Consolidated Balance Sheets as of December 31, 2008 and 2007 Consolidated Balance Sheets as of December 31, 2008 and 2007

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In thousands of U.S.$
(except share amounts)
2008   2007  

ASSETS

Investments
Fixed maturity investments available for sale, at fair value
(amortized cost: $4,047,368 and $4,556,061 at
December 31, 2008 and 2007, respectively) 3,875,137   4,589,054  
Short-term investments, available for sale at fair value
(amortized cost: $111,322 and $12,646 at December 31, 2008 and 2007) 111,333   12,646  
Preferred equity securities, available for sale at fair value 25,360   58,536  
Other investments 284,263   358,128  
Total investments 4,296,093   5,018,364  
Cash and cash equivalents 1,061,994   567,825  
Premiums receivable, net 609,387   723,832  
Deferred acquisition costs 160,870   168,968  
Securities lending collateral 112,940   173,041  
Prepaid reinsurance premiums 149,591   122,594  
Losses recoverable 557,834   187,354  
Accrued investment income 30,872   38,543  
Goodwill and intangible assets 200,791   206,632  
Deferred tax asset 20,691    
Other assets 71,407   64,000  
Total assets 7,272,470   7,271,153  

LIABILITIES

Reserve for losses and loss expenses 3,235,456   2,892,224  
Reserve for unearned premiums 885,488   855,085  
Deposit liabilities 58,622   108,943  
Reinsurance balances payable 233,561   162,899  
Securities lending payable 115,603   173,041  
Debt 447,468   448,753  
Deferred tax liability   922  
Other liabilities 88,989   117,027  
Total liabilities 5,065,187   4,758,894  
Commitments and contingent liabilities

Shareholders' Equity

Preferred shares
Series A, non-cumulative Par value $1.00 - 8,000,000 issued and outstanding
(2007 8,000,000); aggregate liquidation preference $200,000 (2007 $200,000) 8,000   8,000  
Common shares
Ordinary 57,203,454 issued and outstanding (2007 60,364,488) 57,203   60,364  
Additional paid-in capital 1,029,363   1,165,300  
Accumulated other comprehensive (loss) income (132,665 ) 57,725  
Retained earnings 1,245,382   1,220,870  
Total shareholders' equity 2,207,283   2,512,259  
Total liabilities and shareholders' equity 7,272,470   7,271,153  

The financial information presented in this report should be reviewed in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed with the Securities and Exchange Commission.

Endurance Specialty Holdings Ltd. 2008 Annaual Report