Bulletin: Aspen Keeps Its Turnaround On Track Through Pandemic Losses

LONDON (S&P Global Ratings) March 31, 2021--S&P Global Ratings said today that Bermuda-based insurer Aspen's re-underwriting and expense-saving strategy has further improved its underlying performance. However, the insurer's reported results have been weakened by pandemic-related losses for year-end 2020, in common with its peers. In line with our latest expectations, Aspen reported a net combined (loss and expense) ratio of 107.3%, including a $181.2 million--or 7.2 percentage point--hit from pandemic-related claims, resulting in a net loss of $40.1 million for 2020. Despite the loss, we think the turnaround is on track as Aspen has been refocusing on its most profitable business lines and reduced its expense base over the past two years. In particular, the net accident year combined ratio

...March 31, 2021 LONDON (S&P Global Ratings) March 31, 2021--S&P Global Ratings said today that Bermuda-based insurer Aspen's re-underwriting and expense-saving strategy has further improved its underlying performance. However, the insurer's reported results have been weakened by pandemic-related losses for year-end 2020, in common with its peers. In line with our latest expectations, Aspen reported a net combined (loss and expense) ratio of 107.3%, including a $181.2 million--or 7.2 percentage point--hit from pandemic-related claims, resulting in a net loss of $40.1 million for 2020. Despite the loss, we think the turnaround is on track as Aspen has been refocusing on its most profitable business lines and reduced its expense base over the past two years. In particular, the net accident year combined ratio (excluding catastrophe and pandemic-related losses and prior year loss movements) improved to 93.1% at year-end 2020, compared with 104.9% at year-end 2019. We continue to expect Aspen...

Bulletin