Aspen
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The carrier will reassess the market in the fourth quarter, or early in 2025.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The companies originally established the capacity agreement in January 2023.
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The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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Woodlands Financial Services listing is likely in Q2, but overall environment is subdued.
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Putting together two “show me” stories risks investor skepticism.
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It was announced earlier today that former Aspen UK CEO Richard Milner was set to join Chaucer as group CEO.
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The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.
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Based in Chicago, Michael Tate will be responsible for the design, implementation and execution of insurance solutions related to the US inland marine business.
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The announcement comes almost two months after this publication revealed that the carrier had lined up Goldman Sachs, Citibank and Jefferies to run its $4bn H1 IPO in New York.
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CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.
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