Aspen Insurance Holdings Limited
) has provided its second quarter 2013 pre-tax loss estimate from
natural catastrophes to be approximately $59 million, net of tax
and reinsurance and reinstatement premiums.
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The loss will be split among its Insurance and Reinsurance
segments. The Reinsurance segment will bear 85% of the estimated
loss and the Insurance segment will bear the remaining 15%.
The loss estimate of the company includes for the Floods in
Central Europe, Canada and India as well as the tornadoes and
hailstorms that occurred in the United States. Out of the entire
loss estimate of $59 million, Aspen estimates the pre-tax loss
from floods in Europe to be $31 million. Additionally, Aspen
estimates the industry loss from the European floods to be
However, owing to the uncertainties and complexities involved in
the events, actual losses might vary from the estimate. Such
estimate revision will be recorded by the company in the period
of its occurrence.
Aspen is due to report is second quarter 2013 results on Jul 24.
The Zacks Consensus Estimate for the second quarter of 2013 is 93
cents per share representing a year-over-year decline of 29.9%.
In the first quarter, the company showed impressive earnings
performance driven by favorable prior-year reserve development
and consistent grip on the U.S. Insurance operations. In fact,
Aspen delivered positive earnings surprise in all of the last 4
quarters with an average beat of 48.57%. However, the picture is
expected to alter in the upcoming period owing to huge losses
from the catastrophes.
Among other property and casualty Insurers
, Endurance Specialty Holdings Limited
) has also provided its initial loss estimate from the floods in
Europe and Canada, and the tornadoes in America. The aggregate
pre-tax loss estimate provided by Endurance is $47.4 million, net
of reinsurance and reinstatement premiums.
Aspen currently holds a Zacks Rank #3 (Hold). Among other
property and casualty insurers,
AmTrust Financial Services Inc.
HCI Group Inc.
) carry a favorable Zacks Rank #1 (Strong Buy).