Endurance Specialty Holdings Ltd results showed a decline in profits for the second quarter, year over year.The reinsurer, now with a new chairman and chief executive officer, John Charman, reported net income available to common shareholders of $52.8 million and $1.21 per diluted common share for the second quarter of 2013 versus net income of $64.3 million and $1.48 per diluted common share for the second quarter of 2012.For the six months ended June 30 2013, Endurance reported net income available to common shareholders of $144.9 million and $3.34 per diluted common share versus net income of $138.6 million and $3.20 per diluted common share for the six months ended June 30, 2012.Book value per diluted share was $51.95 at June 30, 2013, a decline of 1.8 percent from year end 2012.Operating highlights for the quarter ended June 30, 2013 were as follows:Net premiums written of $464.6 million, a decrease of 4.1 percent compared to the same period in 2012;Combined ratio of 94.3 percent, which included 11.6 percentage points of favourable prior year loss reserve development and 8.9 percentage points of catastrophe losses from 2013 events;Net investment income of $32.5 million, an increase of $0.7 million from the same period in 2012;Operating income, which excludes after-tax realised investment gains and foreign exchange losses and gains, of $47.3 million and $1.09 per diluted common share; andOperating return on average common equity for the quarter of 2.0 percent or 8.2 percent on an annualised basis.Operating highlights for the six months ended June 30, 2013 were as follows:Net premiums written of $1,373.5 million, an increase of 3.5 percent over the same period in 2012;Combined ratio of 90.2 percent, which included 11.8 percentage points of favourable prior year loss reserve development and 5.0 percentage points of current year catastrophe losses;Net investment income of $81.8 million, a decrease of $7.1 million over the same period in 2012;Operating income, which excludes after-tax realised investment gains and foreign exchange gains, of $137.1 million and $3.16 per diluted common share; andOperating return on average common equity for the first six months of the year of 6.0 percent, or 12.0 percent on an annualised basis.Mr Charman commented, “Endurance generated positive operating results in the second quarter against a backdrop of volatile investment markets, numerous catastrophe loss events and an increasingly competitive reinsurance market. We have immediately refocused our global underwriting and are now adopting a very controlled, coordinated, disciplined and profit-driven approach. As rates have declined we have deliberately reduced our exposures. I am absolutely committed to Endurance becoming a leading low expense, medium volatility but very high performance insurance and reinsurance international carrier.“During the past month, I have streamlined our executive leadership team as well as completely restructured and reduced the overly inflated size of our organisation. The substantial savings arising will be used to fund the very necessary build-out of our global underwriting operations. To protect our shareholders earnings, we have had to cut hard and deeply from our own resources in order to finance our future growth. Importantly, we already have a great pipeline of very high quality market leading underwriters who will join us over the next twelve months. Market conditions on both sides of the balance sheet will remain challenging over the next few years and with that scenario in mind, I will continue to relentlessly drive substantial improvements, effectiveness and cost efficiency throughout our organisation.“As well as planning a pan-Asia joint venture strategy, our new, revitalised speciality insurance operations in the US, Bermuda and London will lead the oncoming Endurance revolution.”