Aspen Provides Initial Estimate of Third Quarter 2015 Losses Related to Explosion in Tianjin and Natural Catastrophes
October 15 2015 - 4:15PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced
today an initial estimate of approximately $50 million in total
pre-tax losses related to the explosion in the port of Tianjin,
China on August 12, 2015 and natural catastrophes in the third
quarter of 2015. The total estimated losses primarily impact
Aspen’s Reinsurance segment.
Aspen estimates approximately $30 million of the total pre-tax
losses, net of reinsurance and reinstatement premiums, related to
the explosion in Tianjin.
Aspen also estimates pre-tax losses of up to $20 million, net of
reinsurance and reinstatement premiums, related to natural
catastrophes in the third quarter of 2015. Within the estimated
natural catastrophe losses, the largest events were wildfires in
Washington State in the U.S., and an earthquake in Chile.
In the absence of significant client loss reporting in respect
of both the Tianjin explosion and the natural catastrophes, we have
based our estimates primarily on market information and exposure
analysis, among other factors. Due to the complexity of the events
and the uncertainty in its assumptions, Aspen’s actual ultimate
loss may vary materially from these estimates.
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 initial estimate
of third quarter 2015 losses related to the explosion in Tianjin,
China and natural catastrophes. 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," "do not believe," "aim," "project,"
"anticipate," "seek," "will," "likely," “assume,” "estimate,"
"may," "continue," "guidance," “objective,” “outlook,” “trends,”
“future,” “could,” “would,” “should,” “target,” “on track,” 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 Aspen's share of
such losses, the reliability of any external reports and evolving
information in respect of such large losses or industry losses, the
actual number of Aspen's insureds incurring losses from these
events, limitations in current modeling techniques and their
application, limitations in any exposure analyses, the impact of
any demand surge on claims, coverage issues, the impact of foreign
exchange fluctuations and the effectiveness of any Aspen'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 as filed with the U.S. Securities and Exchange
Commission on February 23, 2015. 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.
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 Australia, Bermuda, France, Germany,
Ireland, Singapore, Switzerland, the United Kingdom and the United
States. For the year ended December 31, 2014, Aspen reported $10.7
billion in total assets, $4.8 billion in gross reserves, $3.4
billion in total shareholders’ equity and $2.9 billion in gross
written premiums. Its operating subsidiaries have been assigned a
rating of “A” (“Strong”) by Standard & Poor’s Financial
Services, an “A” (“Excellent”) by A.M. Best Company Inc. and an
“A2” (“Good”) by Moody’s Investor Service, Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20151015006628/en/
Please visit www.aspen.co or contact:InvestorsAspenMark
Jones, +1 646-289-4945Senior Vice President, Investor
Relationsmark.p.jones@aspen.coorMediaAspenSteve Colton, +44
20 7184 8337Head of
CommunicationsSteve.Colton@aspen.coorInternational – Citigate Dewe
RogersonCaroline Merrell / Jos Bieneman, +44 20 7638
9571caroline.merrell@citigatedr.co.uk /
jos.bieneman@citigatedr.co.ukorNorth America – Abernathy
MacGregorCarina Davidson / Allyson Vento, +1
212-371-5999ccd@abmac.com / amv@abmac.com
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