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February 2019
February 2019
February 2019
December 2018
October 2018
September 2018
August 2018
August 2018
![]() | PRESS RELEASE |
• | Gross written premiums of $873.2 million in the third quarter of 2018, an increase of 2.4% compared with $852.5 million in the third quarter of 2017 |
◦ | Insurance: Gross written premiums of $476.8 million, an increase of 13.3% compared with $421.0 million in the third quarter of 2017 due to growth in Financial and Professional Lines and Property and Casualty sub-segments, partially offset by a decrease in the Marine, Aviation and Energy sub-segment |
◦ | Reinsurance: Gross written premiums of $396.4 million, a decrease of 8.1% compared with $431.5 million in the third quarter of 2017 due primarily to a decrease in the Property Catastrophe sub-segment |
• | Net written premiums of $578.9 million in the third quarter of 2018, a decrease of 4.7% compared with $607.4 million in the third quarter of 2017 due to the impact of increased quota share reinsurance attaching during 2018. The retention ratio in the third quarter of 2018 was 66.3% compared with 71.2% in the third quarter of 2017 |
◦ | Insurance: Net written premiums of $222.5 million, a decrease of 8.7% compared with $243.8 million in the third quarter of 2017 due primarily to the increased use of quota share reinsurance. The retention ratio in the third quarter of 2018 was 46.7% compared with 57.9% in the third quarter of 2017 |
◦ | Reinsurance: Net written premiums of $356.4 million, a decrease of 2.0% compared with $363.6 million in the third quarter of 2017 |
• | Loss ratio of 69.2% in the third quarter of 2018 compared with 119.0% in the third quarter of 2017. The loss ratio included pre-tax catastrophe losses of $56.4 million, or 9.4 percentage points, net of reinsurance recoveries and $4.8 million of reinstatement premiums, in the third quarter of 2018 compared with $360.3 million, or 55.9 percentage points, net of reinsurance recoveries and $12.5 million of reinstatement premiums, in the third quarter of 2017 |
◦ | Insurance: Loss ratio of 63.7% compared with 101.3% in the third quarter of 2017. The loss ratio included pre-tax catastrophe losses of $8.0 million, or 3.4 percentage points, net of reinsurance recoveries, in the third quarter of 2018 primarily as a result of Hurricane Florence in the U.S. In the third quarter of 2017, pre-tax catastrophe losses totaled $84.0 million, or 30.3 percentage points, net of reinsurance recoveries and $(7.4) million of reinstatement premiums |
◦ | Reinsurance: Loss ratio of 72.5% compared with 131.5% in the third quarter of 2017. The loss ratio included pre-tax catastrophe losses of $48.4 million, or 13.0 percentage points, net of reinsurance recoveries and $4.8 million of reinstatement premiums, in the third quarter of 2018 primarily as a result of Typhoon Jebi in Japan, Hurricane Florence in the U.S. and various other weather-related events in the U.S. and Asia. In the third quarter of 2017, pre-tax catastrophe losses totaled $276.3 million, or 74.6 percentage points, net of reinsurance recoveries and $19.9 million of reinstatement premiums |
• | Net favorable development on prior year loss reserves of $19.5 million benefited the loss ratio by 3.2 percentage points in the third quarter of 2018. Prior year net favorable reserve development of $17.9 million benefited the loss ratio by 2.8 loss ratio points in the third quarter of 2017 |
◦ | Insurance: Prior year net favorable reserve development of $11.9 million benefited the loss ratio by 5.1 percentage points in the third quarter of 2018. Prior year net favorable development of $0.7 million benefited the loss ratio by 0.3 percentage points in the third quarter of 2017 |
◦ | Reinsurance: Prior year net favorable reserve development of $7.6 million benefited the loss ratio by 2.0 percentage points in the third quarter of 2018. Prior year net favorable development of $17.2 million benefited the loss ratio by 4.8 percentage points in the third quarter of 2017 |
• | Accident year loss ratio excluding catastrophes was 63.0% in the third quarter of 2018 compared with 65.9% in the third quarter of 2017. The ratio was impacted by business mix, particularly crop reinsurance. Excluding the impact of the crop reinsurance business, the accident year loss ratio excluding catastrophes in the third quarter of 2018 was 56.7% |
◦ | Insurance: Accident year loss ratio excluding catastrophes was 65.4% in the third quarter of 2018 compared with 71.3% in the third quarter of 2017. The third quarter of 2018 ratio included $15.1 million of fire-related losses in the U.K. |
◦ | Reinsurance: Accident year loss ratio excluding catastrophes was 61.5% in the third quarter of 2018 compared with 61.7% in the third quarter of 2017. Excluding the impact of the crop reinsurance business, the accident year loss ratio excluding catastrophes in the third quarter of 2018 was 49.0% |
