Aspen's results continue strong trend, improves combined ratio by 8.4pts
Bermuda-based specialty re/insurer Aspen has reported a strong quarter, showing improvements across gross written premium and net income. The combined ratio improvement landed on a favourable 86.8% compared to 95.2% in the same quarter a year prior, an 8.4 points improvement.
Net income jumped from $56.7 million in the third quarter 2024 to $122.0 million this quarter, due largely to Aspen's re/insurance segment, which saw a $46.9 million increase year-on-year.
Q3 2025 saw gross written premium grow marginally to $1,126.4 million, up from £1,116.8 million in the same prior year period, demonstrating consistency from the re/insurer.
Mark Cloutier (pictured left), executive chairman and group chief executive officer, commented: “Aspen delivered strong results for the third quarter of 2025 continuing the positive trend of the past several quarters, reflecting the quality and stability of our franchise.
“With market dynamics shifting, including increased competition across several lines of business, I am pleased that we recorded a significantly improved combined ratio. Looking forward, I am confident that the high caliber of our people and our culture means we continue to be well placed to deliver best-in-class solutions and products for our trading partners and customers through the market cycle.
“On August 27, 2025, we announced the acquisition of Aspen by the Sompo Group. The acquisition is a testament to the sustainable performance and value we've created, and we continue to work diligently towards its successful completion, and we expect the transaction to close during the first half of 2026, subject to regulatory approval.”
Christian Dunleavy (pictured right), group president, said: “Aspen continues to be focused on underwriting discipline and robust cycle management. This is reflected in both our excellent underwriting result and our thoughtful approach to new business, which has seen our gross written premiums grow modestly as we prioritise sustainable long-term profitability over growth.
“Our teams continue to dynamically allocate risk in response to customer need and the trading environment and, in this context, we were pleased to see fee income from Aspen Capital Markets increase once again. Our strong performance for the quarter means we are on track to deliver a mid-teens operating return on equity for the full year, as Aspen continues to create value for all its stakeholders. Thank you to all our colleagues for their hard work and commitment in delivering this result.”
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