Aspen returns to profit in H1

Aspen Insurance Holdings has reported net income after tax of £63.5m for the six months ended 30th June 2021, compared to the loss of £125.6m announced for the same period last year. Gross written premiums decreased by 4.7% to approximately £1.45bn in the six months, compared with £1.53bn posted last year.

Mark Cloutier, group executive chairman and chief executive officer, said: “I am pleased to report an improved half year performance for Aspen, driven by a combination of improved underwriting results and further expense and efficiency gains. Against the backdrop of a global pandemic, to have delivered the progress we have is, ultimately, a reflection of the quality of our people, our platform, and the clarity of our vision.

“We are at heart an underwriting business and I am, therefore, encouraged that we are continuing on the journey to becoming a more disciplined, focused and performance driven global specialty re/insurer. This is reflected in our underwriting performance, including an ex-catastrophe combined ratio of 89.9% and an overall combined ratio of 98.0%, despite the impact of Winter Storm Uri and an increased COVID-19 provision.”

He added: “GWP of £1.45bn is relatively stable compared to our prior period results, despite a significant repositioning of our book. Over the past 18 months, we have actively taken the decision to non-renew circa £580m of business, while at the same time, in the first half of this year, we have largely delivered double digit growth in our continuing lines where we are seeing continued improvement in rate, terms and conditions.”

    Share Story:

Recent Stories