Aspen notes accounting weaknesses

Aspen Insurance Holdings Ltd. said in a U.S. Securities and Exchange Commission filing Monday that it has replaced its auditor after identifying material weaknesses in internal controls over financial reporting.

These errors are “immaterial to the prior period financial statements of Aspen,” however, the Bermuda-based insurer and reinsurer said in the filing.

Effective July 6, Aspen has appointed Ernst & Young LLP to replace KPMG LLP as its independent registered public accounting firm for the 2022 fiscal year. KPMG had resigned on June 8.

“The audit committee and board of directors of the company discussed the subject matter of such material weaknesses and associated remediation plans with KPMG and has authorized KPMG to respond fully to the inquiries of EY concerning such matters,” Aspen said in the filing.

Aspen reported that it had uncovered deficiencies in its internal controls in its annual report for the fiscal year ended Dec. 31, 2021, released May 16.