Aspen Provides Initial Estimate of Catastrophe Losses for the Quarter Ended June 30, 2013
Aspen Provides Initial Estimate of Catastrophe Losses for the Quarter Ended June 30, 2013
HAMILTON, Bermuda--(BUSINESS WIRE)-- Aspen Insurance Holdings Limited ("Aspen") (NYS: 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:
Investors
Kerry Calaiaro, Senior Vice President, Investor Relations, Aspen
Kerry.Calaiaro@aspen.co
+1 (646) 502 1076
or
Media
Steve Colton, Head of Communications, Aspen
Steve.Colton@aspen.co
+44 20 7184 8337
or
International - Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
caroline.merrell@citigatedr.co.uk
jos.bieneman@citigatedr.co.uk
+44 20 7638 9571
or
North America - Abernathy MacGregor
Allyson Vento
amv@abmac.com
+1 (212) 371 5999
KEYWORDS: United States Bermuda Europe North America Caribbean New York
INDUSTRY KEYWORDS:
The article Aspen Provides Initial Estimate of Catastrophe Losses for the Quarter Ended June 30, 2013 originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
