Aspen Announces Authorization of Australian Branch
16 December 2008 - 12:30AM
Business Wire
Aspen Insurance Holdings Limited (�Aspen") (NYSE:AHL) today
announced that its subsidiary, Aspen Insurance UK Limited, has been
authorized by the Australian Prudential Regulation Authority to
operate as a branch insurer to underwrite general insurance
business in Australia. Aspen�s Australian branch is headquartered
in Sydney and will conduct business under the name �Aspen Insurance
UK Limited � Australia Branch.� Aspen has appointed Ross Littlewood
of Littlewood Services Pty. Ltd. (The ReCentre) as its agent in
Australia. Commenting on the Company�s new Australian branch, Chris
O�Kane, Chief Executive Officer of Aspen said: �We have been
writing business in Australia since the inception of the Company as
a direct offshore foreign insurer and we are delighted to confirm
our commitment to the territory with the establishment of a branch
office. This new office is indicative of Aspen�s continuing efforts
to deliver superior services and products to clients worldwide.� In
Australia, Aspen currently underwrites property and casualty
reinsurance and the following insurance lines: professional
liability, financial institutions, energy physical damage, marine,
energy and specialty liability, and aviation hull and liability.
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, Ireland, the United States, the United Kingdom, Singapore
and Switzerland. For the year ended December 31, 2007, Aspen
reported gross written premiums of $1.8 billion, net income of
$489.0 million and total assets of $7.2 billion. For the nine
months ended September 30, 2008, Aspen reported gross written
premiums of $1,566.3 million, net income of $82.0 million and total
assets of $7.3 billion. 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, and Aspen�s earnings conference call may contain, written
or oral �forward-looking statements� within the meaning of the U.S.
federal securities laws. 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: the
continuing impact of the global financial crisis and credit crunch;
changes in market conditions and their impact on our business;
decline in the value of our investment portfolio or a rating
downgrade of the securities in our portfolio; our ability to
execute our business plan to enter new markets, introduce new
products and develop new distribution channels, including their
integration into our existing operations; the impact of acts of
terrorism and related legislation and acts of war; the possibility
of greater frequency or severity of claims and loss activity,
including as a result of natural or man-made catastrophic events
than our underwriting, reserving or investment practices have
anticipated; changes in the availability, cost or quality of
reinsurance or retrocessional coverage, which may affect our
decision to purchase such coverage; loss of key personnel; a
decline in our operating subsidiaries' ratings with Standard &
Poor's, A.M. Best Company or Moody's Investors Service; changes in
general economic conditions including inflation, foreign currency
exchange rates, interest rates and other factors that could affect
our investment portfolio and our business; the premium rates
available at the time of such renewals within our targeted business
lines; increased competition on the basis of pricing, capacity,
coverage terms or other factors; decreased demand for Aspen's
insurance or reinsurance products and cyclical downturn of the
industry; changes in governmental regulations, interpretations or
tax laws in jurisdictions where Aspen conducts business; proposed
and future changes to insurance laws and regulations. For a more
detailed description of these uncertainties and other factors,
please see the "Risk Factors" section in Aspen's Annual Reports on
Form 10-K as filed with the U.S. Securities and Exchange Commission
on February 29, 2008. 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.
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