Aspen Releases 2012 Loss Development Triangles
HAMILTON, Bermuda--(BUSINESS WIRE)-- Aspen Insurance Holdings Limited ("Aspen")
The Loss Triangles provide stakeholders with additional insight into the reserves held on Aspen's balance sheet as at December 31, 2012. 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, 2012, both gross and net of applicable reinsurance, together with development triangles for paid and incurred losses on a gross basis.
About Aspen Insurance Holdings Limited
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, 2012, Aspen reported $10.3 billion in total assets, $4.8 billion in gross reserves, $3.5 billion in total shareholders' equity and $2.6 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 "forward-looking statements" within the meaning of the U.S. federal securities laws. 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 rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen's control that could cause actual results to differ materially from such statements, including changes in market conditions and their impact on our business, as well as factors such as the availability of financing to fund the cash portion of the settlement of the mandatory conversion of the Perpetual PIERS on favorable terms and the possibility, if Aspen cannot obtain adequate replacement capital on favorable terms, or at all, that its financial condition and operating results could be adversely affected. For a more detailed description of uncertainties and other factors that could impact the forward-looking statements in this press release, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission on February 26, 2013. Aspen undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information
Please visit www.aspen.co or contact:
Kerry Calaiaro, +1-646-502-1076
Senior Vice President, Investor Relations
Steve Colton, +44 20 7184 8337
Head of Communications
International - Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
+44 20 7638 9571
North America - Abernathy MacGregor
Allyson Vento, +1-212-371-5999
KEYWORDS: United States Bermuda North America Caribbean New York
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