February 9th, 2009

Ike Update: Revised Shareholders’ Funds Impact

Posted at 12:55 AM ET

David Flandro, Senior Vice President
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Swiss Re Group and Aspen Insurance Holdings Ltd. are the latest carriers to increase their Hurricane Ike exposure estimates. Swiss Re has increased its estimates by a substantial 64 percent, with Aspen’s changes growing by 23 percent.

Swiss Re has announced an upward revision from CHF337 million (USD307 million) to CHF552 million (USD503 million), a change of 64 percent. More details may e disclosed when Swiss Re announces its full-year 2008 results on February 19, 2009.

Aspen’s gross loss estimate for Hurricane Ike has moved 23 percent - from CHF199.1 million (USD182 million) to CHF244.9 million (USD223 million). Most of this increase came from the International Insurance and Property Reinsurance segments. The former’s Ike-related losses grew 53 percent, from 64.1 million (USD58 million) to CHF98.2 million (USD90 million), with the latter up 7 percent, from CHF127.5 million (USD116 million) to CHF136.2 million (USD124 million). Aspen’s net loss estimate for Ike rose from CHF141.2 million (USD129 million) to CHF181.6 million (USD166 million), an increase of 29 percent.

Read last week’s Hurricane Ike update >>

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