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Aspen News

Aspen announces $310 million preliminary estimate of pre-tax losses from hurricanes Harvey, Irma and Maria

16th October

Aspen announced today 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.

Aspen’s preliminary estimate of natural catastrophe losses for the third quarter of 2017 involves the exercise of considerable judgment and is based, among other factors, on a review of the individual treaties and policies expected to be impacted, information available to date from clients and brokers, market intelligence, initial loss reports, modeled loss projections and exposure analysis. Due to the complexity of these events and the uncertainty associated with Aspen’s assumptions and the preliminary information used to prepare these estimates, Aspen’s actual losses from these events may differ materially from the estimates provided above.

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.