Aspen
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The Japanese carrier faces integration challenges to make a success of the deal. -
Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The purchase brings Sompo an established ILS platform as part of the deal.
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The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.
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Investors are drawing lessons from life deals to find new routes into insurance markets.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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The carrier is offering shares priced at $29-$31.
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ILS is delivering “a growing contribution” to the group, according to CEO Cloutier.
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Strong growth in fee income builds on the favourable rating environment.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The ILS business increased H1 fee income by 13% to $68mn.
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Sub-1% management fee and performance fee-only structures have evolved in ILS.
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The firm’s ILS unit expanded fee income by 10% over Q1 2023.
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Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The bond will cover named storms, North American earthquakes and European windstorms.
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Fee income was up by 30% year-over-year to $136mn in 2023.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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AuM stood at $1.5bn as of 30 September, up from $1.2bn as of January 2023.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
