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8-K - FORM 8-K - ENDURANCE SPECIALTY HOLDINGS LTD | c15611e8vk.htm |
Exhibit 99.1
Contact | ||
Investor Relations | ||
Phone: (441) 278-0988 | ||
Email: investorrelations@endurance.bm |
ENDURANCE PROVIDES INITIAL ESTIMATE OF LOSSES FROM TOHOKU EARTHQUAKE AND TSUNAMI
PEMBROKE, Bermuda April 14, 2011 Endurance Specialty Holdings Ltd. (NYSE:ENH), a
Bermuda-based specialty provider of property and casualty insurance and reinsurance, today
announced estimated losses related to the earthquake and tsunami that occurred off the coast of
Tohoku, Japan on March 11, 2011 of $125 million. The net losses for this event will be included in
Endurances first quarter 2011 results.
Endurances loss estimate is pre-tax and net of reinsurance and reinstatement premiums.
Endurances loss estimate is 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 Tohoku earthquake and subsequent
tsunami have been limited. In addition, Endurances loss estimate in connection with the Tohoku
earthquake and tsunami involves the exercise of considerable judgment due to the size and scope of
the losses incurred in Japan. Accordingly, actual losses incurred by Endurance in connection with
the Tohoku earthquake and tsunami may ultimately differ materially from our initial estimated
losses.
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 & Poors. Endurances 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 Tohoku earthquake and tsunami 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.
All forward-looking statements address matters that involve risks and uncertainties. Accordingly,
there are or may be important factors that could cause actual results to differ from those
indicated in the forward-looking statements. These factors include, but are not limited to, the
effects of competitors pricing policies, greater frequency or severity of claims and loss
activity, changes in market conditions in the agriculture insurance industry, termination of or
changes in the terms of the U.S. multiple peril crop insurance program, a decreased demand for
property and casualty insurance or reinsurance, changes in the availability, cost or quality of
reinsurance or retrocessional coverage, our inability to renew business previously underwritten or
acquired, our inability to maintain our applicable financial strength ratings, our inability to
effectively integrate acquired operations, uncertainties in our reserving process, changes to our
tax status, changes in insurance regulations, reduced acceptance of our existing or new products
and services, a loss of business from and credit risk related to our broker counterparties,
assessments for high risk or otherwise uninsured individuals, possible terrorism or the outbreak of
war, a loss of key personnel, political conditions, changes in insurance regulation, changes in
accounting policies, our investment performance, the valuation of our invested assets, a breach of
our investment guidelines, the unavailability of capital in the future, developments in the worlds
financial and capital markets and our access to such markets, government intervention in the
insurance and reinsurance industry, illiquidity in the credit markets, changes in general economic
conditions and other factors described in our Annual Report on Form 10-K for the year ended
December 31, 2010.
Forward-looking statements speak only as of the date on which they are made, and we undertake no
obligation publicly to update or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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