Bermuda-based Aspen benefitted from increased profits and growth in both its insurance and reinsurance divisions in the first quarter of 2015.
Its profits grew to $128 million in the first quarter of 2015, compared with $120.4 million in the first quarter of 2014, while its gross written premiums (GWP) jumped by 7.4 percent to $919.2 million, compared with $855.5 million in the same period of the prior year.
Aspen’s combined ratio deteriorated to 88.9 percent for the first quarter of 2015, compared with 87.6 percent for the first quarter of 2014.
Within its insurance division, GWP hiked 13.3 percent to $434.4 million in the first quarter, compared with $383.3 million in the first quarter of 2014. Aspen said that this was driven by growth in UK regional property and liability packages, political risks and environmental liability.
Mario Vitale, chief executive officer (CEO) of insurance, said: “Our insurance business continues to reap the benefits of prior investments. Our US teams continue to gain scale and maintain underwriting discipline with gross written premium growth of 17.5 percent for the quarter and an accident year ex-cat loss ratio of 60.4 percent.
Aspen’s reinsurance division also reported GWP growth, increasing 2.7 percent to $484.8 million in the first quarter of 2015, compared with $472.2 million in the first quarter of 2014. The company said that it is continuing to capitalise on its established regional strategy, with Asia-Pacific, Latin America and MENA gross written premiums rising 25 percent in the first quarter.
Its combined ratio deteriorated by 4 percentage points to 76.7 percent, compared with 72.6 percent in the same period of the prior year.
Stephen Postlewhite, CEO of reinsurance, said: “Reinsurance had another very strong quarter. We grew premiums slightly while achieving an impressive accident year ex-cat loss ratio of 44.5 percent. The January and April renewals have been highly successful, achieved through superior client relationships, nimble underwriting, creative client solutions, and a comprehensive approach to distribution all of which make us a preferred market for our clients.”
Aspen, Reinsurance, Bermuda, Mario Vitale, Stephen Postlewhite, Insurance