Financial Highlights 
Endurance generated operating income of $198 million during 2008, driven by solid underwriting results as evidenced by
our combined ratio of 93.5%. Gross written premiums grew to $2.2 billion, an increase of 26% over the prior year, resulting
primarily from the integration of our ARMtech operating subsidiary.
| In thousands of U.S.$ (except for per share, percentage and ratio information) |
Year ended Dec 31, 2008 |
Year ended Dec 31, 2007 |
Year ended Dec 31, 2006 |
Year ended Dec 31, 2005 |
Year ended Dec 31, 2004 |
|||||
| Net income (loss) before preferred dividends | 98,624 | 521,107 | 498,126 | (220,484 | ) | 355,584 | ||||
| Operating income (loss) | 198,039 | 540,950 | 500.909 | (208,321 | ) | 348,443 | ||||
| Gross premiums written | 2,246,420 | 1,781,115 | 1,789,642 | 1,668,877 | 1,711,357 | |||||
| Total assets | 7,272,470 | 7,271,153 | 6,925,554 | 6,348,407 | 5,225,838 | |||||
| Shareholders' equity | 2,207,283 | 2,512,259 | 2,297,874 | 1,872,543 | 1,862,455 | |||||
| Return on average common equity, Net Income | 3.8 | % | 22.9 | % | 25.6 | % | (12.6 | )% | 20.3 | % |
PER COMMON SHARE |
||||||||||
| Basic earnings per share | 1.44 | 7.82 | 7.26 | (3.60 | ) | 5.66 | ||||
| Diluted earnings per share | 1.32 | 7.17 | 6.73 | (3.60 | ) | 5.28 | ||||
| Diluted book value per common share | 33.06 | 35.05 | 28.87 | 23.17 | 27.91 | |||||
| Dividends declared per common share | 1.00 | 1.00 | 1.00 | 1.00 | 0.81 | |||||
GAAP RATIOS |
||||||||||
| Loss ratio | 64.3 | % | 47.0 | % | 50.5 | % | 95.8 | % | 57.4 | % |
| Acquisition expense ratio | 17.0 | % | 19.3 | % | 19.4 | % | 19.2 | % | 20.2 | % |
| General and administrative expense ratio | 12.2 | % | 13.6 | % | 11.6 | % | 8.5 | % | 8.2 | % |
| Combined ratio | 93.5 | % | 79.9 | % | 81.5 | % | 123.5 | % | 85.8 | % |
