Aspen Insurance Holdings Limited announced its financial results for the three- and nine-month periods ending on September 30, 2024, reporting growth in key areas of its business.
According to executive chairman and group CEO Mark Cloutier (pictured above), Aspen achieved solid results across its underwriting, investment, and capital market divisions. For the nine-month period, gross written premium increased by 15.8%, reaching $3.6 billion, compared to $3.1 billion during the same period in 2023.
Cloutier noted that this growth reflects the appeal of Aspen's platform and its relevance to clients and trading partners in both insurance and reinsurance.
Aspen Capital Markets saw a 22% rise in fee income, reaching $112 million, while net investment income grew 15.2% to $239 million. The company’s operating income of $288 million represented a 6.5% increase over the prior year.
Amid a challenging year for the industry, marked by major loss events, Aspen’s results were attributed to disciplined underwriting, steady investment performance, and a rising contribution from its capital markets unit. The company reported an annualised return on average equity of 17.6% and an adjusted combined operating ratio of 88.2%.
Cloutier indicated that Aspen’s approach to risk management and its position in the market have positioned the company to provide ongoing solutions to customers and trading partners, alongside sustainable growth and reliable returns for shareholders, despite varied industry loss events and cycles.
Read More: Aspen reveals strong mid-year performance
Cloutier also addressed the impact of recent hurricanes, noting that Aspen remains focused on supporting affected communities as they rebuild. Aspen’s exposure to Hurricanes Helene and Milton was described as limited and in line with company expectations.
Hurricane Milton, after accounting for reinsurance and reinstatement premiums, is anticipated to result in claims between $40 million and $60 million, based on loss projections and exposure analysis. The industry loss estimate for Hurricane Milton is $30 billion, and Aspen’s related claims will be reflected in its fourth-quarter results.
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