Aspen Announces Third Quarter Losses
Bermuda-based Aspen Insurance Holdings Limited today [Oct. 13] announced an initial estimate of losses of $10 million for Hurricane Irene and $14 million for other natural catastrophe events which occurred in the third quarter of 2011 comprising US, Scandinavia and Asia weather-related events.
In addition, there was an increase in the second quarter 2011 US severe weather-related losses of $17 million, from $65 million at June 30, 2011 to $82 million; this increase is consistent with the increase in estimated market losses from these events to $20 billion from $15 billion.
Aspen’s aggregate estimated losses from other 2011 catastrophe events — Australia floods, New Zealand earthquakes, and Japan earthquake and tsunami — are unchanged. Aspen’s losses are net of applicable reinsurance, reinstatement premiums and tax.
Aspen Insurance Holdings Limited 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 twelve months ended December 31, 2010, the company reported gross written premiums of $2,076.8 million, net income of $312.7 million and total assets of $8.8 billion.
Its operating subsidiaries have been assigned a financial strength rating of “A” ]]["Strong"] by Standard & Poor’s, an “A” ‘["Excellent"] by A.M. Best and an “A2″ ["Good"] by Moody’s Investors Service.
