Reinsurance News
Aspen
Aspen posts $40.1mn 2020 net loss
31st March 2021
Bermudian re/insurer Aspen Insurance Holdings has announced a $40.1 million net loss for 2020, driven by above average catastrophe losses and $181.2 million in costs associated with COVID-19. These factors, as well as an incurred cost on interest rate swaps totalling $81.1 million, were also a driver in the company's $37.2 ... Read the full article
Aspen looks to raise $238mn via Highlands bond issuance
20th October 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited is looking to raise approximately $238 million of capital through a bond issuance. According to a recent securities filing, Highlands Holdings Bond Issuer, Ltd. and its subsidiary, Highlands Holdings Bond Co-Issuer, Inc., are proposing a $500 million issuance, just under half of which ... Read the full article
Aspen recruits Head of AIUK and AMAL Claims from Hiscox
15th October 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited has announced the appointment of Tony Rai as Head of Aspen Insurance UK (AIUK) and Aspen Managing Agency Limited (AMAL) Claims. Rai will join Aspen in early 2021 from Hiscox, where he has been Head of London Market Claims since 2009. In this role ... Read the full article
Aspen Re America names AXIS Re’s Jim Brown as Head of Casualty
12th October 2020
Bermuda-based reinsurer Aspen Re, the reinsurance arm of Aspen Insurance Holdings Limited, has announced the appointment of Jim Brown as Head of Casualty, Aspen Re America. Effective October 12th, 2020, Brown will be based in the company's New York and Rocky Hill, CT, offices. In his new role, he takes on ... Read the full article
Aspen falls to H1 loss, takes $187mn of COVID losses
4th September 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited has reported an operating loss of $48.2 million for the first six months of 2020, after taking $187.3 million of losses associated with the COVID-19 pandemic. Overall, COVID-19 related losses contributed 15.7% to Aspen’s combined ratio of 109.2% during this period. Excluding COVID-19 losses, ... Read the full article
Moody’s downgrades Aspen’s IFSR to A3
28th July 2020
Financial services ratings agency Moody's has downgraded the insurance financial strength ratings (IFSR) of global re/insurer Aspen to A3 from A2, citing diminished earnings power and challenges in rebuilding balance sheet strength. The downgrade has been applied to Aspen Insurance UK Limited and Aspen Bermuda Limited. At the same time, Moody's ... Read the full article
Amynta acquires surety operations from Aspen
17th July 2020
Amynta Group, a provider of property & casualty and warranty protection products and services, has acquired the surety operations of Aspen Insurance, the Insurance Segment of Aspen Insurance Holdings Limited. Following the acquisition, the business will operate as Amynta Surety Solutions. As part of the transaction, Amynta has entered into a strategic ... Read the full article
Aspen adds Theresa Froehlich to Board; announces leadership changes
12th June 2020
Bermuda-based insurer and reinsurer Aspen Insurance Holdings Limited has announced the appointment of Theresa Froehlich to its Board as a Non-Executive Director, alongside some additional leadership changes. Froehlich's appointment to the Board is in addition to her roles as Chair of Aspen Insurance UK Limited (AIUK) and non-executive director of AIUK ... Read the full article
Enstar completes ADC reinsurance deal with Aspen
2nd June 2020
Legacy acquirer Enstar Group Limited has completed its previously announced adverse development cover (ADC) reinsurance transaction with Bermuda domiciled re/insurer Aspen. Under the terms of the transaction, one of Enstar’s wholly owned subsidiaries has assumed reinsurance losses incurred by Aspen on or prior to December 31, 2019. The losses relate to ... Read the full article
AM Best revises Aspen outlook to negative
2nd April 2020
AM Best has revised its outlook to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Aspen Insurance UK, Aspen Bermuda, Aspen American Insurance Company and Aspen Specialty Insurance Company. The ratings agency also revised its outlooks to negative ... Read the full article
Aspen wraps up “transitional” 2019 with $48mn operating loss
17th March 2020
Bermuda domiciled re/insurer Aspen fell to a $48.4 million operating loss in 2019, as the company navigated what it describes as a “transitional year.” Losses, which also included a net loss of $241.7 million, were driven by costs relating to the acquisition of the company by certain investment funds managed by ... Read the full article
Aspen appoints former VIBE Re CEO Milner, adds new head of MEA
17th February 2020
Former Chief Executive Officer of VIBE Reinsurance, Richard Milner, is set to join the reinsurance arm of Aspen Insurance as senior managing director, Aspen Re International. Milner brings over 20 years’ experience and prior to his tenure at VIBE spent over a decade at AXIS Re, where he eventually served as ... Read the full article
Theresa Froehlich named Chair of Aspen Insurance UK
26th November 2019
Theresa Froehlich has been appointed Chair of Aspen Insurance UK Ltd. (AIUK) and as a non-executive director of AIUK and Aspen Managing Agency Ltd. (AMAL), subject to regulatory approval. At the same time, Aspen Insurance Holdings Ltd. has announced the appointment of Natalie Waller as a non-executive director of AIUK and ... Read the full article
Arch Re to acquire Aspen Re’s global credit & surety renewal rights
21st November 2019
The reinsurance arm of Arch Capital Group, Arch Reinsurance (Arch Re), has entered into a renewal rights agreement with Aspen Reinsurance (Aspen Re) on its global credit and surety reinsurance business. The agreement follows Aspen Re's decision to exit the line of business, and, as well as the renewal rights of ... Read the full article
Aspen Re to close offices in Miami, Dubai and Lloyd’s China
21st November 2019
Aspen Re, the reinsurance arm of Bermudian insurer and reinsurer Aspen Insurance Holdings Limited, is to close its offices in Miami, Dubai and Lloyd's China. The Bermudian re/insurer has confirmed a restructure of some of its operations, resulting in the closure of its Dubai and Lloyd's China reinsurance offices, as well ... Read the full article
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