Despite Losses, Near 100% 3Q Gain for Endurance

Endurance Specialty Holdings Ltd. (NYSE:ENH), yesterday reported third quarter 2003 net income of $56.5 million or $0.83 per diluted share versus net income of $28.9 million or $0.48 per diluted share in the third quarter of 2002. In the third quarter of 2003, operating income, which excludes after-tax realized investment gains and losses and foreign exchange gains, was $55.2 million or $0.81 per diluted share, 112% higher than for the third quarter of 2002. For the nine months ended September 30, 2003, net income was $174.5 million or $2.68 per diluted share. Operating income for the nine mon...