Aspen’s unit closure impacts staff
Aspen has closed its Bermuda-based US property insurance unit, a move that impacts three members of staff.
The unit was closed earlier this week, a few days after the Bermudian-based company reported a net loss of $184.9 million for the fourth quarter, and a net loss after tax of $266.4 million for the year.
During an earnings conference call, the company indicated it was looking to reduce volatility in its global insurance business.
Steve Colton, group head of communications, said: “In keeping with this focus, we have decided to cease underwriting property insurance on the Aspen Bermuda platform with immediate effect. This action stems from the catastrophe loss activity we saw during 2017.”
He said the Bermuda book of business forms only a small part of Aspen's US property insurance book which is unaffected by the announcement.
The property insurance unit was headed by Natasha Pethick, and included Stephanie Law, who joined the company at the start of the year, and underwriting assistant Allison Bassett.
“Three members of staff are impacted by this announcement. Stephanie Law has left the company and Natasha Pethick and Allison Bassett will be staying on for a while to ensure a smooth transition,” said Mr Colton.
“This decision was in no way influenced by the underwriting expertise or talent within the team — these individuals are outstanding.”