Endurance Speciality sees $57 million natural disaster losses for Q3
Endurance Speciality sees $57 million natural disaster losses for Q3 Endurance Specialty Holdings (NYSE:ENH) said Friday that initial estimates of its third-quarter catastrophe losses totalled $57 million from various natural disasters during the quarter.
The company's stock was down 3% at $33.85 Friday morning.
The Bermuda-based property and casualty insurance and reinsurance provider also said it expects to record $41 million of estimated losses linked to catastrophe reinsurance from the US Midwest.
Endurance Specialty 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."
Endurance said it expects $26 million of losses related to the July Danish flood, $21 million related to Hurricane Irene and $11 million related to the September Texas brushfires in the third quarter, it said in a statement.
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