The Bermuda firm had “deeply disappointing” results for 2017
Aspen has closed its US property insurance business after “poor performance” for 2017.
Less than two weeks after the release of its Q4 2017 results, the firm said it stopped underwriting property insurance on its Bermuda platform.
According to reports from AM Best, Aspen chief executive Chris O’Kane acknowledged the high 2017 catastrophe losses as playing a key role in this decision.
In the firm’s February earnings conference call, he said that the cat losses “exceed our expectations and we have taken steps and are continuing to take steps to prevent this from recurring”.
The Bermuda-based firm saw underwriting and catastrophe losses of $117m.
The US property insurance business was not the only casualty of heavy losses: Aspen Insurance chief executive Stephen Postlewhite is also leaving the business amid the “deeply disappointing” results.