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.