Aspen exits lines after rocky second quarter

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Aspen Insurance Holdings will pull out of certain lines of business at Lloyd’s following a disappointing second quarter of the year. The company reported a net loss of $14.7m for the second quarter of 2018, compared with a net income of $75.8m for the same period in 2017. Following the disappointing results, Chris O’Kane, chief executive officer of the firm announced Aspen’s intent to withdraw from three lines of business written in Lloyd’s. “While most of our Lloyd’s business performed well, and we will continue to focus on and grow those lines, there are some others that have been disappointing, specifically international professional indemnity and marine hull and therefore we will no longer underwrite these lines of business on the Lloyd’s platform.” “We will discontinue writing aviation insurance on Lloyd’s,” he said as well. Aspen suffered $18.2m of catastrophe losses during the quarter, with $8.1m attributable to its insurance division, and $10.1 attributable to its reinsurance segment. This is compared with $37.4m of catastrophe losses for the same period in 2017. The company’s combined ratio was 97.4% for the quarter, an improvement on the 100% it recorded for the same period in 2017. Gross written premiums for the second quarter of the year totalled $853.8m, up from $822.1m recorded during the same three month stretch in 2017.

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