Aspen reports $14.7m loss

Aspen Insurance Holdings made a loss of $14.7 million in the second quarter, representing a loss of 38 cents per common share. That compared with net income of $75.8 million for the same period in 2017.

The Bermudian-based company had operating income after tax of $56.3 million, or eight cents per share.

Aspen has been the subject of takeover speculation this year, but has stated it does not comment on rumours.

Regarding its results, Chris O’Kane, chief executive officer, said they “demonstrate ongoing execution of our plan to enhance performance”.

He added: “This included the continued successful repositioning of Aspen Insurance, which had its second consecutive record quarter in terms of gross written premium, another quarter of solid results and pricing discipline at Aspen Re and significant progress in the implementation of our operational effectiveness and efficiency programme. In addition, we reduced debt leverage through the partial redemption of our senior notes.”

Gross premiums written were up 3.9 per cent year-on-year at $853.8 million, led by an 8.5 per cent jump in the insurance segment. However, net written premiums decreased 16 per cent as Aspen continued to make increased use of ceded reinsurance.

The accident year net loss, excluding catastrophes, was 64.4 per cent for the quarter, compared to 63.6 per cent for the same period in 2017. The loss ratio was 59.7 per cent, compared with 61.6 per cent for the same three months last year.

Book value of Aspen’s common shares at the end of June was $38.21, down 4.7 per cent since the start of the year.

You must be registered or signed-in to post comment or to vote.

Published Aug 1, 2018 at 6:45 pm (Updated Aug 5, 2018 at 11:15 pm)

Aspen reports $14.7m loss

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts