Aspen expects $340m underwriting loss in Q3 due to hurricanes

Bermuda-based Aspen Insurance Holdings said on Oct. 16 that it expects to record an underwriting loss of approximately $340 million in the third quarter of 2017.

The loss will be driven by the impact of Hurricanes Harvey, Irma and Maria as well as increased losses in short-tail insurance lines, primarily property insurance.

Aspen expects approximately $310 million in pre-tax losses, net of reinsurance and reinstatement premiums, related to Hurricanes Harvey, Irma and Maria.

Of the total, approximately $110 million of are from Hurricane Harvey, $135 million from Hurricane Irma and $65 million from Hurricane Maria.

In addition, Aspen estimates pre-tax losses, net of reinsurance and reinstatement premiums, of approximately $50 million from several other events, the largest of which relate to weather-related losses and the Mexican earthquakes.

Approximately 75 percent of the total estimated losses are attributed to the reinsurance segment and approximately 25 percent are attributed to the insurance segment.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Other stories from this morning's newsletter

XL Group takes stake in India’s Mahindra

Apollo to acquire Catalina Holdings

AmWINS acquires 15 Willis insurance programmes

Aviva reveals major annuity deal

Standard Syndicate 1884 hires reinsurance head from Lloyd's

California wildfire destroys 5,700 structures

ICA appoints new chair of Australian Securities and Investments Commission

Don't miss our insurtech email newsletter - sign up today