The financial toll of Hurricane Sandy continues to be tallied. Reinsurer Endurance Specialty Holdings Ltd. is reportedly estimating a pretax loss of $160 million.
Endurance, which has an office in White Plains, revealed roughly $125 million of that total loss is related to the company”™s reinsurance arm. The rest of it comes from insurance business.
According to Endurance, these estimated losses are net of reinsurance and reinstatement premium. It is mostly derived from catastrophe modeling, a review of contracts, and also initial indications drawn from brokers and clients of the company.
The actual loss, according to Endurance, could be substantially different from the current estimates based on the size of the storm, the complicated nature of the subsequent assessment of damages, and the small number of claims that have been reported to date.
