Aspen Initial Hurricane Loss Estimate: $310M

October 17, 2017 | 0 Comments

Bermuda-based Aspen Insurance Holdings Limited announced a preliminary estimate of approximately $310 million in pre-tax losses, net of reinsurance and reinstatement premiums, related to Hurricanes Harvey, Irma and Maria.

Approximately $110 million of these losses are from Hurricane Harvey, $135 million from Hurricane Irma and $65 million from Hurricane Maria.

In addition, Aspen estimates pre-tax losses, net of reinsurance and reinstatement premiums, of approximately $50 million from several other events, the largest of which relate to weather-related losses and the Mexican earthquakes.

Approximately 75% of the total estimated losses are attributed to the Reinsurance segment and approximately 25% are attributed to the Insurance segment.

Aspen expects to record an underwriting loss of approximately $340 million in the third quarter of 2017. Results for the quarter reflect the catastrophe losses described above as well as increased losses in short-tail insurance lines, primarily Property Insurance.

Updated loss estimates will be reflected in Aspen’s third quarter 2017 financial results, which are scheduled for release on Wednesday, October 25, 2017, following the close of the New York Stock Exchange.

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