Endurance Reports Charley Loss at $43-48 Million

Bermuda-based Endurance Specialty Holdings Ltd. reported estimated that losses from Hurricane Charley would impact the company’s third quarter earnings, after-taxes, in the $43 to $48 million range.

Chairman and CEO Kenneth LeStrange stated: “Endurance’s Hurricane Charley loss estimate was derived from various sources of information including our proprietary modelling technology, standard industry models, and assessments of exposure obtained from our clients at the contract level. Our portfolio of risk exposures has performed as expected in an event of this type. Barring any additional catastrophic or unforeseen events, the Company expects to meet or exceed its return on equity goal of 15.5 percent – 17.5 percent during 2004.”

Endurance, established in the wake of Sept. 11, is one of the first of Bermuda’s new insurers to report losses from Charley related claims.