Endurance Japan Quake Estimate: $125 Million
Bermuda based re/insurer Endurance Specialty Holdings Ltd. announced estimated losses related to the earthquake and tsunami that occurred off the coast of Tohoku, Japan on March 11, 2011 of $125 million.
The net losses for this event will be included in Endurance’s first quarter 2011 results. Endurance’s loss estimate is pre-tax and net of reinsurance and reinstatement premiums. Endurance’s loss estimate is largely derived from a combination of its proprietary catastrophe modeling, standard industry models, a review of in-force contracts and preliminary indications from clients and brokers.
To date, reported claims as a result of the Tohoku earthquake and subsequent tsunami have been limited. In addition, Endurance’s loss estimate in connection with the Tohoku earthquake and tsunami involves the exercise of considerable judgment due to the size and scope of the losses incurred in Japan. Accordingly, actual losses incurred by Endurance in connection with the Tohoku earthquake and tsunami may ultimately differ materially from initial estimated losses.
