Endurance Specialty Holdings Ltd reported a profit of $41.1 million or 87 cents per share for the second quarter of 2011, down from $58.6 million or 97 cents per share a year earlier.But for the full six months ended June 30, the Bermuda-based re/insurer reported a loss of $46.3 million or $1.36 per share versus net income of $114.4 million or $1.88 per share for the period ended June 30.The company said Q2 net premiums written fell two percent over 2010, to $441.8 million.Endurance CEO David Cash said: “I am pleased with how Endurance has performed in the face of low investment yields, continued frequency of severe catastrophe losses around the world, and severe drought conditions in the Southwest United States. Our well diversified portfolio, quality underwriting and risk management and prudent capital management have enabled us to maintain our capital strength and grow our book value per share 9.3 percent over the last 12 months.”The company said second quarter net premiums written in the Insurance segment declined as lower premiums in the property, professional and healthcare lines of business were partially offset by increased premiums in the casualty line of business which benefited from growth in its recently launched contract binding authority unit.The decline in net premiums written in the property, professional and healthcare lines of business was driven by increased competition in those lines of business, which led to either non-renewal of the business or a move to higher policy attachment points.For the six months ended June 30, 2011, net premiums written increased primarily as a result of increased commodity prices in the agriculture line and growth in casualty premiums, partially offset by declines in the property and professional lines of business.