HAMILTON, Bermuda, June 10 /PRNewswire-FirstCall/ -- Aspen Insurance
Holdings Limited ("Aspen") (NYSE:
AHL) today announced its preliminary loss estimate for claims
arising from the Deepwater Horizon disaster. It is not yet
possible to estimate the environmental and economic consequences of
the disastrous oil spill at Deepwater Horizon and we remain deeply
disturbed by the ecological and human consequences as this event
continues to unfold.
Having monitored events in recent weeks, Aspen believes, however, that it is now more
feasible to estimate the insurance consequences of this event and
has evaluated a range of scenarios concerning the ultimate
insurance liabilities for the different parties involved. The
results suggest that Aspen's loss
from this event, net of tax and reinstatement premiums is unlikely
to exceed $25 million. Aspen
also believes that the majority of scenarios including those which
are most likely to occur will cost Aspen substantially less than $25 million.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and
insurance coverage to clients in various domestic and global
markets through wholly-owned subsidiaries and offices in
Bermuda, France, Germany, Ireland, Singapore, Switzerland, the
United States and the United
Kingdom. For the twelve months ended December 31, 2009, Aspen reported gross written premiums of
$2,067.1 million, net income of
$473.9 million and total assets of
$8.3 billion. Its operating
subsidiaries have been assigned a rating of "A" ("Strong") by
Standard & Poor's, an "A" ("Excellent") by A.M. Best and an
"A2" ("Good") by Moody's Investors Service. For more information
about Aspen, please visit
www.aspen.bm.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995:
This press release contains written, and Aspen's officers may make related oral,
"forward-looking statements" within the meaning of the U.S. federal
securities laws regarding. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "expect,"
"intend," "plan," "believe," "project," "anticipate," "seek,"
"will," "estimate," "may," "continue," and similar expressions of a
future or forward-looking nature.
As additional loss information becomes available and as greater
clarity is achieved in respect of the uncertainties enumerated
below and the complex nature of this loss, the Company may revise
this estimate.
All forward-looking statements address matters that involve
risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in these statements. Aspen believes these factors include, but are
not limited to, in respect of the losses from the explosion of
Deepwater Horizon, significant uncertainties concerning the likely
contractual relationships between the parties involved and their
impact on apportionment of liability, any intervening legislative
or governmental action, developing information available from
brokers, the receipt of actual loss reports, forecasts of losses
relating to the Deepwater Horizon explosion for the industry as a
whole and for individual companies, changes in the total industry
losses or the Company's share of such losses, the actual number of
the Company's insureds incurring losses from these events, the
effectiveness of the Company's loss limitation methods, and the
amount and timing of reinsurance recoverables and reimbursements
actually received by the Company from its reinsurers, if any, as
are due from this loss. For a more detailed description of
these uncertainties and other factors which could cause results to
differ materially, please see the "Risk Factors" section in
Aspen's Annual Report on Form 10-K
as filed with the U.S. Securities and Exchange Commission on
February 26, 2010. Aspen
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made.
SOURCE Aspen Insurance Holdings Limited