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PEMBROKE, Bermuda—Endurance Specialty Holdings Ltd.’s initial loss estimate from floods in Thailand stands at $76.5 million, the Pembroke, Bermuda-based insurer and reinsurer said Thursday.
In addition to the losses related to the Thailand floods, Endurance announced a net increase in its estimated losses for natural catastrophes occurring in 2010 and the first three quarters of 2011 in the amount of $26.1 million. The net increase in estimated losses predominantly impacted Endurance's catastrophe reinsurance book of business.
Endurance said that as a result of the fourth-quarter floods in Thailand and the net increase in loss estimates related to catastrophe events that occurred in 2010 and the first nine months of 2011, it expects to report a fourth-quarter 2011 aftertax operating loss of between $26 million and $41 million.
Endurance’s loss estimates are pretax and net of reinsurance and reinstatement premiums. Thus far, Endurance’s reported claims as a result of the floods in Thailand have been limited.
Meanwhile, Hamilton, Bermuda-based Argo Group International Holdings Ltd. reported Friday that it expects pretax catastrophe losses from the Thai flooding to reach approximately $25 million to $35 million, net of reinsurance and reinstatement premiums.