Endurance Estimates Thai Floods: $76M
Bermuda-based Endurance Specialty Holdings Ltd. announced that its initial loss estimate related to the floods that occurred in Thailand in the fourth quarter of 2011 is $76.5 million. The losses predominantly impacted Endurance’s property reinsurance book of business.
In addition to the losses related to the Thailand floods, Endurance announced a net increase in its estimated losses for natural catastrophes occurring in 2010 and the first three quarters of 2011 in the amount of $26.1 million. The net increase in estimated losses predominantly impacted Endurance’s catastrophe reinsurance book of business.
A statement from the Company said, “As a result of the fourth quarter floods in Thailand and the net increase in loss estimates related to catastrophe events that occurred in 2010 and the first nine months of 2011, Endurance expects to report a fourth quarter 2011 after-tax operating loss of between $26.0 and $41.0 million, or between $0.84 and $1.21 on a fully diluted per share basis.
“Endurance is scheduled to report its final fourth-quarter and full-year audited financial results on Thursday, February 9, 2012 after the close of the financial markets, with a subsequent analyst conference call on Friday, February 10, 2012, at 8:30 a.m. (Eastern) to discuss the financial results.
“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 floods in Thailand have been limited; accordingly, actual losses may ultimately differ materially from our initial estimated losses.:
