Insurance Insider today reported Aspen is to cease writing three separate lines of business – aviation, marine hull and international professional indemnity books – which are valued at around $120m – through its Lloyd’s platform, CEO Chris O’Kane has revealed on the day the company posted its Q2 figures.
Aspen reported a net loss after tax of $14.7m for the quarter
Insurance Insider reported that Aspen will either look to strike renewal rights deals on the aviation, marine hull and international professional indemnity books, or put them into run-off.
Aspen’s head of marine hull in London is Ralph Godwin. The group writes through syndicate 4711, active underwriter E Beckwith, which finished 2017 with a loss of £15.5m, compared with a profit of £6.7m the previous year. GWP decreased to £396.6m, from £404.5m in 2016.
For Marine, Aviation & Energy Insurance, GWP decreased to £177.1m in 2017, from £217m in 2016, attributed by the Syndicate to depressed oil prices and unfavourable market conditions caused by excess capacity. Losses from the three major Atlantic hurricanes Harvey, Irma and Maria impacted the Marine Hull yacht business “significantly, the insurer said.
SOURCE: INSURANCE INSIDER / INSURANCE MARINE NEWS