Bermuda-based (re)insurer Endurance estimates that it incurred $99m of catastrophe losses in the third quarter of 2011.
The estimate comprises of $26m from the July Danish flood; $21m from Hurricane Irene; $11m from the September Texas brushfires and $41m from aggregate catastrophe reinsurance provided to regional insurance companies in the US Midwest.
The losses were mainly incurred in Endurance’s catastrophe reinsurance line of business.
“Endurance has historically emphasized the underwriting of regionally focused risks both within and outside the United States,” Endurance chief executive David Cash said in a statement. “As a result, the losses experienced by Endurance in the third quarter were expected given the $2bn of third quarter industry losses in the Midwest that came on the heels of earlier tornadoes and floods in the same region, the $1bn of industry losses from Danish floods and the $5bn industry losses from Hurricane Irene.”
As these are only initial loss estimates, Endurance warned that actual losses may differ from them materially.