Endurance Specialty Holdings

Last year, Hurricane Katrina delivered some expensive lessons about the limitations of modelling in the catastrophe exposed parts of Endurance Specialty’s portfolio

In March 2005, the management of the Bermuda based insurance and reinsurance group Endurance Specialty Holdings had every reason to be bullish about what the group, which had just reported a net profit of US$355.6mn for 2004 (an improvement of 34% on the previous year’s result), could achieve during the year.