Aspen earnings slide as combined ratio deteriorates

Bermuda-based re/insurer Aspen Insurance reported a sharp drop in net income and a deteriorating combined ratio in Q1 2025.

Aspen’s net income dropped to $36.8 million in the first quarter of 2025 in its unaudited results compared with $111.8 million in the same period last year.  

Its Q1 2025 combined ratio deteriorated to 96.1% compared to 86.6% in Q1 2024. Insurance combined ratio was 92.3% in the first three months of this year and reinsurance was 101.4%. The higher combined ratio partly stemmed from lower underwriting first-quarter income of $27.2 million, compared with $89.5 million in Q1 2024.

The catastrophe loss ratio also saw an increase, reaching 13%, compared to 4.9% in the previous year. 

Gross written premiums (GWP) hit $1.29 billion, a slight increase from $1.23 billion a year ago — made up of $686.5 million in insurance GWP and $600.7 million in reinsurance GWP. 

Net earned premiums also rose to $702.7 million compared with $665.7 million in 2024. 

Aspen returned to the stock market on May 8 with its shares closing 8.3% above its $30 opening prices on the first day of trading on the New York Stock Exchange. As of yesterday (June 3) Aspen Insurance shares were still trending up at $34.73.

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