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Aspen reports profit increase

Aspen reports profit increase

Bermuda-based insurer and reinsurer Aspen Insurance Holdings Ltd. on Thursday reported net income of $51 million for 2022, up 70% from $30 million in 2021.

Net written premium increased to $2.9 billion up 12% compared with 2021.

Aspen’s 2022 combined ratio improved to 93% compared with 101.2% in 2021.

The insurer reported net investment income of $188 million, up 27%.

Catastrophe losses of $307 million, which were down 6.1% from 2021, resulted from Hurricane Ian, floods in Australia and South Africa, the Russian-Ukraine war and other weather-related events, Aspen’s earnings statement said.

Most of the catastrophe losses were associated with Aspen’s reinsurance business. Aspen’s book is almost evenly split between insurance and reinsurance.

The outlook for the market remains firm, said Mark Cloutier, group executive chairman and CEO in an interview.

“In the fundamentals of the business, I don’t see a reason for trading conditions to change dramatically, particularly to see softening in the rate environment,” he said.