Aspen Insurance has updated its assessment of estimated losses from Hurricanes Katrina, Rita and Wilma to between $470m and $535m after tax.
The figure is after recoveries from its outwards reinsurance program and the impact of outwards and inwards re-instatement premiums.
Aspen also announced a public offering of 6m ordinary shares with an approximate value of $200m, which will run concurrently with an offering of $200m in Perpetual Preferred Income Equity Replacement Securities (PPIERS).
PPIERS will be convertible into non-convertible perpetual preference shares and ordinary shares, or cash and ordinary shares, and will be listed on the New York Stock Exchange.
