Bermuda-based Endurance Specialty Holdings Ltd. announced that its initial estimates of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Rita would be approximately $85 million. The company said gross losses were estimated at approximately $95 million.
“Our net and gross loss estimates are largely derived from a combination of our proprietary catastrophe modeling, standard industry models, a review of in-force contracts and preliminary indications from clients and brokers,” the bulletin noted. “To date, reported claims as a result of Hurricane Rita have been limited. Accordingly, actual losses from Hurricane Rita may ultimately differ materially from our initial estimated losses.”
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