Aspen
-
Nick Acker joins from Arch Insurance group, where he spent 10 years, most recently as a vice president in its wholesale and distribution management team. -
The new carrier will be backed by Ariel Re owner Pelican Ventures and aims to write $50mn GWP in 2023.
-
The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.
-
The carrier also reported GWP of just over $2.3bn for the first half of the year.
-
The carrier’s withdrawal from certain specialty lines comes as remediation feeds through into improved results.
-
The carrier’s former accountant KPMG will now have to respond to EY’s enquiries.
-
The carrier has also announced a brace of promotions in its first-party and specialty teams.
-
The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal.
-
A substantial rise in the value of liabilities transacted during Q1 to $4.2bn was driven largely by Aspen’s $3.6bn LPT with Enstar.
-
The business performance is on track for an eventual flotation, but the date will depend on stock market conditions, the CEO said.
-
The reinsurance segment swung back to underwriting profits as its CoR declined 8.5 points to 93.6% and its LR improved 11.4 points to 63%.
-
The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
Most Recent
-
Aspen shares soar on news of Sompo takeover interest
20 August 2025 -
Sompo came close on Axa XL Re deal before Aspen talks
20 August 2025 -
Westfield Specialty International COO Zora exits
20 August 2025 -
Daily Digest: Top news from 20 August
20 August 2025 -
Beazley’s Sane to join Chubb in cyber growth role
20 August 2025