NU Online News Service, Jan. 20, 9:30 a.m. EST
Leading up to fourth-quarter earnings filings, it seems at least one company adds to a growing list of insurers warning investors of catastrophe losses form the flooding in Thailand.
Today, Bermuda's Endurance Specialty Holdings and Argo Group International Holdings have released Thailand-related losses of up to $111.5 million in total.
Specialty insurance and reinsurance provider Endurance says its initial loss estimate from the flooding in Thailand is $76.5 million—mostly to the company's property reinsurance book—though so far, “reports claims as a result of the floods in Thailand have been limited.”
Argo gives an estimate of between $25 million and $35 million from the severe flood, which started last summer but peaked during the fourth quarter.
Endurance tells investors it expects an after-tax, fourth-quarter operating loss of between $26 million and $41 million due to the Thai losses as well as an increase in loss estimates from events in 2010 and the first nine months of 2011.
Endurance upped estimated losses from events prior to the 2011 fourth quarter by $26.1 million. The company says the increase mostly impacts its catastrophe reinsurance book of business.
Yesterday Transatlantic, Aspen, Alterra and Axis each reported expected fourth-quarter losses tied to the flooding, which could cost the insurance industry between $10 billion and $20 billion.
Partner Re and others have also released estimates, including Swiss Re, which says it stands to lose $600 million from the Thailand flooding.
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