Aspen
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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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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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Sources said the roughly $2.7bn book value business is likely to target a valuation of 1.5x book or above — pointing to a valuation in excess of $4bn.
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AM Best recorded 2022 US E&S direct written premium at just under $100bn in another year of strong growth.
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Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.
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The move to gear up for a listing follows a non-deal roadshow held over the summer.
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Insurance's GWP decline was driven by a couple of programs that were underperforming, while reinsurance's deceleration was driven by a deliberate slowdown in the mortgage book.
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Net income increased to $219mn over the period, up from $48mn in the same period last year, while underwriting income increased by 33% to $208mn.
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In her expanded role, she will work with trading partners to represent Aspen in the US for all business segments and build out existing distribution strategies.
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The executive joins from Crum and Forster, with 20 years’ cyber experience.
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Tartaglia will focus on driving process, data and systems excellence to support Aspen’s commercial and business strategy.
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John Welch left his role as CEO of domestic markets at Axa XL Re last year in a leadership reshuffle.