Bermuda-based insurer and reinsurer Aspen Insurance Holdings Ltd. reported on Thursday net income of $51 million for 2022, up 70% from $30 million in 2021.
Net written premium increased to $2.9 billion, an increase of 12% compared to 2021.
Aspen’s total expense ratio for 2022 improved to 93% compared to 101.2% in 2021.
The insurer reported net investments of $188 million, up 27%.
Catastrophe losses of $307 million, down 6.1% from 2021, were due to Hurricane Ian, floods in Australia and South Africa, the war between Russia and Ukraine and other weather-related events, Aspen’s earnings report says.
Most of the catastrophe losses were associated with Aspen̵7;s reinsurance business. Aspen’s book is almost evenly split between insurance and reinsurance.
The outlook for the market remains firm, Mark Cloutier, CEO and president, said in an interview.
“On the fundamentals of the business, I don’t see any reason for trading conditions to change dramatically, especially to see a slowdown in the rate environment,” he said.