17 October 2017News

Aspen anticipates $310m hit from cat losses

Aspen Insurance Holdings expects pre-tax catastrophe losses of $340 million in the third quarter of 2017. Of this figure, approximately $110 million is from Hurricane Harvey, $135 million from Irma and $65 million from Hurricane Maria. 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 percent of the total estimated losses are attributed to the reinsurance segment and approximately 25 percent are attributed to the insurance segment. Furthermore, the Bermuda-based company expects an underwriting loss of approximately $340 million in this period. The loss is largely driven by the impact of Hurricanes Harvey, Irma and Maria, as well as increased losses in short-tail insurance lines, primarily property insurance.