Aspen Estimates Losses from Superstorm Sandy [Professional Services Close – Up]

Aspen Insurance Holdings Limited has announced an initial estimate of catastrophe losses from Superstorm Sandy.

In a release, the Company said that it expects fourth quarter 2012 earnings to include approximately $175 million after-tax, and net of reinsurance and reinstatement premiums related to the storm. The losses from the storm are currently estimated to arise approximately 65 percent in our reinsurance segment and 35 percent in our insurance segment.

Aspen said that its estimate is based on its review of the individual treaties and policies expected to be impacted, and discussions with clients and brokers. In making this initial estimate, Aspen also has taken into account a combination of provisional loss advices, limited client loss data and modeled loss projections. Given the complexity of this event, there is considerable uncertainty associated with this estimate and actual losses may differ materially.

Aspen said that it intends to resume repurchases of its ordinary shares shortly under the existing buyback authorization, consistent with its capital management strategy.

Aspen Insurance Holdings Limited provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

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