PEMBROKE, Bermuda, March 17, 2011 (GLOBE NEWSWIRE) -- Endurance Specialty Holdings Ltd. (NYSE:ENH), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, today announced that its initial loss estimate related to the floods which occurred in Queensland, Australia in January of 2011 is $15 million and that its initial loss estimate related to the earthquake which occurred in the vicinity of Christchurch, New Zealand on February 21, 2011 is $45 million. Endurance believes its losses related to Cyclone Yasi are not material.
Endurance's loss estimates are pre-tax and net of reinsurance and reinstatement premiums. Endurance's loss estimates are largely derived from a combination of its 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 the Australian floods, Cyclone Yasi and New Zealand earthquake have been limited; accordingly, actual losses may ultimately differ materially from our initial estimated losses.
Endurance has commenced the process of estimating its expected claims from the earthquake and tsunami that occurred in northeastern Japan on March 11, 2011. However, given the limited information received from its clients and brokers to date and the significant uncertainties regarding the extent and nature of the damages resulting from the earthquake and tsunami, Endurance believes it is premature at this time to estimate its losses from this event.About Endurance Specialty Holdings Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture and professional lines of insurance and property, catastrophe, casualty, aerospace and marine, and surety and other specialty lines of reinsurance. We maintain excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size category) and A (Strong) from Standard & Poor's. Endurance's headquarters are located at Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Endurance, please visit http://www.endurance.bm. Safe Harbor for Forward-Looking Statements Some of the statements in this press release may include forward-looking statements which reflect our current views with respect to future events and financial performance. Such statements may include forward-looking statements both with respect to us in general and the insurance and reinsurance sectors specifically (both as to underwriting and investment matters). Statements regarding our loss estimates with respect to the most recent Australian floods, Cyclone Yasi and the most recent New Zealand earthquake and statements which include the words "should," "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," and similar statements of a future or forward-looking nature identify forward-looking statements in this press release for purposes of the U.S. federal securities laws or otherwise. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.