Endurance Estimates Frances’ Losses at $20 Million

September 21, 2004

Bermuda-based Endurance Specialty Holdings Ltd. reported that estimated potential claims from Hurricane Frances, after-taxes and net of reinsurance and reinstatement premiums, are expected to be $20 million or less.

The company said the “estimate is based on currently available information derived from our proprietary catastrophe modeling, standard industry models and assessments of exposure and claims information obtained from our clients. To date reported claims as a result of Hurricane Frances have been limited. Accordingly, actual losses from Hurricane Frances may vary materially from estimated losses.”

The bulletin added: “These potential losses do not include any estimates for potential claims from Hurricane Ivan, which struck the Gulf Coasts of Alabama and Florida on September 16th. Any estimate of potential Hurricane Ivan claims will be disclosed in future announcements.”

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