Endurance Comments on Second Quarter 2016 Catastrophe Events
July 14 2016 - 4:10PM
PEMBROKE, Bermuda - July 14, 2016 - Endurance
Specialty Holdings Ltd. (NYSE:ENH), a Bermuda-based specialty
provider of property and casualty insurance and reinsurance, today
provided an initial estimate of the net negative financial impact
in the second quarter from the Fort McMurray wildfires in Canada,
the convective storms in Texas and Europe and the Kumamoto
earthquake in Japan which collectively generated approximately $10
billion in industry losses. The Company's initial estimated
net negative financial impact of $55.5 million from these events
predominantly emanates from Endurance's Global Catastrophe
Reinsurance business and includes the sum of net losses and loss
expenses, reinstatement premiums assumed and ceded and
non-controlling interests as follows:
Estimated Net Negative
Financial Impact of 2nd Quarter 2016
Catastrophe Events
(amounts in millions of United States dollars)
|
Net losses and loss
expenses |
$73.6 |
Less: net reinstatement
premiums |
(11.1) |
Estimated net negative financial
impact on underwriting results |
$62.5 |
Less: net negative impact
attributable to non-controlling interests |
(7.0) |
Estimated net negative financial
impact to Endurance |
$55.5 |
|
|
Endurance's 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 these events have been limited; accordingly,
the actual impact may ultimately differ materially from initial
estimates.
About Endurance Specialty
Holdings
Endurance Specialty Holdings Ltd. is a global
specialty provider of property and casualty insurance and
reinsurance. Through its operating subsidiaries, Endurance writes
agriculture, casualty and other specialty, professional lines and
property, marine/energy and aviation lines of insurance and
catastrophe, property, casualty, professional lines and specialty
lines of reinsurance. We maintain excellent financial strength as
evidenced by the ratings of A (Excellent) from A.M. Best (XV size
category) and A (Strong) from Standard and Poor's on our principal
operating subsidiaries. Endurance's headquarters are located
at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and
its mailing address is Endurance Specialty Holdings Ltd., Suite No.
784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For
more information about Endurance, please visit
www.endurance.bm.
Contact
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations@endurance.bm
# # #
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Endurance Specialty Holdings Ltd via
Globenewswire
HUG#2028679
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