Endurance estimates pretax Sandy losses at $160M
NEW YORK (AP) — Reinsurer Endurance Specialty Holdings Ltd. said Friday that it estimates its pretax losses related to Superstorm Sandy at $160 million.
The Bermuda-based property and casualty company said that about $125 million of the losses are related to the company's reinsurance segment, while the rest are from its insurance business.
Endurance said the preliminary loss estimate is net of reinsurance and reinstatement premium. It's largely derived from a combination of catastrophe modeling, a review of its contracts and initial indications from clients and brokers.
The company said its actual loss may ultimately differ significantly from the estimate as a result of the size of the storm, the complexity of the assessment of damages and the limited number of reported claims received so far.
Endurance shares fell 61 cents to $40.09 in morning trading.