Aspen closes property unit

Aspen has closed its Bermuda-based US property insurance unit a few days after the company reported a net loss of USD184.9 million for the fourth quarter, and a net loss after tax of USD266.4 million for the year.

During a recently held call discussing earnings, the company indicated it was looking to reduce volatility in its global insurance business.

Steve Colton, group head of communications, said: “In keeping with this focus, we have decided to cease underwriting property insurance on the Aspen Bermuda platform with immediate effect. This action stems from the catastrophe loss activity we saw during 2017.”

He said the Bermuda book of business forms only a small part of Aspen’s US property insurance book which is unaffected by the announcement.

The property insurance unit was headed by Natasha Pethick, and included Stephanie Law, who joined the company at the start of the year, and underwriting assistant Allison Bassett.