26th November 2023
Mark Cloutier, executive chairman and Group ceo, comments: “Aspen’s focus on disciplined underwriting, careful portfolio management and operational efficiency has delivered an excellent result for the quarter, with the business achieving an adjusted combined ratio of 91.7% and operating income of $79m, both significant improvements over the same period last year. Our results also benefited from increased investment income, driven by a higher rate environment, as well as increased Aspen Capital Markets fee income which enhanced the quality of our earnings.
Our objective is to drive continuous improvement in all aspects of our business. It is encouraging to see our third quarter results add to the positive trends of the first half of 2023, achieving an adjusted combined ratio of 87.1 and annualized operating return on average equity of 20.7% for the nine months. As we move into 2024, we anticipate that market conditions will remain favourable in most of our classes. Aspen’s strong capital position, well-balanced portfolio and healthy team culture position us well to continue to provide meaningful capacity, services and solutions to our customers and trading partners, while earning top quartile returns for our shareholders.”
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