Aspen losses deepen in H1 2020 as COVID fallout bites

Aspen Insurance Holdings saw its profits plunge in the first half of 2020, which it said was largely due to the impact of COVID-19.

Aspen reported a net loss of $168.7 million for the first half of 2020. In the first six months of 2019 Aspen made a loss of $37.3 million.

It generated gross written premiums of $2.12 billion in H1, up from $1.85 billion in the same period the previous year. Meanwhile its combined ratio ballooned to 110.1 percent, from 104.4 percent in the first half of 2019.

Mark Cloutier, Aspen’s chief executive officer, stressed the challenges the re/insurer faced in the first half of the year, particularly due to the COVID-19 pandemic, but said he was “pleased with the progress we have made as we continue to reshape the business with a clear focus on total value creation.”

He added: “I believe that we have the right combination of entrepreneurialism, talent and discipline to build our business and position Aspen as a leading international specialty re/insurer.”

Cloutier said the re/insurer remains committed to doing its part to help ease the burden on those most affected by the COVID-19 pandemic. “We will steadfastly maintain that commitment through to what will hopefully be an end to this terrible event,” he said.