Aspen estimates Sandy losses of $175m
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Big losses for reinsurers: A street sign is partially buried in sand in Cape May, New Jersey after a storm surge from Sandy pushed the Atlantic Ocean over the beach and across Beach Avenue.
Bermuda-based Aspen Insurance Holdings announced an initial estimate of catastrophe losses from Superstorm Sandy of $175 million. Aspen 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 their reinsurance segment and 35 percent in their insurance segment.
Aspen’s 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 said it also has taken into account a combination of provisional loss advices, limited client loss data and modelled loss projections. It said given the complexity of this event, there is considerable uncertainty associated with this estimate and actual losses may differ materially.
Aspen intends to resume repurchases of its ordinary shares shortly under the existing buy-back authorisation, consistent with its capital management strategy.
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Published Dec 24, 2012 at 8:00 am (Updated Dec 23, 2012 at 5:30 pm)