Aspen Estimates $25 Million In Oil Disaster Claims
Bermuda based Aspen Insurance Holdings Limited today [June 10] announced its preliminary loss estimate for claims arising from the Deepwater Horizon disaster. They said that “It is not yet possible to estimate the environmental and economic consequences of the disastrous oil spill at Deepwater Horizon and we remain deeply disturbed by the ecological and human consequences as this event continues to unfold.”
Having monitored events in recent weeks, Aspen believes, however, that it is now more feasible to estimate the insurance consequences of this event and has evaluated a range of scenarios concerning the ultimate insurance liabilities for the different parties involved. The results suggest that Aspen’s loss from this event, net of tax and reinstatement premiums is unlikely to exceed $25 million. Aspen also believes that the majority of scenarios including those which are most likely to occur will cost Aspen substantially less than $25 million.
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 States and the United Kingdom. For the twelve months ended December 31, 2009, Aspen reported gross written premiums of $2,067.1 million, net income of $473.9 million and total assets of $8.3 billion.
