its larger competitors.

The insurer's profits were up at $149.1 million, or $2.42 per share, for the second quarter from $103.3 million, or $1.54 per share, for the same period in 2008.

For the six months ended June 30, 2009, net income was $227.4 million, or $3.65 per share, versus $181.1 million and $2.67 per share for the six months ended June 30, 2008.

Kenneth LeStrange, chairman and CEO of Endurance, said: "Endurance generated outstanding operating results and growth in book value this quarter, with solid contributions from both of our business segments and very strong investment portfolio results.

"In the second quarter, we were able to grow our business in several areas due to the strong market position of our insurance and reinsurance operations, the quality of our balance sheet, the continued transition of business to Endurance from larger distressed competitors, and improved pricing in several lines of business.

"Although markets remain competitive, our short tailed property and catastrophe lines of business have seen strong rate increases, and we continue to see unique opportunities to grow selectively."

Gross premiums written increased by 7.9 percent to $559.2 million, while the company's combined ratio rose from 89 percent to 89.6 percent, which included 8.3 percentage points of favourable prior year loss reserve development.

Net investment income was also up by $28.4 million to $88.8 million, with operating income, which excludes after-tax realised investment gains and losses and foreign exchange gains and losses, stood at $130.8 million or $2.11 per share.