NU Online News Service, June 23, 11:19 a.m. EST
The severe weather events in April and May will cost Aspen Insurance Holdings Ltd. approximately $60 million in losses net of reinsurance, reinstatement premiums and tax.
The Hamilton, Bermuda-based company says the bulk of the net loss estimate is in its reinsurance segment.
Losses were related to the extensive and highly destructive thunderstorm outbreaks in the Midwest and Southeast regions of the United States that caused tornadoes, wind and flood.
Aspen says that its loss estimate is consistent with an industry loss for these events of $15 billion. The estimate excludes flood losses covered by the National Flood Insurance Program.
The carrier says its estimate is primarily based on its review of the individual treaties and policies expected to be impacted, discussions with clients and brokers and considerable judgment by management.
Aspen cautions that there is still some uncertainty associated with its estimate and ultimate losses may differ from initial estimated losses.
Yesterday, W.R. Berkley Corp. said its estimated pre-tax losses for April and May U.S. storms are $65 million.
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