Aspen
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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%.
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The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
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Under the terms of the deal, Aspen will provide paper across multiple geographies with three programs in the US and four in Europe.
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Project Leaf will see environmental, social and governance (ESG) information issues woven into Aspen’s decision making for its credit and political risk portfolio.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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Ashley Bowell was found guilty of defrauding his former employer, and its insurer Aspen, after falsely claiming to have been injured at work.
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The carrier said the move reinforces the importance of Lloyd’s as a platform.
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In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.
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The executive will join the business in early January, replacing Mike Cain.
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The significant pre-emption is predominantly driven by the transfer of a reinsurance book from the carrier’s UK platform to Lloyd’s.
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Kevin Chidwick, group CFO at Aspen Insurance Holdings, is to retire by year end and will be succeeded by Christopher Coleman.
