Aspen Insurance has reported a Q3 2024 net income available to ordinary shareholders of $42.9 million, with an underwriting income of $33 million and a total combined ratio of 95.2%.
The underwriting income figure of $33 million in Q3 2024 compares to $47.9 million in Q3 2023 and includes $54.8 million, or 7.9 combined ratio points, of pre-tax catastrophe losses related to significant industry events, including Hurricane Helene and other weather-related events.
Underwriting income in Aspen’s Insurance segment in Q3 2024 was $33.2 million, offset by an underwriting loss of 0.2 million in the Reinsurance segment.
This marks a change from Q3 2023 when the Reinsurance segment made an underwriting income of $52.5 million, and the Insurance segment saw an underwriting loss of $4.6 million.
The combined ratio in the Reinsurance segment in Q3 2024 was 100.1 %, and in the Insurance segment, it was 91.8%, for a total of 95.2%.
Meanwhile, Aspen’s gross written premiums in Q3 2024 were around $1.1 billion, up from $983 million in the same period last year.
Of this total Q3 2024 figure, the Reinsurance segment contributed $416.2 million, while the Insurance segment contributed $700.6 million.
Aspen’s operating income in Q3 2024 was $87 million, and the investment income was $79.6 million, up from $77.9 million in Q3 2023.
Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented, “Aspen has once again delivered strong performance across our underwriting and investment portfolios, and from Aspen Capital Markets.
“In the aftermath of Hurricanes Helene and Milton, our thoughts are with the communities affected, and we remain committed to playing our part in the recovery and rebuild.
“As a result of our careful and balanced approach to managing our risk portfolio, Aspen’s exposure to Hurricanes Helene and Milton are limited and fall within expectations.
“Hurricane Milton, net of reinsurance and reinstatement premiums, is expected to generate claims in the range of $40 – $60 million, based on our modelled loss projections and exposure analysis, at an industry loss estimate of $30 billion, and will be included in the Company’s fourth quarter results.”
