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.
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