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, (i) changes in the size of the claims payable by Aspen relating to natural catastrophes and other large losses; (ii) trends in rates for property, casualty and specialty insurance and reinsurance; (iii) the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than Aspen’s underwriting, reserving, reinsurance purchasing or investment practices have anticipated; (iv) the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; (v) evolving issues with respect to interpretation of coverage after major loss events; (vi) any intervening legislative or governmental action and changing judicial interpretation and judgments on insurers’ liability to various risks; (vii) the effectiveness of Aspen's loss limitation methods; (viii) changes in the total industry losses, or Aspen’s share of total industry losses, resulting from past events and, with respect to such events, Aspen's reliance on loss reports received from cedants and loss adjustors, Aspen’s reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; (ix) the impact of acts of terrorism and related legislation and acts of war; (x) decreased demand for Aspen’s insurance or reinsurance products and cyclical changes in the insurance and reinsurance sectors; (xi) any changes in Aspen’s reinsurers’ credit quality and the amount and timing of reinsurance recoverables; (xii) changes in the availability, cost or quality of reinsurance or retrocessional coverage; (xiii) continuing and uncertain impact of the current depressed economic environment in many of the countries in which Aspen operates; (xiv) the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; (xv) changes in insurance and reinsurance market conditions; (xvi) increased competition on the basis of pricing, capacity, coverage terms or other factors and the related demand and supply dynamics as contracts come up for renewal; (xvii) a decline in Aspen’s operating subsidiaries’ ratings with Standard & Poor’s, A.M. Best or Moody’s Investors Service; (xviii) Aspen’s ability to execute its business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into Aspen's existing operations; (xix) changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors; (xx) changes in accounting policies and practices; and (xxi) changes in government regulations or tax laws in jurisdictions where Aspen conducts business.
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 US Securities and Exchange Commission on February 28, 2012. 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.