Aspen acquired by Apollo
Aspen Insurance Holdings has reported a third quarter 2018 net loss after tax of $15.1 million, an improvement on the net loss of $253.8 million that it made in the same period of 2017.
The company reported operating income after tax of $36.9 million for the quarter, again an improvement on the operating loss of $276.6 million for the third quarter of 2017.
Gross written premiums came to $873.2 million in the third quarter of 2018, an increase of 2.4 percent compared with $852.5 million in the third quarter of 2017. However, net written premiums came to $578.9 million, a decrease of 4.7 percent from the figure of $607.4 million in the third quarter of 2017 due to the impact of increased quota share reinsurance attaching during 2018.
“Aspen delivered solid results in the third quarter,” said Chris O’Kane, chief executive officer. “Our priority is to continue to enhance our financial and operational performance and maintain our sharp focus on providing our clients and business partners with outstanding service.
"We are excited about the next chapter in our history with a partner that understands our strengths, culture and customer-centric philosophy. The transaction remains on track to close in the first half of 2019.”
On August 28, 2018, Aspen entered into a definitive agreement to be acquired by certain investment funds affiliated with Apollo Global Management, in an all-cash transaction valued at approximately $2.6 billion. The closing of the transaction is subject to closing conditions including approval by Aspen's shareholders and receipt of certain insurance and other regulatory approvals, as well as the maintenance of certain financial strength ratings by Aspen.
Aspen Insurance, Holdings, results, Q3, 2018, loss, nat cats, M&A, Apollo