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 said that gross losses related to Wilma, before reinsurance, reinstatement premiums, and tax benefits, are estimated at around $120 million. “This includes an estimated $35 million of gross losses from damage on the Yucatan Peninsula in Mexico,” said the bulletin.
Endurance explained that it had calculated the loss estimates based on “industry wide insured losses from Hurricane Wilma of $10 billion in Florida and an additional $2 billion in the Yucatan Peninsula.”
The announcement also noted: “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. To date reported claims as a result of Hurricane Wilma have been limited. Accordingly, actual losses from Hurricane Wilma may ultimately differ materially from our initial estimated losses.”
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