4th May 2022
Aspen Insurance Holdings has reported results for the twelve months ended £1st Decembe 2021.
Mark Cloutier, Group executive chairman and ceo, comments “I am pleased to report that 2021 was a further year of good progress at Aspen, with the business reporting a net income of $29.8m and an operating income of $95.1m, a significant improvement over 2020.
Moreover, this performance occurred in a year that saw the world continuing to adapt to the effects of the ongoing global pandemic. Now as we enter May 2022, our world continues to be rocked by the horrific events unfolding as a result of the invasion in Ukraine. Our thoughts and prayers are with all those whose lives continue to be forever impacted.
Underpinning Aspen’s improved result was a continued focus on underwriting discipline with our adjusted Combined Ratio improving from 103.4 in 2020, which included 14.3 percentage points of catastrophe losses, to 98.8 in 2021; this included 13.6 percentage points of catastrophe losses as well as the full economic benefit of the Adverse Development Cover we entered into during 2020. This trend underscores the improvement initiatives we have put in place, while also showing we have been an active participant in capturing the opportunities presented by improved market and trading conditions.
We also have made significant progress in the optimisation of our platforms, including the expansion of our Lloyd’s capacity to £900m, enabling our teams to go to market with a clearer proposition and greater scale as we shift our focus to growth.
Our well-established Capital Markets business, Aspen Capital Partners, is a core part of our strategy at Aspen, and managed capital grew to more than $900m. This is particularly pleasing, given the challenging renewal environment that many capital market vehicles have experienced recently, and it reflects the sophistication of our solutions across both property and casualty lines of business, the depth of our investor relationships and our established track record. We expect to see continued growth in 2022 as we work with our trading partners and investors to bring new and innovative capital markets solutions to the market, while at the same time seeing the benefit of diversifying, capital light fee income benefiting our earnings.
Being a responsible business is also an essential part of our vision and strategy, and 2021 saw us launch our inaugural ESG report. This report is an important starting point on our journey to build a more sustainable future for Aspen, and outlines the significant work we have already done, including building a more diverse culture, understanding the impact of what we underwrite and thinking carefully about where we invest.
In the first half of 2021, we refreshed our brand, aligning our external identity with our collaborative internal culture and clear vision to transform risk into opportunity for our clients.
Looking ahead, while we are mindful of broader macroeconomic uncertainty and continued inflationary claims trends, we are confident in the outlook and positioning of our business. We are successfully shifting from ‘transforming’ Aspen to ‘activating’ its true potential, and I am excited by the energy, enthusiasm and commitment I see from our people, the differentiated solutions our platforms are creating for clients and what I believe we can accomplish in 2022 and beyond.”
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