Reinsurance News

Aspen Insurance Holdings Limited

Aspen reshuffles management, puts MGA into run-off

14th May 2019

Bermuda-headquartered Aspen Insurance Holdings has announced a series of key changes to its management team, as well as issued confirmation that its UK-based MGA Aspen Risk Management Limited (ARML) will be put into run-off. Aspen states that it is working with the management team at ARML to ensure all policyholder obligations ... Read the full article

Apollo completes Aspen acquisition

15th February 2019

It's been announced that affiliates of certain Apollo investment funds have completed the previously announced takeover of Aspen Insurance Holdings, following the receipt of regulatory approval. In August 2018, it was revealed that Apollo Funds had entered into a definitive agreement to acquire Bermuda-based insurer and reinsurer Aspen. This was followed by ... Read the full article

Lodestar Marine enters P&I insurance cover agreement with Aspen Insurance

13th February 2019

Lodestar Marine has entered into a new agreement with Aspen Insurance, the insurance arm of Aspen Insurance Holdings Limited, that sees Lodestar provide Protection and Indemnity (P&I) insurance to the owners and managers of small and specialised ships with Aspen. Under the agreement, Lodestar will now provide protection up to $50 ... Read the full article

Catastrophes significantly dent Aspen’s underwriting performance in Q4

7th February 2019

Aspen Insurance Holdings Limited has reported a net loss of $147 million for the fourth-quarter of 2018, as a slight increase in investment income was heavily offset by underwriting losses in both its insurance and reinsurance segments following the impacts of catastrophe losses in the period. Net of reinsurance and reinstatement ... Read the full article

Aspen shareholders approve acquisition by Apollo

11th December 2018

The shareholders of Bermuda-headquartered Aspen Insurance Holdings have approved the company's acquisition by funds under management of Apollo Global Management. Aspen held a special general meeting of shareholders regarding the merger agreement, and has announced that all of the resolutions put forward at the special general meeting were approved by the ... Read the full article

Apollo charges, higher expenses and losses hit Aspen in Q3

25th October 2018

Aspen Insurance Holdings has reported a net loss of $15.1 million for the third-quarter of 2018, which includes impacts from charges related to its transaction with Apollo, expense efficiencies, and higher losses. As previously announced, Aspen, the global insurer and reinsurer is to be acquired by Apollo Global Management, LLC ... Read the full article

Apollo lowered per share offer, Aspen’s counter-offer secured final price

23rd October 2018

A proxy statement has revealed that Aspen Insurance Holdings' financial advisors held discussions with 26 companies to gauge interest about making an offer for the company, four of which were in the final bid process, with Apollo eventually agreeing a deal. It was announced at the end of August 2018 that ... Read the full article

Mark Cloutier to leave Brit with a view to becoming Chairman & CEO of Aspen

1st October 2018

Brit has announced that Executive Chairman Mark Cloutier is to step down from his role in December 2018, with a view to becoming the Chairman and Chief Executive Officer (CEO) of Aspen Insurance Holdings. Following his departure, Cloutier will assume a role with an affiliate of Apollo Global Management, LLC, working ... Read the full article

Aspen signs $65mn IT agreement to add efficiency

9th September 2018

Aspen Insurance Holdings, via its subsidiaries Aspen Insurance UK Services Limited, Aspen Insurance U.S Services Inc, and Aspen Bermuda Limited, has entered into a $65 million information technology agreement with Cognizant Worldwide to improve its operating efficiencies. The agreement, effective from August 31, 2018 has an initial term period of five ... Read the full article

Aspen UK approves early release of Thomas Lillelund to AIG

3rd September 2018

Aspen Insurance Holdings Limited has agreed to release former Chief Executive Officer (CEO) of its reinsurance segment, Thomas Lillelund, early. Lillelund stopped acting as CEO of Aspen's reinsurance segment effective August 7th, 2018, and on August 29th, Aspen Insurance UK Limited and Lillelund executed a letter outlining terms and conditions of his ... Read the full article

Aspen confirms acquisition by Apollo for $2.6bn

28th August 2018

Bermuda-headquartered Aspen Insurance Holdings has confirmed this morning that it is being acquired by funds under management of Apollo Global Management, LLC for $2.6 billion. The fact Aspen has been for sale has been no secret and the insurance and reinsurance firm's sale has been one of the most discussed, while ... Read the full article

Aspen ceases underwriting certain lines at Lloyd’s, cost a factor

13th August 2018

Aspen Insurance Holdings is to stop underwriting international professional indemnity (PI), marine hull, and aviation insurance at Lloyd's of London, with the cost of doing business at the specialist insurance and reinsurance marketplace being a factor. Speaking during the insurer and reinsurer's second-quarter 2018 earnings call, Chief Executive Officer (CEO), Chris ... Read the full article

Aspen significantly reduces cat exposure as efficiency drive continues

9th August 2018

Chris O'Kane, the Chief Executive Officer (CEO) of Aspen Insurance Holdings Limited, has said that the efforts taken so far to strengthen the re/insurer's operations have significantly reduced its exposure to catastrophe events. Aspen announced losses, net of reinsurance, of approximately $400 million from hurricanes Harvey, Irma, and Maria, as well ... Read the full article

Starr Insurance to acquire Aspen’s aviation business

7th August 2018

Starr Insurance Companies has announced that it has entered into an agreement to acquire the renewal rights of Aspen Insurance’s aviation business. Under the terms of the agreement, Starr will manage all underwriting and claims administration on current business, in addition to managing the run-off of Aspen’s aviation claims and reserves ... Read the full article

Aspen pursues new insurance subsidiary in Ireland

15th May 2018

The Central Bank of Ireland has received an application from insurer and reinsurer Aspen for the authorisation of a new insurance subsidiary in Dublin, Republic of Ireland. Aspen Insurance Ireland DAC (Aspen Ireland) is anticipated to be operational by the first quarter of 2019 and is intended to ensure continued service ... Read the full article

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