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Aspen warns of $340mn underwriting loss in Q3 on back of hurricanes

17th October 2017 - Author: Staff Writer

Aspen Insurance has revealed pre-tax losses from Hurricanes Harvey, Irma and Maria of $310 million, net of reinsurance and reinstatement premiums.

The Mexican earthquakes and other loss events contributed to an additional $50 million in pre-tax losses, net of reinsurance and reinstatement premiums.

Aspen’s reinsurance segment was hit with the majority of the blow from recent losses, covering about 75% of total losses, with just 25% being attributed to the firm’s insurance lines of business.

The firm states that approximately $110 million of the losses relates to hurricane Harvey, $135 million from hurricane Irma, and $65 million from hurricane Maria.

The re/insurer expects to record a Q3 2017 underwriting loss of approximately $340 million.

RMS

Results for the quarter reflect Aspen’s catastrophe losses as well as increased losses in short-tail insurance lines, primarily property insurance.

The carrier’s updated loss estimates will be included in its third-quarter 2017 financial results.

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