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Endurance Specialty Holdings Ltd.

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ENH.N

ISIN: BMG303971060
SEDOL: 2353014

Rating:

STRONG BUY

Target Price:

35.66 USD

Investment Horizon:

6 to 12 months
5th Dec 2008 View Report   Download

3Q 08 Update Report

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Endurance Specialty Holdings Limited (Endurance) reported a healthy y-o-y increase in total revenue reflecting a strong increase in net premiums earned, partially offset by decline in net investment income and net realized losses on investments. However, a significant increase in total claims and expenses led to a net loss in 3Q 08. Results were above our expectations. Despite negatives, we remain impressed by the contribution…

7th Nov 2008 View Report   Download

3Q 08 News Alert

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Endurance Specialty Holdings Ltd.’s (Endurance) 3Q 08 total revenues increased y-o-y, reflecting an increase in premiums earned, partially offset by decline in net investment income. We are likely to revise our premium estimates upwards considering the higher-than-anticipated impact of ARMtech Insurance Services, Inc. on the company’s top-line growth. Until then, we maintain the current HOLD rating for the NASDAQ common stock…

3rd Nov 2008 View Report   Download

Company News Alert

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The NYSE common stock price has appreciated 22.8% since we downgraded the stock to a HOLD rating. Although we remain concerned regarding the impact of weakness in global financial markets on the company and the current target price suggests a SELL rating, we maintain our current HOLD rating for the NYSE common stock until we revalue the company following the release of 3Q 08 results. As we now anticipate a significant positive…

21st Oct 2008 View Report   Download

Company News Alert

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On 20 October 2008, Endurance Specialty Holdings Ltd. (Endurance) reported preliminary financial results for 3Q 08. The company expects an operating loss in the range of US$0.96 to US$1.15 per share in 3Q 08 and net realized investment losses in the range of US$30-35 mn. Our outlook for the company remains broadly unchanged and we downgrade the NYSE common stock rating from a BUY to a HOLD as our current target price no longer…

16th Oct 2008 View Report   Download

2Q 08 Update Report

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Endurance Specialty Holdings Ltd. (Endurance) has announced a preliminary loss estimate of US$145 mn from hurricanes Gustav and Ike. These estimated losses are significantly higher than our previous expectations. Consequently, we have increased our combined ratio estimate for 3Q 08. The company has also reported fixed-income exposure to Lehman Brothers Inc. (Lehman) and American International Group (AIG)....