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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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.
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The company did not provide prior-year period figures as it usually discloses its results on a semiannual basis.
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Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
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The Bermudian carrier reported GWP of just over $4.3bn in 2022, a 10% increase on the year prior.
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David Altmaier previously served as the commissioner of insurance for the state of Florida, leading the office of insurance regulation for more than six years.
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The number of global, non-life run-off deals dropped to 48 over 2022, compared with 54 in 2021, according to a report from PwC.
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The former Canopius CEO will chair the company’s nominations and governance committees.
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Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.
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Nick Acker joins from Arch Insurance group, where he spent 10 years, most recently as a vice president in its wholesale and distribution management team.
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The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.
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The carrier also reported GWP of just over $2.3bn for the first half of the year.
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De Couto has worked at Aspen for over seven years, first as underwriting and portfolio analytics SVP, and as head of exposure management over the last year.
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The carrier’s former accountant KPMG will now have to respond to EY’s enquiries.
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The carrier has also announced a brace of promotions in its first-party and specialty teams.
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The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal.
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Aspen joins Counterpart’s paper platform, which has been backed by Markel since the InsurTech launched in 2020.
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The business performance is on track for an eventual flotation, but the date will depend on stock market conditions, the CEO said.
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The reinsurance segment swung back to underwriting profits as its CoR declined 8.5 points to 93.6% and its LR improved 11.4 points to 63%.
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Under the terms of the deal, Aspen will provide paper across multiple geographies with three programs in the US and four in Europe.
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Inside P&C’s news team runs you through the key developments from the last week.
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Project Leaf will see environmental, social and governance (ESG) information issues woven into Aspen’s decision making for its credit and political risk portfolio.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.
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Kevin Chidwick, group CFO at Aspen Insurance Holdings, is to retire by year end and will be succeeded by Christopher Coleman.
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“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.
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