Aspen Provides Initial Estimate Of Q3 Losses
Aspen Insurance Holdings Limited announced an initial estimate of approximately $50 million in total pre-tax losses related to the explosion in the port of Tianjin, China on August 12, 2015 and natural catastrophes in the third quarter of 2015. The total estimated losses primarily impact Aspen’s Reinsurance segment.
Aspen estimates approximately $30 million of the total pre-tax losses, net of reinsurance and reinstatement premiums, related to the explosion in Tianjin.
Aspen also estimates pre-tax losses of up to $20 million, net of reinsurance and reinstatement premiums, related to natural catastrophes in the third quarter of 2015. Within the estimated natural catastrophe losses, the largest events were wildfires in Washington State in the U.S., and an earthquake in Chile.
In the absence of significant client loss reporting in respect of both the Tianjin explosion and the natural catastrophes, we have based our estimates primarily on market information and exposure analysis, among other factors. Due to the complexity of the events and the uncertainty in its assumptions, Aspen’s actual ultimate loss may vary materially from these estimates.
