Bermuda-based Endurance Specialty Holdings Ltd. announced its initial estimate of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Wilma to be approximately $115 million.
Endurance estimates its gross losses related to Wilma, before reinsurance, reinstatement premiums, and tax benefits, to be approximately $120 million. This includes an estimated $35 million of gross losses from damage on the Yucatan Peninsula in Mexico. The loss analysis indicates industry wide insured losses from Hurricane Wilma of $10 billion in Florida and an additional $2 billion in the Yucatan Peninsula.
The company said its net and gross loss estimates are 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 Wilma have been limited. Accordingly, actual losses from Wilma may ultimately differ materially from the company’s initial estimated losses.
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