Bermudian-based insurer and reinsurer Endurance has announced investment losses of $28 million.

The company — due to announce its first-quarter results next month — said it expected its net investment income for the period to be $11 million.

An Endurance statement said: “The company’s net investment income was impacted by approximately $28 million of mark-to-market losses in its other investments portfolio from ongoing financial market volatility and lower-than-expected alternative manager performance.

“These losses partially offset increased net investment income from the company’s available for sale and trading securities which was approximately $39 million for the first quarter.”

Endurance, based in Pitts Bay Road, Pembroke, writes agriculture, casualty and other speciality professional lines, as well as marine, energy and aviation lines of insurance.

It also handles catastrophe, property and casualty professional lines and speciality lines of reinsurance.

Endurance will report its first-quarter earnings on May 2.