Aspen Provides Initial Estimate of Second Quarter 2016 Natural Catastrophe Losses
14 July 2016 - 6:15AM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced
today an initial estimate of approximately $65 million in pre-tax
losses, net of reinsurance and reinstatement premiums, related to
natural catastrophes in the second quarter of 2016. The estimated
natural catastrophe losses are attributed approximately 75% to the
Reinsurance segment and approximately 25% to the Insurance
segment.
Within the estimate of Aspen’s natural catastrophe losses, the
largest events were the wildfires in Alberta, Canada (accounting
for approximately 50% of the total initial pre-tax loss estimate),
a number of weather-related events in the United States
(approximately 36%), and several earthquakes, the largest of which
was in Kumamoto, Japan (approximately 14%).
Aspen’s initial estimate of natural catastrophe losses for the
second quarter of 2016 is based, among other factors, on its review
of the individual treaties and policies expected to be impacted,
discussions with clients and brokers, and market information and
exposure analysis. In making this estimate, Aspen has also taken
into account a combination of provisional loss advices, limited
client loss data and modeled loss projections. Due to the
complexity of these events and the uncertainty associated with
Aspen’s assumptions and preliminary information, there is
considerable uncertainty associated with this initial estimate and
Aspen’s actual losses from these events may differ materially from
this estimate.
NOTES TO EDITORS:
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, Canada, France,
Germany, Ireland, Singapore, Switzerland, the United Arab Emirates,
the United Kingdom and the United States. For the year ended
December 31, 2015, Aspen reported $11.0 billion in total assets,
$4.9 billion in gross reserves, $3.4 billion in total shareholders’
equity and $3.0 billion in gross written premiums. Its operating
subsidiaries have been assigned a rating of “A” by Standard &
Poor’s Financial Services LLC, an “A” (“Excellent”) by A.M. Best
Company Inc. and an “A2” by Moody’s Investor Service, Inc.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release contains "forward-looking" statements
regarding its initial estimate of second quarter 2016 natural
catastrophe losses. 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 rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside Aspen’s control that could cause actual results
to differ materially from such statements. For a detailed
description of uncertainties and other factors that could impact
the forward-looking statements in this press release, please see
the “Risk Factors” section in Aspen’s Annual Report on Form 10-K
for the year ended December 31, 2015 filed with the U.S. Securities
and Exchange Commission on February 19, 2016. Aspen undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For further information:
Please visit www.aspen.co.
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version on businesswire.com: http://www.businesswire.com/news/home/20160713006466/en/
InvestorsMark Jones, +1-646-289-4945Senior Vice
President, Investor Relations,
Aspenmark.p.jones@aspen.coorMediaSteve Colton, +44 20 7184
8337Head of Group Communications, AspenSteve.colton@aspen.co
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