Results

The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.

These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.

Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.

The insurance company had set out plans last summer to expand its market share in Florida.

The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.

The ratings agency said there had been no capital inflows through new company formations.

The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier

The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June.

The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.

The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.

The executive also lambasted the growing tide of corporate regulation in Germany and the EU.

Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.