{"id":3399,"date":"2025-04-29T14:30:28","date_gmt":"2025-04-29T14:30:28","guid":{"rendered":"http:\/\/calebdewey.com\/?p=3399"},"modified":"2025-04-29T15:03:43","modified_gmt":"2025-04-29T15:03:43","slug":"aspen-reports-increased-gwp-in-unaudited-q125-results","status":"publish","type":"post","link":"http:\/\/calebdewey.com\/index.php\/2025\/04\/29\/aspen-reports-increased-gwp-in-unaudited-q125-results\/","title":{"rendered":"Aspen reports increased GWP in unaudited Q1\u201925 results"},"content":{"rendered":"

Aspen Insurance Holdings Limited has released its unaudited results for the first quarter of 2025, reporting an increase in gross written premiums (GWP) alongside a notable decrease in profitability.<\/p>\n

\"aspen-logo\"The Bermuda-based re\/insurer reported GWP of $1.287 billion for Q1 2025, up from $1.231 billion in the same period last year.<\/p>\n

Year on year, net premiums written also increased to $751.7 million from $740.9 million, as net earned premiums rose to $702.7 million from $665.7 million.<\/p>\n

This growth contrasts with a higher combined ratio, which deteriorated from 86.6% in Q1 2024 to 96.1% in Q1 2025.<\/p>\n

This included a significant increase in the loss ratio to 64.8%, which compares to last year\u2019s Q1 of 57.8%. The Q1 2025 catastrophe loss ratio stands at 13%, up on the prior year’s 4.9%. At the same time, the expense ratio also increased to 31.3% from 28.8%.<\/p>\n

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The higher combined ratio is reflected in lower underwriting income of $27.2 million, compared with $89.5 million in Q1 2024.<\/p>\n

Investment income for the quarter amounted to $75.9 million, so slightly lower than Q1 2024’s $76.8 million.<\/p>\n

Aspen\u2019s net income (after income tax) also declined, reaching $36.8 million for Q1 2025 compared to Q1 2024\u2019s $111.8 million.<\/p>\n

Similarly, operating income stood at $50.4 million for Q1 2025, significantly lower compared to the $103.4 million reported in the same period last year.<\/p>\n

Fee income from Aspen Capital Markets increased to $45.6 million in Q1 2025 from $33.6 million in Q1 2024.<\/p>\n

The company highlights that this quarter\u2019s combined ratio was also impacted by its loss portfolio transfer agreement (LPT), which added 1.3% to the combined ratio.<\/p>\n

This LPT agreement, established with Enstar in 2022,<\/a> saw Enstar assume net losses of $3.12 billion, with a cap of $3.57 billion.<\/p>\n

Aspen noted: \u201cAs of March 31, 2025, we had approximately $340 million (December 31, 2024: $379 million) of remaining limit available on our LPT contract, representing 28% of our 2019 and prior accident year outstanding reserves.<\/p>\n

\u201cThis contract provides protection against deterioration on these accident years, significantly limiting Aspen\u2019s exposure to the risk of unfavourable development from these accident years, and strengthens our balance sheet.\u201d<\/p>\n

The company further clarified the calculation of the operating income, stating that it includes \u201can adjustment for the change in deferred gain on retroactive reinsurance contracts in order to economically match the loss recoveries under the LPT contract with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years.\u201d<\/p>\n

Operating income also excludes certain costs related to the LPT contract with a subsidiary of Enstar Group Limited, net foreign exchange gains or losses, including net realised and unrealised gains and losses from foreign exchange contracts, net realised and unrealised gains or losses on investments, non-operating expenses and income, and preference share redemption costs.<\/p>\n

Again, these are unaudited results for the quarter, so not the firm’s formal Q1 2025 results announcement, and comes as the insurer announces the launch of its US IPO<\/a>.<\/p>\n

The post Aspen reports increased GWP in unaudited Q1\u201925 results<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aspen Insurance Holdings Limited has released its unaudited results for the first quarter of 2025, reporting an increase in gross written premiums (GWP) alongside a notable decrease in profitability. The Bermuda-based re\/insurer reported GWP of $1.287 billion for Q1 2025, up from $1.231 billion in the same period last year. Year on year, net premiums […]<\/p>\n","protected":false},"author":1,"featured_media":3350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/3399"}],"collection":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=3399"}],"version-history":[{"count":3,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/3399\/revisions"}],"predecessor-version":[{"id":3402,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/3399\/revisions\/3402"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/3350"}],"wp:attachment":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=3399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=3399"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=3399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}