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Aspen Insurance expects pretax Q3 losses from hurricanes of $310M

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Aspen Insurance expects pretax Q3 losses from hurricanes of $310M

Aspen Insurance Holdings Ltd. expects about $310 million in pretax losses, net of reinsurance and reinstatement premiums, related to hurricanes Harvey, Irma and Maria.

Of these losses, about $110 million are from Harvey, $135 million are from Irma and $65 million are from Maria.

Aspen also expects pretax losses, net of reinsurance and reinstatement premiums, of about $50 million from other events, largely related to weather-related losses and the earthquakes in Mexico.

About 75% of the total estimated losses are attributed to the reinsurance segment, and about 25% are attributed to the insurance segment.

Aspen expects to record a third-quarter underwriting loss of about $340 million, reflecting the catastrophe losses and increased losses in short-tail insurance lines, mainly property insurance.