Form 8-K ENDURANCE SPECIALTY HOLD For: Jul 14
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
July 14, 2016
Date of Report (Date of earliest event reported)
Endurance Specialty Holdings Ltd.
(Exact name of registrant as specified in its charter)
Bermuda | 1-31599 | 98-0392908 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda
(Address of principal executive offices, including zip code)
(441) 278-0400
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On July 14, 2016, Endurance Specialty Holdings Ltd. issued a press release reporting its initial estimate of the net negative financial impact related to several natural catastrophes that occurred in the second quarter of 2016, including wildfires in Canada, convective storms occurring in Texas and Europe and the Kumamoto earthquake in Japan. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with general instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, furnished pursuant to Item 2.02 shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
99.1 | Press Release, dated July 14, 2016 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: July 14, 2016
Endurance Specialty Holdings Ltd. (Registrant) | ||
By: | /s/ John V. Del Col | |
Name: | John V. Del Col | |
Title: | General Counsel & Secretary |
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Press Release, dated July 14, 2016 |
Exhibit 99.1
Endurance Comments on Net Negative Financial Impact of Second Quarter 2016 Catastrophe Events
PEMBROKE, Bermuda July 14, 2016 Endurance Specialty Holdings Ltd. (NYSE: ENH), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, today provided an initial estimate of the net negative financial impact in the second quarter from the Fort McMurray wildfires in Canada, the convective storms in Texas and Europe and the Kumamoto earthquake in Japan in the amount of $55.5 million. The initial estimated net negative financial impact predominantly emanated from Endurances Global Catastrophe Reinsurance business and includes the sum of net losses loss expenses, reinstatement premiums assumed and ceded and non-controlling interests as follows:
Estimated Net Negative Financial Impact of 2nd Quarter 2016 Catastrophe Events |
||||
(amounts in millions of United States dollars) | ||||
Net losses and loss expenses |
$ | 73.6 | ||
Less: net reinstatement premiums |
(11.1 | ) | ||
|
|
|||
Estimated net negative financial impact on underwriting results |
$ | 62.5 | ||
Less: net negative impact attributable to non-controlling interests |
(7.0 | ) | ||
|
|
|||
Estimated net negative financial impact to Endurance |
$ | 55.5 | ||
|
|
Endurances estimated losses are predicated upon estimated combined industry losses from these events of approximately $10.0 billion.
Endurances 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 these events have been limited; accordingly, the actual impact may ultimately differ materially from initial estimates.
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 agriculture, casualty and other specialty, professional lines and property, marine/energy and aviation lines of insurance and catastrophe, property, casualty, professional lines and 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 and Poors on our principal operating subsidiaries. Endurances headquarters are located at Waterloo House, 100 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 www.endurance.bm.
Contact
Investor Relations
Phone: +1 441 278 0988
Email: [email protected]
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