Aspen cuts losses to under £30m

The group’s gross written premiums increased 7.6% year-on-year from $4.44bn (£3.22bn) to $3.7bn (£2.69bn)

Aspen Insurance has revealed a net loss after tax of $40.1m (£29.1m) for the 12 months ended 31 December 2020, a significant cut from its $241.7m (£175.4m) losses in 2019.

The firm attributed the figures to “above average catastrophe losses”, as well as $181.2m (£131.5m) of Covid-19 related costs and $81.1m (£58.9m) of interest rate swaps losses.

The group’s gross written premiums did increase 7.6% year-on-year from $4.44bn (£3.22bn) to $3.7bn (£2.69bn).

However, Aspen still reported an underwriting loss of $152.1m (£110.4m), compared with 2019’s losses of $195.1m (£141.6m).

Mark Cloutier, group executive chairman and CEO at Aspen, said that the group’s 107.3% combined ratio reflects “losses experienced due to Covid-19 and a significant catastrophe year”.

However, he said: “Our underlying performance gives me great encouragement around the progress we are making as a business including successfully reducing our catastrophe exposure. As we look ahead to 2021, we are well-positioned in a market that we believe will continue to see rate momentum.”

Cloutier claimed that the group has experienced a “positive January”, as it looks to enter the top quartile of specialty (re)insurer firms in the market.

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