Aspen enjoys steady growth in Q3 thanks to Aspen Re
Aspen has reported a rise in its gross written premiums (GWP) of 6 percent year-on-year to $763.5 million in the third quarter of 2016, due to its reinsurance segment, Aspen Re.
The Bermuda re/insurer’s combined ratio for the period remained stable at 93.8 percent compared with 93.4 percent in the same period of 2015.
Gross written premiums in reinsurance increased by 15.6 percent year-on-year to $365.9 million in the third quarter, driven by its specialty sub-segment. Its combined ratio in reinsurance in the third quarter was 88.3 percent compared with 94.7 percent for the same period a year ago.
Its net income after tax was stated at $95.6 million for the third quarter of 2016, a big increase on the $28.2 million it made in the third quarter of 2015.
Chris O’Kane, CEO, commented: “Aspen’s results this quarter reflect good underwriting profitability across our business. This was demonstrated by our 93.8 percent combined ratio and the improved accident year ex-cat loss ratios achieved by both business segments. Premium growth in the quarter was driven by Aspen Re, where the AgriLogic business is being successfully integrated and is performing well.”
Aspen Insurance has acquired US crop insurance operation AgriLogic Insurance Services, a specialist US crop managing general agency with an integrated consultancy, in January 2016.
Aspen stated an annualized net income return on average equity of 11.2 percent for the quarter ended September 30, 2016 compared with 2.8 percent for the same period of 2015.