Endurance estimates catastrophe losses of $100m
Bermuda-based Endurance Specialty Holdings Ltd has estimated catastrophe losses of almost $100 million in the third quarter.The insurer and reinsurer said today that the losses included $21 million relating to Hurricane Irene, which caused damage up the US east coast, $26 million as a result of July flooding in Denmark and $11 million from brush fires in Texas last month.In addition, Endurance incurred $41 million of estimated losses related to aggregate catastrophe reinsurances of regional insurance companies in the Midwest."Endurance has historically emphasised the underwriting of regionally focused risks both within and outside the United States,” Endurance chief executive officer David Cash said in today’s statement.“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."Endurance's loss estimates are pre-tax and net of reinsurance and reinstatement premiums.