Endurance Specialty Holdings Ltd. (NYSE:ENH)

CAPS Rating: 4 out of 5

The Company focuses on underwriting specialty lines of personal and commercial property and casualty insurance and reinsurance on a global basis.

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Member Avatar Bobes915 (55.84) Submitted: 6/16/2014 5:32:06 PM : Outperform Start Price: $50.86 ENH Score: +11.36

This might not be the greatest insurer or best run company, but seems like a decent value play. Trades at a discount to book value, positive balance sheet, some recent insider buying, pays a dividend with low payout ratio.

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Member Avatar Kvedarna (99.50) Submitted: 5/13/2014 10:22:27 PM : Underperform Start Price: $52.02 ENH Score: -6.76

Arb deal

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Member Avatar ktmjburrow (< 20) Submitted: 7/21/2011 2:04:55 AM : Outperform Start Price: $37.33 ENH Score: +6.52

Trading at a fraction of it's book value, experiencing some minor setbacks due to the overall market and Insurance industry. Market will recognize its hidden value soon to come.

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Member Avatar gameguru (34.02) Submitted: 5/25/2011 2:21:48 PM : Outperform Start Price: $36.11 ENH Score: +10.58

A diversified insurance/reinsurance company doing most of its business in the US. They took a pretty big hit in Q1 2011 (net loss of $2.25, combined ratio of 139%), but are selling at about 80% of book value ($51.5), with a P/E of 12.5, and 3% dividend. They have a track record of careful underwriting with a historic combined ratio of about 90%. This year has seen some serious catastrophes, but should provide long-term opportunity.

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Member Avatar HighOnChina (< 20) Submitted: 11/18/2010 3:02:48 PM : Outperform Start Price: $38.99 ENH Score: -15.19

Global insurance should be good withcompany not battered by loss of liquidity.

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Member Avatar JustHanginOut (53.82) Submitted: 5/21/2010 1:28:21 PM : Outperform Start Price: $31.46 ENH Score: +1.04

Nuts. This stock's trading at 0.7 P/B while generating almost half a billion in EBIT per year! Should be good for some old-fashioned, long-term capital appreciation.

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Member Avatar GLK2009 (< 20) Submitted: 4/9/2009 1:47:40 AM : Outperform Start Price: $25.50 ENH Score: -4.73

outperforms industry and S&P500,above 50day MA, grow trend, hold

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Member Avatar BMWDriver56 (71.08) Submitted: 9/27/2008 9:05:15 AM : Outperform Start Price: $25.94 ENH Score: +50.48

ENH has been hit along with all the other financial stocks. Their balance sheet continues to be strong, they are buying back shares, and they are paying a 3% dividend. When the financial markets finally settle down this stock should move a lot higher.

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Member Avatar fastoni (94.13) Submitted: 9/2/2008 1:39:08 PM : Outperform Start Price: $26.74 ENH Score: +54.24

GOING UP

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Member Avatar Dragontoad2 (86.79) Submitted: 7/6/2008 5:04:39 PM : Outperform Start Price: $25.56 ENH Score: +62.51

below book but profitable

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Member Avatar dutifool (91.23) Submitted: 12/18/2007 8:54:58 AM : Outperform Start Price: $34.75 ENH Score: +23.66

SC

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Member Avatar crosseyeduck (45.00) Submitted: 8/2/2007 7:49:55 PM : Outperform Start Price: $31.62 ENH Score: +39.82

Look at that P/E. Wow!!

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Member Avatar icandeaux (98.75) Submitted: 6/27/2007 1:09:14 PM : Outperform Start Price: $28.73 ENH Score: +50.43

0n 6/13/2007The company's current 20.2% return on equity far exceeds the industry average of 10.3%. The gross profit margin increased to 37.3% in the first quarter of fiscal 2007 over the year-earlier period and the net profit margin of 22.9% is higher than many of Endurance's peers.

Street.com says possible acquisitions for Super Investor Eddie Lampert: is Endurance Specialty Holdings . Endurance provides large corporations with various forms of insurance, ranging from casualty to third-party liability.

Endurance is a very conservative specialty insurance company that's an investment holding of one of the most knowledgeable insurance company investors around, David Merkel. It's also a favorite of Richard Perry of Perry Capital, an $11 billion hedge fund that generally invests for the long term.

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Member Avatar Patrick6k (69.21) Submitted: 6/25/2007 10:51:16 PM : Outperform Start Price: $31.27 ENH Score: +44.36

I haven't been too successful with my insurance picks. I'm batting about .500 as I write this pitch, but the value of Endurance Specialty Holdings is too compelling for any value investor to overlook.

The inside ownership isn't what I like to see in my usual CAPS picks, but the business is highly profitable with margins Microsoft would be proud of. It has very little debt, and it sports a healthy dividend for income investors.

The stock is cheap, plain and simple. With a single digit multiple and a PEG near .6, as I write this pitch, it's good enough for my money. I don't care what stock you invest in, the price of the stock is like a rubber band. If earnings go up, inevitably price goes up, and vice versa. This stock is due for the rubber band to snap in the upward direction.

Go Long,

Fool On!!!

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Member Avatar MethodlessMan (62.29) Submitted: 5/23/2007 1:19:29 PM : Outperform Start Price: $31.16 ENH Score: +47.15

This is a rather impatient pick of mine. I wish I had found it earlier, but it still looks decent.

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Member Avatar PeterGreenspan (31.21) Submitted: 5/14/2007 6:18:00 PM : Outperform Start Price: $30.12 ENH Score: +51.01

strong buy on etrade, wall street ripoff

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Member Avatar NetscribeInsuran (29.61) Submitted: 2/26/2007 7:38:36 AM : Outperform Start Price: $29.01 ENH Score: +53.06

Endurance Specialty Holdings Ltd. is a holding company that underwrites specialty lines of personal and commercial property insurance, casualty insurance and reinsurance on a global basis. Its portfolio of specialty lines of business is organized into six segments, with, Property per Risk Treaty Reinsurance segment and Casualty Treaty Reinsurance segment accounting for maximum i.e. around 50% of the business revenues.

For 2006, Endurance Specialty Holdings Ltd's revenues increased less than 1% to $1.90 billion reflecting increased net investment income. Net income totaled to $482.6 million as against a loss of $223.2 million in 2005; improved performance is being attributed to lower loss expenses, decreased acquisition expense and lower amortization of intangibles. The company’s combined ratio for the last year has been 83.2% ensuring underwriting profits with a loss ratio of only 52.2%, as compared with the combined ratio of 123% in 2005 and a loss ratio of an astounding 95%. The company’s performance appears superior to the Reinsurance Association of America’s combined ratio of 94% in 2006.

Earned premiums of the company are expected to advance modestly in 2007, in spite of softening in rates of certain lines of catastrophe-exposed reinsurance. This is because the company is taking huge strides of expanding into other lines of coverage via diversifying its book of business both geographically and by policy type, to reduce its exposure to catastrophe-prone risks. On the other hand, its underwriting margins could come under some pressure, as the impact of easing catastrophe losses is partly offset by a shift in the business mix of the company, which has been shifted towards claims which are more frequent but less severe.

The company’s operating as well as financial performance is worth discussing with operating margins and return on equity of the company being 28% and 19% respectively as against 19% and 14.4% being recorded by the industry. Moreover the future prospects also can be proven by the company’s price to earning that is currently trading at 5.42 multiple compared to the industry’s double-digit figure. This displays a discount to the overall industry average and explains the future potential of the company.

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Member Avatar PrincetonAl (89.07) Submitted: 2/5/2007 11:41:51 PM : Outperform Start Price: $27.53 ENH Score: +62.42

I'm betting against the hurricanes. And more importantly, assuming around 5.50 - 5.75 in earnings in 2006 and an essentially flat market (maybe slight increase in profitability of underwriting, slight decrease in premiums underwritten or some such similar opportunity), that it will still be in the 5.75 range in earnings in '07.

That's a whopping F P/E of 7. And a P/B that's real nice too. And that's real F P/E projection, not a housing industry F P/E before the bubble collapsed ;-).

Ok, some discount because of the hurricanes, and they do destroy book value faster than most management teams do, even the poor ones ;-)

But still, this looks like a solid 20%+, and I don't see the S&P doing that.

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Member Avatar Federalist73 (< 20) Submitted: 12/6/2006 12:10:19 AM : Outperform Start Price: $30.03 ENH Score: +42.20

I got in before Katrina and friends and took a hit but stayed in. Premiums are increasing, much less active hurricane season, strong and "educated" management, deversified coverage away from hurricane alley, and a nice dividend. It's struggled but headed higher, barring a repeat of '05.

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Member Avatar christianbusch (86.28) Submitted: 9/26/2006 4:23:03 AM : Outperform Start Price: $27.87 ENH Score: +47.02

No hurricanes - good year

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