HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) has published
its 2011 Loss Development Triangles (the “Loss Triangles”) on its
website www.aspen.co
under the Investor Relations > Financial Results section.
The Loss Triangles provide stakeholders with additional insight into the
reserves held on Aspen’s balance sheet as at December 31, 2011. It
presents eight reserving lines of business which fall within Aspen’s two
reporting segments, Insurance and Reinsurance.
The Loss Triangles provide data on earned premiums, paid losses, case
reserves and incurred losses on an accident year basis on a gross, ceded
and net basis. They also include total incurred but not reported (IBNR)
reserves as at December 31, 2011, both gross and net of applicable
reinsurance, together with development triangles for paid and incurred
losses on a gross basis.
About Aspen
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 Kingdom and the United States. For the year ended December
31, 2011, Aspen reported $9.5 billion in total assets, $4.5 billion in
gross reserves, $3.2 billion in shareholders’ equity and $2.2 billion in
gross written premiums. Its operating subsidiaries have been assigned a
rating of “A” (“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by
A.M. Best and an “A2” (“Good”) by Moody’s Investors Service.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release may contain written, and Aspen’s officers may make
related oral, “forward-looking statements” within the meaning of the US
federal securities laws regarding its 2011 loss reserve triangles. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of words
such as “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,”
“seek,” “will,” “estimate,” “may,” “continue,” and similar expressions
of a future or forward-looking nature.
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.
Please visit www.aspen.co
or
Investors
Aspen
Kerry
Calaiaro, Senior Vice President, Investor Relations
646-502-1076
Kerry.Calaiaro@aspen.co
or
Media
Aspen
Tim
Dickenson, Global Head of Communications
+44 20 7184 8034
Tim.Dickenson@aspen.co
or
Europe
and Asia – Citigate Dewe Rogerson
Justin Griffiths
+44 20 7638
9571
Justin.Griffiths@citigatedr.co.uk
or
North
America – Abernathy MacGregor
Allyson Vento
212-371-5999
amv@abmac.com
Source: Aspen