Bermuda-based (re)insurer Endurance has achieved GWP growth in the first half of 2011 despite a big dip in net income.

The (re)insurer’s GWP rose 15% to $1.50bn from $1.30bn in the first half of 2011, while growth in the second quarter remained mostly flat only rising 3% to $502.92m from $489.57m.

Net income attributable to shareholders fell by 49% to $54.09m in the first half from $106.63m during the first half of 2010. Second quarter income also fell by 30% to $37.20m from $54.72m in 2010.

Combined operating ratios for the (re)insurer moved into unprofitable territory in the first half of 2011. The group’s total COR increased by 24.6 percentage points to 118.4%, while the reinsurance COR also rose to 138.5% from 94.3%. Only the insurance segment remained profitable at 96.0%, up from 93.2% the previous year.

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% over the last 12 months," he continued.