Reinsurance News
Aspen
Aspen drops KPMG over “weaknesses” in financial reporting
26th July 2022
Bermuda-based insurer and reinsurer, Aspen Insurance Holdings, has confirmed that KPMG will no longer serve as its independent registered public accounting firm, after Aspen identified “material weaknesses” in internal controls over financial reporting. With effect from July 6th, Aspen has appointed Ernst & Young (EY) to replace KPMG as its accounting ... Read the full article
Aspen backs excess insurance policy by Counterpart
21st July 2022
Management liability insurtech Counterpart has announced the launch of an excess insurance product for small businesses, backed by Aspen. According to Counterpart, the excess policy aims to support small businesses in a time of heightened litigation. Counterpart utilises proprietary data and technology to respond to the increasing settlement and legal expenses, which ... Read the full article
Appetite for underwriting property cat reinsurance business tightening
1st June 2022
Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article
Aspen joins commitment to cut ties with the Tar Sands Pipeline
21st April 2022
Trans Mountain insurer and Lloyd’s syndicate Aspen Insurance is to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires this summer. Aspen joins sixteen other insurance companies that have dropped Trans Mountain or vowed not to insure the Trans Mountain Expansion Project. The commitment from ... Read the full article
Allianz latest to rule out insuring East African Crude Oil Pipeline
11th April 2022
Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article
Net premiums rise for reinsurers in Bermuda
20th January 2022
The net premiums written for a group of eight reinsurers based in Bermuda rose by 18.1% through 9m21. The figure was supplied by Fitch in one of its latest reports. The company suggested that the growth was driven by rate increases, plus growth in casualty and specialty writings. Among the eight reinsurers—Arch ... Read the full article
Aspen to incorporate ESG into Credit & Political Risk decision making
12th January 2022
Bermudian re/insurer Aspen has launched environmental, social and governance (ESG) integration strategy Project Leaf, which will help provide information into the decision making process for its Credit and Political Risk (CPR) portfolio. The re/insurer aims to see 66% of its CPR premium originating from transactions with a favourable ESG classification by ... Read the full article
Aspen implements e-placing platform Whitespace
29th December 2021
Bermudian re/insurer Aspen has opted to implement the e-placing platform Whitespace. The platform enables brokers and underwriters to digitally offer, negotiate, place, and bind insurance and reinsurance contracts. Aspen explained that the move would further reinforce the importance of Lloyd’s as a platform and align it with the target of having 90% ... Read the full article
Aspen announces promotions as Dunleavy takes on Group CUO role
22nd December 2021
Christian Dunleavy, currently Chief Underwriting Officer (CUO) of Aspen Re and Chief Executive Officer (CEO) and CUO of Aspen Bermuda Limited, has been appointed to the newly created role of Group CUO. In his new role, Dunleavy will continue to lead the firm's efforts to deliver its strategy, leveraging Aspen's underwriting ... Read the full article
Aspen CFO Chidwick to depart, Coleman succeeds
15th October 2021
Aspen Insurance’s Kevin Chidwick is set to depart from his role as Chief Financial Officer at the end of this year and will be succeeded by Chris Coleman. Based in Bermuda, Coleman will also be joining Aspen’s Executive Committee. He was most recently CFO of Third Point Re and brings strong transactional ... Read the full article
Not a true hard market, but there’s more to come: Aspen’s Christian Dunleavy
8th October 2021
Despite improvements, it’s still not a true hard market and the reinsurance arena is likely lagging the primary space and needs to push for more rate adequacy, according to Christian Dunleavy of Aspen Insurance Holdings Limited. Dunleavy, who serves as Chief Underwriting Officer (CUO) of Aspen Re, and Chief Executive Officer ... Read the full article
Aspen’s H1 net income improves to $87mn off underwriting, investments
7th September 2021
Bermuda domiciled re/insurer Aspen has reported a net income for 2021's opening six months of $87.4 million, rising from a $172.8 million prior period loss thanks in-part to superior underwriting performance. Underwriting profit for H120 stands at $33.3 million, compared to a loss of $109 million in 2020. Investment income has been recorded ... Read the full article
Aspen strengthens global reinsurance leadership team
28th June 2021
Aspen Re, the reinsurance arm of Bermuda-based Aspen Insurance Holdings Limited, has announced a number of appointments designed to further strengthen its global leadership team. Firstly, Beatrice Morley, currently Global Head of Casualty, will take on the additional responsibilities as Aspen Re's Head of Asia Pacific. Based in Singapore, Morley will report ... Read the full article
Aspen names William Miller its Chief Actuarial Officer
26th May 2021
Aspen Insurance has added William Miller as its new Group Chief Actuarial Officer, effective July 1. Prior to this he spent 12 years at Chubb legacy ACE, where he was latterly Chief Actuary for its Risk Management & Foreign Casualty divisions. Miller's actuarial career spans 35 years within the non-life sector and ... Read the full article
Aspen appoints Markel’s Laurie Shane to lead Outwards Reinsurance
6th May 2021
Bermudian re/insurer Aspen Insurance has announced the appointment of Laurie Shane as its new group head of Outwards Reinsurance and is set to begin her role on June 1. Shane joins from Markel and will report to Brian Tobben, Chief Executive Officer of Aspen Capital Partners. During her time at Markel she served ... Read the full article
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