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
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John Welch left his role as CEO of domestic markets at Axa XL Re last year in a leadership reshuffle.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The managing director had spent eight years at Aspen before joining the ESG start-up.
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The move follows Sal Tucci’s departure from the firm to set up Jireh Risk Advisors.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Fee income rocketed by 88% as capital surpassed $900mn.
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The deal expanded scope of Aspen’s delegated underwriting operations across both US and European operations run by Ryan Specialty.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.
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The (re)insurer reported $30.5mn of fee income for the half-year.
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Aspen’s outwards reinsurance team now also joins the carrier’s capital markets unit.
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The bond will provide industry loss cover against any named storm event, North American earthquake or European windstorm.
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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Pandemic claims contributed to a 670% year-on-year increase in cat losses.
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The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
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Theresa Froelich takes up the role following a restructure of senior leadership at the company.
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Kreuzer previously served as Axis Re head of casualty for North America and London.
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The three ILS-backed syndicates at Lloyd’s narrowed their losses in 2019.
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Cat losses almost halved last year compared with 2018, which the carrier said was evidence of its ongoing reduction of cat risk exposure.
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Jonathan Ritz will help lead the executive team and take on a range of day-to-day responsibilities from Mark Cloutier.
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The loss was the result of non-operating costs relating to its takeover by Apollo and its ongoing efficiency drive.
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The executive will work alongside head of international catastrophe Andrew Mellor at the Bermuda reinsurer.
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Departing CUO Emil Issavi will be reunited with former Aspen Re chairman Brian Boornazian at Ryan Specialty Group.
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Among other promotions, chief risk officer Tim Aman will take responsibility for outwards reinsurance.
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The private equity firm has brought in Mark Cloutier as CEO.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.
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Aspen CEO Chris O’Kane said the acquisition by Apollo would help the group have additional scale and “take Aspen to the next level”.
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Reinsurance chief underwriting officer Emil Issavi has been named as the new CEO of the unit.
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For-sale insurer reports a decrease in reinsurance net written premiums as it makes changes to how it cedes risk to Aspen Capital Markets.
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Aspen Bermuda's Kendall Re cat bond has priced at 525 basis points, at the lowest end of the reinsurer’s revised forecasts, Trading Risk understands.
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The target size of Aspen Bermuda's Kendall Re 2018-1 cat bond has increased by 50 percent to $225mn
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Aspen Re Americas CEO and chairman of reinsurance Brian Boornazian will step down at the end of April.
