Aspen Insurance Holdings has announced that it has ceased underwriting property insurance on its Bermuda platform.
In a statement, the company said that the move was a result of its considerable catastrophe losses in 2017. The Royal Gazette reported that the unit was closed last week, just a few days after the company reported losses for Q4 2017.
Colton additionally explained that the Bermuda book of business comprises only a small part of Aspen’s US property insurance book and it should be relatively unaffected by the announcement.
The reinsurer revealed a net loss after tax of US$185 million in Q4 2017. For the full year ended December 31, 2017, Aspen posted a net loss after tax of US$266.4 million, compared with net income of US$203.4 million in 2016.
Colton added that the announcement impacts three members of the Bermuda property insurance team.
“Three members of staff are impacted by this announcement. [Underwriter, unit head] Stephanie Law has left the company and [vice-president, senior property underwriter] Natasha Pethick and [underwriting assistant] Allison Bassett will be staying on for a while to ensure a smooth transition,” he said. “This decision was in no way influenced by the underwriting expertise or talent within the team — these individuals are outstanding.”
