Endurance Specialty Holdings Ltd reported a 13 per cent increase in net income for 2014 as the Bermuda-based insurer and reinsurer expanded its global reach.

Net income was $315.7 million, or $7.06 per diluted common share, compared to $279.2 million, or $6.37 per share, for 2013. Book value per diluted share rose 11.1 per cent during the year to $61.33.

For the fourth quarter of 2014, Endurance posted net income of $76.4 million, up from $59 million in the corresponding period last year.

Operating income of $78.5 million, or $1.75 per share, exceeded the $1.59 per share consensus forecast of analysts tracked by Yahoo Finance.

Endurance revealed it clocked up $20.3 million in expenses during its unsuccessful attempt to take over Bermuda rival Aspen Insurance Holdings Ltd. Excluding those expenses, operating return on average equity for the year was 12.4 per cent.

Endurance chairman and chief executive officer John Charman said: “The fourth quarter capped a very strong year for Endurance both financially and strategically; this performance was even more commendable when taking into account the continued root-and-branch transformation within our company.

“We generated a strong return on equity and double-digit growth in book value per share as well as continuing to profitably grow our underwriting business by products and geographies.

“Endurance is now firmly established as a leading underwriter with a significantly improved global presence and much broader underwriting capability in the speciality insurance and reinsurance markets.

“Importantly, we are increasingly relevant to our global clients and broker distribution channels in terms of access, capability and capacity across the board.

“Our 2014 results were a strong, early confirmation that our efforts over the last couple of years are paying off as company-wide gross premiums written, excluding agriculture insurance, grew 18.5 per cent, while accident year loss ratios continued to improve throughout both segments.”

Gross premiums written increased 8.6 per cent in 2014 to $2.9 billion. The full-year combined ratio — reflecting the proportion of premium dollars spent on claims and expenses — was 86 per cent.

Net investment income was $131.5 million, a decrease of $34.7 million over 2013.