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Aspen Insurance Holdings to Release 2010 Loss Development Triangles

^{Published on 2011-04-05 16:35:18 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Aspen Insurance Holdings Limited (aAspena or the aCompanya) (NYSE:AHL) today announced that it will publish the Companya™s 2010 Loss Development Triangles (athe trianglesa or athe documenta). The document will be available on the Companya™s website at [ www.aspen.bm ] in the Investor Relations section on the Financial Results page after 4:00 p.m. ET on April 7.

Aspena™s publication of the triangles is intended to provide stakeholders with additional insight into the reserves held on the Companya™s balance sheet as at December 31, 2010. The document presents 8 reserving classes of business which fall within the Companya™s two reporting segments, Insurance and Reinsurance and provides a summary on an accident year basis of earned premiums, paid and incurred losses. The document also includes total IBNR reserves on a net and gross basis as at December 31, 2010 together with development triangles for paid and incurred losses on a gross basis.

About Aspen Insurance Holdings Limited

The Company 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 twelve months ended December 31, 2010, the Company reported gross written premiums of $2,076.8 million, net income of $312.7 million and total assets of $8.8 billion. Its operating subsidiaries have been assigned a financial strength rating of aAa (aStronga) by Standard & Poor's, an aAa (aExcellenta) by A.M. Best and an aA2a (aGooda) by Moody's Investors Service.

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:

This press release contains written, and Aspen's officers may make related oral, "forward-looking statements" within the meaning of the U.S. federal securities laws regarding its 2010 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 Aspena™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) the effectiveness of Aspena™s loss limitation methods; (vii) changes in the total industry losses, or Aspena™s share of total industry losses, resulting from past events such as Hurricanes Ike and Gustav and, with respect to such events, Aspena™s reliance on loss reports received from cedants and loss adjustors, Aspena™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; (viii) the impact of acts of terrorism and related legislation and acts of war; (ix) decreased demand for Aspena™s insurance or reinsurance products and cyclical changes in the insurance and reinsurance sectors; (x) any changes in our reinsurersa™ credit quality and the amount and timing of reinsurance recoverables; (xi) changes in the availability, cost or quality of reinsurance or retrocessional coverage; (xii) continuing and uncertain impact of the current depressed economic environment in many of the countries in which we operate; (xiii) the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; (xiv) changes in insurance and reinsurance market conditions; (xv) 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; (xvi) a decline in Aspena™s operating subsidiariesa™ ratings with S&P, A.M. Best or Moodya™s; (xvii) Aspena™s ability to execute its business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into Aspena™s existing operations; (xviii) changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors; (xix) changes in accounting policies and practices; and (xx) changes in government regulations or tax laws in jurisdictions where Aspen conduct 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 U.S. Securities and Exchange Commission on February 25, 2011. 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.