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.
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.
