Aspen acquired by Apollo
Aspen warns of Q4 2017 wildfire losses
Aspen Insurance Holdings has reported that it made a net loss after tax of $14.7 million and operating income after tax of $56.3 million for the second quarter of 2018.
Gross written premiums of $853.8 million in the second quarter of 2018, an increase of 3.9 percent compared with $822.1 million in the second quarter of 2017
Aspen’s insurance reported gross written premiums of $527.8 million, an increase of 8.5 percent compared with $486.5 million in the second quarter of 2017 due to growth across all sub-segments. The company’s reinsurance segment reported gross written premiums of $326.0 million, a decrease of 2.9 percent compared with $335.6 million in the second quarter of 2017 due to a decrease in specialty sub-segment premiums which was partially offset by growth in all other sub-segments.
The quarterly loss contributed to Aspen making a profit of $16.1 million in the first six months of 2018, down heavily on the $172.3 million profit it made for the same period of 2017. Net income in the first half of 2018 included $58.4 million of net realised and unrealised investment losses and $22.1 million of net realised and unrealised foreign exchange losses compared with net realised and unrealised investment gains of $88.2 million and $8.8 million of net realised and unrealised foreign exchange losses in the same period of 2017. Net income in the first half of 2018 also included an $8.6 million make-whole payment associated with the partial redemption of Aspen's 6.0 percent Senior Notes due 2020.
“Aspen’s second quarter results demonstrate ongoing execution of our plan to enhance performance,” said Chris O’Kane, chief executive officer. “This included the continued successful repositioning of Aspen Insurance, which had its second consecutive record quarter in terms of gross written premium, another quarter of solid results and pricing discipline at Aspen Re and significant progress in the implementation of our operational effectiveness and efficiency program. In addition, we reduced debt leverage through the partial redemption of our senior notes.”
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