Aspen Insurance (NYSE:AHL)
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Aspen Insurance Holdings Announces Loss Estimates for Hurricane
Charley
HAMILTON, Bermuda, Aug. 24 /PRNewswire-FirstCall/ -- Aspen Insurance Holdings
Limited (NYSE:AHL)(BSX:AHLBSX:BH) today announced loss estimates resulting from
Hurricane Charley in the range of $35 million to $50 million after reinsurance
and tax.
Chris O'Kane, Chief Executive Officer, commented: "We have received relatively
little loss information from clients. The range is therefore based on industry
loss estimates and modeling results, which are inherently uncertain." As a
result, the actual impact on losses from the hurricane could differ materially
from the stated estimates.
About Aspen Insurance Holdings Limited
Aspen Insurance Holdings Limited (Aspen) was established in June 2002. Aspen is
a Bermudian holding company that provides property and casualty reinsurance in
the global market, property and liability insurance principally in the United
Kingdom and surplus lines insurance in the United States. Aspen's operations
are conducted through its wholly owned subsidiaries located in London, Bermuda
and the United States: Aspen Insurance UK Limited (Aspen Re), Aspen Insurance
Limited (Aspen), Aspen Specialty Insurance Company (Aspen Specialty) and Aspen
Re America Inc (Aspen Re America). Aspen's reinsurance segment consists of
property reinsurance, casualty reinsurance and specialty reinsurance lines of
business. Aspen's insurance segment consists of commercial property, commercial
liability and U.S. surplus insurance lines of business. Aspen's principal
existing shareholders include The Blackstone Group, Candover Partners Limited,
Wellington Underwriting plc and Credit Suisse First Boston Private Equity.
Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995:
This press release contains forward-looking statements about the effect of
claims resulting from Hurricane Charley on the Company's results of operations
and financial position. These statements are subject to the Private Securities
Litigation Reform Act of 1995 and are based on management's current estimates,
assumptions and projections. Actual results may differ materially from those
projected in the forward-looking statements for a variety of reasons. Among
other things, these forward-looking statements could be affected by the actual
number of the Company's insureds incurring losses from the hurricane, the
limited actual loss reports received from the Company's insureds to date, the
Company's reliance on industry loss estimates and those generated by modeling
techniques, the amount and timing of losses actually incurred and reported by
insureds to the Company, the preliminary nature of the range of loss estimates
to date from the insurance industry, the limited ability of claims personnel of
insureds to make inspections and assess claims of losses to date, the inherent
uncertainties of establishing estimates and reserves for losses and loss
adjustment expenses, the impact of the hurricane on the Company's reinsurers
and the amount and timing of reinsurance recoverables and reimbursements
actually received by the Company from its reinsurers.
These and other events that could cause the Company's actual results to differ
are discussed in detail in "Risk Factors" contained in Item 1 of the Company's
Annual Report on Form 10-K for the year ended December 31, 2003 filed with the
Securities and Exchange Commission. We undertake no obligation to publicly
correct or update any forward-looking statements.
DATASOURCE: Aspen Insurance Holdings Limited
CONTACT: Investor - Noah Fields, Head of Investor Relations, or Julian
Cusack, Chief Financial Officer, both of Aspen Insurance Holdings Limited,
T +1-441-297-9382; or UK - Carina Thate or Jason Thompson, both of The
Abernathy MacGregor Group, T +1-212-371-5999, or Emma Burdett or Brian
Hudspith, both of The Maitland Consultancy, T +44-20-7379-5151
Web site: http://www.aspen.bm/