Log In

Reset Password
BERMUDA | RSS PODCAST

Aspen estimates $360m in catastrophe losses

Disaster: Hurricane Irma caused damage like this in Florida (Phototgraph by Gary Lloyd McCullough/The FloridaTimes-Union via AP)

Aspen Insurance Holdings Ltd expects to take a $360 million hit from natural catastrophes that took place in the third quarter.

The Bermudian insurer and reinsurer said $310 million of those losses were related to the three hurricanes that caused devastation through the Caribbean and in the US, Harvey, Irma and Maria.

The remaining $50 million emanated from other events, the largest of which

were weather-related events and the Mexican earthquakes.

Aspen’s estimates are pre-tax losses and net of reinsurance and reinstatement premiums.

Aspen added that about three-quarters of the total estimated losses were attributed to its reinsurance business and a quarter to its insurance segment.

In a statement, the company added: “Aspen expects to record an underwriting loss of approximately $340 million in the third quarter of 2017.

“Results for the quarter reflect the catastrophe losses described above, as well as increased losses in short-tail insurance lines, primarily property insurance.”