HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced today 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.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995:
This press release contains written, and Aspen's officers may make
related oral, "forward-looking statements" within the meaning of the
U.S. federal securities laws regarding its initial estimate of third
quarter 2015 losses related to the explosion in Tianjin, China and
natural catastrophes. 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," "do not
believe," "aim," "project," "anticipate," "seek," "will," "likely,"
“assume,” "estimate," "may," "continue," "guidance," “objective,”
“outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on
track,” 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, developing information available from brokers, clients and
loss adjusters, the receipt of actual loss reports, forecasts of losses
relating to these events for the industry as a whole and for individual
companies, changes in the total industry losses or Aspen's share of such
losses, the reliability of any external reports and evolving information
in respect of such large losses or industry losses, the actual number of
Aspen's insureds incurring losses from these events, limitations in
current modeling techniques and their application, limitations in any
exposure analyses, the impact of any demand surge on claims, coverage
issues, the impact of foreign exchange fluctuations and the
effectiveness of any Aspen's loss limitation methods. 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 U.S.
Securities and Exchange Commission on February 23, 2015. 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.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Australia, Bermuda, France, Germany, Ireland, Singapore,
Switzerland, the United Kingdom and the United States. For the year
ended December 31, 2014, Aspen reported $10.7 billion in total assets,
$4.8 billion in gross reserves, $3.4 billion in total shareholders’
equity and $2.9 billion in gross written premiums. Its operating
subsidiaries have been assigned a rating of “A” (“Strong”) by Standard &
Poor’s Financial Services, an “A” (“Excellent”) by A.M. Best Company
Inc. and an “A2” (“Good”) by Moody’s Investor Service, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151015006628/en/
Please visit www.aspen.co
or contact:
Investors
Aspen
Mark Jones, +1
646-289-4945
Senior Vice President, Investor Relations
mark.p.jones@aspen.co
or
Media
Aspen
Steve
Colton, +44 20 7184 8337
Head of Communications
Steve.Colton@aspen.co
or
International
– Citigate Dewe Rogerson
Caroline Merrell / Jos Bieneman, +44 20
7638 9571
caroline.merrell@citigatedr.co.uk
/ jos.bieneman@citigatedr.co.uk
or
North
America – Abernathy MacGregor
Carina Davidson / Allyson Vento, +1
212-371-5999
ccd@abmac.com / amv@abmac.com
Source: Aspen Insurance Holdings Limited