Boss O’Kane promises to “drive efficency” across the business
Aspen’s underwriting performance worsened as profits for the year fell 9.1%.
The insurer also revealed that in the fourth quarter it suffered pre-tax catastrophe losses, net of reinsurance, of $25.7m from the UK floods.
Aspen’s net income after tax fell to $323.1m last year compared with $355.8m in 2014.
Its combined operating ratio (COR) worsened to 91.9% last year compared with 91.7% in 2014.
The COR was bolstered by Aspen releasing $156.5m of prior year reserves, which beefed up the COR by 6.3 points.
This was even higher than the 4.3 points release in 2014, which amounted to $104.1m.
Despite the challenges, chief executive Chris O’Kane remained upbeat, stressing a global product roll out for 2016 was a priority.
He also highlighted the acquisition of US crop insurance firm AgriLogic as beneficial to the business.
O’Kane stressed that “driving efficency” across the business was a priority.
“As we grow the Aspen business, we remain committed to driving efficiency and consistency across our company to generate increased profitability over the long-term,” he said.
Net earned premiums were up $2.47bn compared with $2.405bn.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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