Aspen Releases 2011 Loss Development Triangles
May 16 2012 - 8:00AM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) has
published its 2011 Loss Development Triangles (the “Loss
Triangles”) on its website www.aspen.co under the
Investor Relations > Financial Results section.
The Loss Triangles provide stakeholders with additional insight
into the reserves held on Aspen’s balance sheet as at December 31,
2011. It presents eight reserving lines of business which fall
within Aspen’s two reporting segments, Insurance and
Reinsurance.
The Loss Triangles provide data on earned premiums, paid losses,
case reserves and incurred losses on an accident year basis on a
gross, ceded and net basis. They also include total incurred but
not reported (IBNR) reserves as at December 31, 2011, both gross
and net of applicable reinsurance, together with development
triangles for paid and incurred losses on a gross basis.
About Aspen
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Bermuda, France, Germany, Ireland,
Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2011, Aspen reported $9.5 billion
in total assets, $4.5 billion in gross reserves, $3.2 billion in
shareholders’ equity and $2.2 billion in gross written premiums.
Its operating subsidiaries have been assigned a rating of “A”
(“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M.
Best and an “A2” (“Good”) by Moody’s Investors Service.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release may contain written, and Aspen’s officers may
make related oral, “forward-looking statements” within the meaning
of the US federal securities laws regarding its 2011 loss reserve
triangles. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as “expect,” “intend,” “plan,” “believe,”
“project,” “anticipate,” “seek,” “will,” “estimate,” “may,”
“continue,” and similar expressions of a future or forward-looking
nature.
All forward-looking statements address matters that involve
risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in these statements. Aspen believes
these factors include, but are not limited to, (i) changes in the
size of the claims payable by Aspen relating to natural
catastrophes and other large losses; (ii) trends in rates for
property, casualty and specialty insurance and reinsurance; (iii)
the possibility of greater frequency or severity of claims and loss
activity, including as a result of natural or man-made (including
economic and political risks) catastrophic or material loss events,
than Aspen’s underwriting, reserving, reinsurance purchasing or
investment practices have anticipated; (iv) the reliability of, and
changes in assumptions to, natural and man-made catastrophe
pricing, accumulation and estimated loss models; (v) evolving
issues with respect to interpretation of coverage after major loss
events; (vi) any intervening legislative or governmental action and
changing judicial interpretation and judgments on insurers’
liability to various risks; (vii) the effectiveness of Aspen's loss
limitation methods; (viii) changes in the total industry losses, or
Aspen’s share of total industry losses, resulting from past events
and, with respect to such events, Aspen's reliance on loss reports
received from cedants and loss adjustors, Aspen’s reliance on
industry loss estimates and those generated by modeling techniques,
changes in rulings on flood damage or other exclusions as a result
of prevailing lawsuits and case law; (ix) the impact of acts of
terrorism and related legislation and acts of war; (x) decreased
demand for Aspen’s insurance or reinsurance products and cyclical
changes in the insurance and reinsurance sectors; (xi) any changes
in Aspen’s reinsurers’ credit quality and the amount and timing of
reinsurance recoverables; (xii) changes in the availability, cost
or quality of reinsurance or retrocessional coverage; (xiii)
continuing and uncertain impact of the current depressed economic
environment in many of the countries in which Aspen operates; (xiv)
the level of inflation in repair costs due to limited availability
of labor and materials after catastrophes; (xv) changes in
insurance and reinsurance market conditions; (xvi) increased
competition on the basis of pricing, capacity, coverage terms or
other factors and the related demand and supply dynamics as
contracts come up for renewal; (xvii) a decline in Aspen’s
operating subsidiaries’ ratings with Standard & Poor’s, A.M.
Best or Moody’s Investors Service; (xviii) Aspen’s ability to
execute its business plan to enter new markets, introduce new
products and develop new distribution channels, including their
integration into Aspen's existing operations; (xix) changes in
general economic conditions, including inflation, foreign currency
exchange rates, interest rates and other factors; (xx) changes in
accounting policies and practices; and (xxi) changes in government
regulations or tax laws in jurisdictions where Aspen conducts
business.
For a more detailed description of these uncertainties and other
factors which could cause results to differ materially, please see
the “Risk Factors” section in Aspen's Annual Report on Form 10-K as
filed with the US Securities and Exchange Commission on February
28, 2012. Aspen undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the dates on which they are made.
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