ASPEN POSTS $40M NET LOSS

Bermudian carrier Aspen Insurance has reported a combined ratio of 107.3% and a net loss of $40m for year 2020, driven by Covid-19 and catastrophe losses. The combined ratio reflects an improvement of 6.6 points over the previous year’s figure of 113.9%. The posted net losses reflect “above-average” catastrophe losses, which includes $181m of losses related to Covid-19 and $81m associated with interest rate swaps. Losses related to catastrophes, excluding Covid-19, amounted to $180m for the year 2020, compared with $143m in 2019. Underwriting losses were $141m, although Aspen said its underwriting performance showed improvement. Despite the headwinds, it reported a 7.6% rise in gross written premiums to $3.7bn, owing to improved market conditions and a reshaping of the underwriting portfolio.