Aspen Provides Initial Estimate of Catastrophe Losses for the Quarter Ended June 30, 2013
July 16 2013 - 4:15PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) announced
today an initial loss estimate of approximately $59 million ($54
million after tax) and net of reinsurance and reinstatement
premiums, related to natural catastrophes in the second quarter of
2013. This estimate is split approximately 85% and 15% respectively
between the Reinsurance and Insurance segments.
Losses contributing to this estimate include flooding in Central
Europe, Canada and India, and tornadoes and hailstorms in the
United States. The largest of these events, Central European
flooding, accounts for approximately $31 million ($28 million after
tax) of the total preliminary loss estimate. Aspen has estimated
the industry losses from this event to be between $4.0 billion and
$4.5 billion.
Aspen’s estimates are based on its review of the individual
treaties and policies expected to be impacted, and discussions with
clients and brokers. In making this initial estimate, Aspen has
also taken into account a combination of provisional loss advices,
limited client loss data and modeled loss projections. Given the
complexity of these events, there is considerable uncertainty
associated with this estimate and actual losses may differ
materially.
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 Kingdom and the United States.
For the year ended December 31, 2012, Aspen reported $10.3 billion
in total assets, $4.8 billion in gross reserves, $3.5 billion in
total shareholders’ equity and $2.6 billion in gross written
premiums. 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.
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 US federal securities laws regarding its initial estimate of
catastrophe losses for the quarter ended June 30, 2013. 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, developing
information available from brokers, clients and loss adjusters, the
receipt of actual loss reports, forecasts of losses relating to
these events 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, limitations in current modeling
techniques and their application, the impact of any demand surge on
claims, coverage issues, the impact of foreign exchange
fluctuations and the effectiveness of any of the Company’s loss
limitation methods. 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 for the year ended December 31, 2012 as filed
with the US Securities and Exchange Commission on February 26,
2013.
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.
Please visit www.aspen.co or contact:InvestorsKerry
Calaiaro, Senior Vice President, Investor Relations,
AspenKerry.Calaiaro@aspen.co+1 (646) 502 1076orMediaSteve
Colton, Head of Communications, AspenSteve.Colton@aspen.co+44 20
7184 8337orInternational – Citigate Dewe RogersonCaroline Merrell
or Jos
Bienemancaroline.merrell@citigatedr.co.ukjos.bieneman@citigatedr.co.uk+44
20 7638 9571orNorth America – Abernathy MacGregorAllyson
Ventoamv@abmac.com+1 (212) 371 5999
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