Aspen deeply disappointed’ with performance
Aspen is “deeply disappointed” with its 2017 financial performance, says the company’s chief executive officer Chris O’Kane.
His remark came as the Bermudian insurer and reinsurer estimated an underwriting loss of $245 million for the fourth quarter of last year, of which net catastrophe losses are in the region of $135 million.
Mr O’Kane said: “We are deeply disappointed with our financial performance in 2017. We have taken a number of actions to improve our underwriting performance and expect to see the impact of these reflected in our 2018 underwriting year results and beyond.
“We believe our capital position is appropriate to support our ongoing business and underpins our financial strength ratings.”
The company, which has offices at 141 Front Street, added that its “does not anticipate a significant impact on its net income in 2018” as a result of US tax reform that took effect at the start of this year.
Aspen said the catastrophe losses were related to wildfires in California in the last three months of 2017 and would mainly impact the company’s reinsurance segment.
In addition, Aspen said it had suffered an increased frequency of mid-sized and attritional losses, including property and fire-related losses in the UK and the US, as well as cyber losses and an increase in a previously reported surety loss.
“Aspen’s reserves for losses and loss adjustment expenses remain strong and the expected fourth quarter 2017 underwriting loss includes a release of reserves from prior years,” the company added.
Aspen’s fourth-quarter financial results are scheduled for release on February 7.
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