Aspen Insurance Holdings to Release 2010 Loss Development Triangles
April 05 2011 - 9:00AM
Business Wire
Aspen Insurance Holdings Limited (“Aspen” or the “Company”)
(NYSE:AHL) today announced that it will publish the Company’s 2010
Loss Development Triangles (“the triangles” or “the document”). The
document will be available on the Company’s website at www.aspen.bm
in the Investor Relations section on the Financial Results page
after 4:00 p.m. ET on April 7.
Aspen’s publication of the triangles is intended to provide
stakeholders with additional insight into the reserves held on the
Company’s balance sheet as at December 31, 2010. The document
presents 8 reserving classes of business which fall within the
Company’s two reporting segments, Insurance and Reinsurance and
provides a summary on an accident year basis of earned premiums,
paid and incurred losses. The document also includes total IBNR
reserves on a net and gross basis as at December 31, 2010 together
with development triangles for paid and incurred losses on a gross
basis.
About Aspen Insurance Holdings Limited
The Company 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 Kingdom and the United States.
For the twelve months ended December 31, 2010, the Company reported
gross written premiums of $2,076.8 million, net income of $312.7
million and total assets of $8.8 billion. Its operating
subsidiaries have been assigned a financial strength rating of “A”
(“Strong”) by Standard & Poor's, an “A” (“Excellent”) by A.M.
Best and an “A2” (“Good”) by Moody's Investors Service.
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 its 2010 loss reserve
triangles. 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.
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, (i) changes in the
size of the claims payable by Aspen relating to natural
catastrophes and other large losses; (ii) trends in rates for
property, casualty and specialty insurance and reinsurance; (iii)
the possibility of greater frequency or severity of claims and loss
activity, including as a result of natural or man-made (including
economic and political risks) catastrophic or material loss events,
than Aspen’s underwriting, reserving, reinsurance purchasing or
investment practices have anticipated; (iv) the reliability of, and
changes in assumptions to, natural and man-made catastrophe
pricing, accumulation and estimated loss models; (v) evolving
issues with respect to interpretation of coverage after major loss
events; (vi) the effectiveness of Aspen’s loss limitation methods;
(vii) changes in the total industry losses, or Aspen’s share of
total industry losses, resulting from past events such as
Hurricanes Ike and Gustav and, with respect to such events, Aspen’s
reliance on loss reports received from cedants and loss adjustors,
Aspen’s reliance on industry loss estimates and those generated by
modeling techniques, changes in rulings on flood damage or other
exclusions as a result of prevailing lawsuits and case law; (viii)
the impact of acts of terrorism and related legislation and acts of
war; (ix) decreased demand for Aspen’s insurance or reinsurance
products and cyclical changes in the insurance and reinsurance
sectors; (x) any changes in our reinsurers’ credit quality and the
amount and timing of reinsurance recoverables; (xi) changes in the
availability, cost or quality of reinsurance or retrocessional
coverage; (xii) continuing and uncertain impact of the current
depressed economic environment in many of the countries in which we
operate; (xiii) the level of inflation in repair costs due to
limited availability of labor and materials after catastrophes;
(xiv) changes in insurance and reinsurance market conditions; (xv)
increased competition on the basis of pricing, capacity, coverage
terms or other factors and the related demand and supply dynamics
as contracts come up for renewal; (xvi) a decline in Aspen’s
operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s;
(xvii) Aspen’s ability to execute its business plan to enter new
markets, introduce new products and develop new distribution
channels, including their integration into Aspen’s existing
operations; (xviii) changes in general economic conditions,
including inflation, foreign currency exchange rates, interest
rates and other factors; (xix) changes in accounting policies and
practices; and (xx) changes in government regulations or tax laws
in jurisdictions where Aspen conduct business.
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
25, 2011. 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.
Aspen Insurance (NYSE:AHL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Aspen Insurance (NYSE:AHL)
Historical Stock Chart
From Oct 2023 to Oct 2024