Aspen Insurance hurricane losses reach $155M

Aspen Insurance Holdings Ltd. on Friday said its net after tax losses for Hurricanes Ike and Gustav total about $155 million so far.

For Hurricane Gustav, which hit the Gulf Coast on Sept. 1, the preliminary loss estimate is $14 million, net of reinsurance and reinstatement premiums.

For Hurricane Ike, which hit the Texas coast on Sept. 13, the company's preliminary net after tax loss estimate is approximately $141 million, net of reinsurance and reinstatement premiums.

Of the total, $103 million of the Ike-related losses were on shore, while $38 million was offshore.

More than 1 million people evacuated the Texas coast because of Ike. About 76,000 individual claims have been filed, but the Insurance Information Institute said no total dollar amount has been estimated so far.

The discovery of a victim's body in Texas on Monday brought the total number of deaths related to Ike to 37 people in Texas and 72 nationwide.

"The most recent information we have received from clients, brokers and loss adjusters has reinforced our belief that industry losses from Hurricane Ike are likely to be more costly than the industry initially thought and this is reflected in our preliminary loss estimate for this event." said Aspen's Chief Executive Chris O'Kane.

In midmorning trading, Aspen Insurance shares fell 8 cents to $17.80. Earlier, the shares hit $16, their lowest price since they began trading on the New York Stock Exchange in December 2003.