Aspen Insurance Holdings has reported a sharp improvement in underwriting performance for Q1 2026, with underwriting income almost tripling year-on-year to $79.1 million as the combined ratio improved to 89.1% from 96.1% a year earlier.
The global specialty re/insurer agreed to be acquired by a wholly owned subsidiary of Sompo Holdings in a $3.5 billion deal in August last year, with the transaction completed this February.
The firm’s opening quarter results reportedly benefited from significantly lower catastrophe losses, with the catastrophe loss ratio falling to 3.5% in Q1 2026 from 13% in Q1 2025. Aspen’s overall loss ratio also improved to 55.8% from 64.8%.
Meanwhile, net earned premiums increased to $723.5 million in Q1 2026 from $702.7 million in the same period in 2025.
However, gross written premiums declined to $1.21 billion from $1.29 billion, and net written premiums fell to $734.9 million from $751.7 million.
Aspen’s operating income in Q1 2026 rose to $85 million from $50.4 million in the same period of 2025, while net investment income edged higher to $77.5 million from $75.9 million.
At the same time, Aspen Capital Markets fee income increased to $50.6 million in Q1 2026 from $45.6 million.
Despite the stronger underwriting and operating performance, Aspen reported a net loss after tax of $55.6 million for the opening quarter of 2026, compared with net income of $36.8 million in Q1 2025.
This result was impacted by a post-acquisition accounting adjustment, following the reclassification of the investment portfolio from available-for-sale to trading under US GAAP.
