Endurance Q3 Loss Estimates
Bermuda-based Endurance Specialty Holdings Ltd today [Oct.7] announced initial estimates of catastrophe losses incurred in the third quarter of $26 million related to the July Danish flood, $21 million related to Hurricane Irene and $11 million related to the September Texas brushfires.
In addition, during the third quarter, Endurance incurred $41 million of estimated losses related to aggregate catastrophe reinsurances of regional insurance companies in the Midwest.
CEO David Cash said, “Endurance has historically emphasized the underwriting of regionally focused risks both within and outside the United States.”
“As a result, the losses experienced by Endurance in the third quarter were expected given the $2 billion of third quarter industry losses in the Midwest that came on the heels of earlier tornadoes and floods in the same region, the $1 billion of industry losses from Danish floods and the $5 billion industry losses from Hurricane Irene,” concluded Mr Cash.
A statement released by the Company said, “Endurance incurred these third quarter losses predominantly in its catastrophe reinsurance line of business. Endurance’s aggregate estimated losses from prior 2010 and 2011 catastrophe events were unchanged for the third quarter.”
“Endurance’s loss estimates are pre-tax and net of reinsurance and reinstatement premiums. Endurance’s loss estimates are 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 third quarter catastrophe events have been limited. Accordingly, actual losses may ultimately differ materially from our initial estimated losses.”
we need to hurry up and get rid of “Term Limits” it’s causing these companies to lose million. we must deregulate and open the boarder to all with money.
Vote OBA