• | Total expense ratio of 41.9% and total expense ratio (excluding amortization and non-recurring expenses) of 33.8% in the third quarter of 2018 compared with 33.2% and 32.4%, respectively, in the third quarter of 2017 |
◦ | Amortization and non-recurring expenses in the third quarter of 2018 included $11.1 million of expenses related to the operational effectiveness and efficiency program and $38.6 million of advisor fees relating to the transaction with Apollo |
◦ | The policy acquisition expense ratio was 16.2% in the third quarter of 2018 in line with the third quarter of 2017 |
◦ | General and administrative expenses (excluding amortization and non-recurring expenses) were $109.4 million in the third quarter of 2018 compared with $105.7 million in the third quarter of 2017 as variable compensation in the third quarter of 2017 was impacted by losses during that quarter. The general and administrative expense ratio (excluding amortization and non-recurring expenses) increased to 17.6% from 16.2% in the third quarter of 2017 |
• | Net (loss) after tax of $(15.1) million, or $(0.38) per diluted ordinary share, in the third quarter of 2018 compared with net (loss) of $(253.8) million, or $(4.48) per diluted ordinary share, in the third quarter of 2017 |
◦ | The income tax credit for the three months ended September 30, 2018 included $12.5 million related to the successful conclusion of a U.K. tax inquiry. |
◦ | Net (loss) in the third quarter of 2018 included $(0.9) million of net realized and unrealized investment losses and $(2.3) million of net realized and unrealized foreign exchange (losses) compared with $17.5 million of net realized and unrealized investment gains and $12.9 million gain of net realized and unrealized foreign exchange (losses) in the third quarter of 2017 |
• | Operating income after tax of $36.9 million, or $0.49 per diluted ordinary share, in the third quarter of 2018 compared with operating (loss) of $(276.6) million, or $(4.78) per diluted ordinary share, in the third quarter of 2017 |
• | Annualized net income return on average equity of (4.0)% and annualized operating return on average equity of 5.2% for the quarter ended September 30, 2018 compared with (37.6)% and (40.0)%, respectively, for the third quarter of 2017 |
• | Gross written premiums increased by 6.4% to $2,843.8 million in the first nine months of 2018 compared with $2,672.6 million in the first nine months of 2017 |
• | Net written premiums decreased by 9.2% to $1,700.4 million in the first nine months of 2018 compared with $1,872.3 million in the first nine months of 2017. The retention ratio in the first nine months of 2018 was 59.8% compared with 70.1% in the first nine months of 2017 |
• | Loss ratio of 62.7% for the first nine months of 2018 compared with 80.8% for the first nine months of 2017. The loss ratio included $98.8 million, or 6.0 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries and $4.8 million of reinstatement premiums, in the first nine months of 2018. This compared with $424.3 million, or 23.9 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries and $12.5 million of reinstatement premiums, in the first nine months of 2017 |
• | Net favorable development on prior year loss reserves of $99.7 million benefited the loss ratio by 6.0 percentage points in the first nine months of 2018. In the first nine months of 2017, net favorable development of $92.8 million benefited the loss ratio by 5.2 percentage points |
• | Accident year loss ratio excluding catastrophes of 62.7% for the first nine months of 2018 compared with 62.1% for the first nine months of 2017 |
• | Total expense ratio of 40.0% and total expense ratio (excluding amortization and non-recurring expenses) of 35.7% for the first nine months of 2018 compared with 37.2% and 36.7%, respectively, for the first nine months of 2017, primarily due to a decrease in the policy acquisition expense ratio |
◦ | Amortization and non-recurring expenses in the first nine months of 2018 included $31.5 million of expenses related to the operational effectiveness and efficiency program and $38.6 million of advisor fees relating to the transaction with Apollo |
• | Net income after tax of $1.0 million or $(0.37) per diluted ordinary share (adjusted for preference shares dividends and non-controlling interest) for the nine months ended September 30, 2018 compared with net (loss) of $(81.5) million, or $(1.99) per diluted ordinary share, for the nine months ended September 30, 2017. Net income in the first nine months of 2018 included $(59.3) million of net realized and unrealized investment (losses) and $(24.4) million of net realized and unrealized foreign exchange (losses) compared with net realized and unrealized investment gains of $105.7 million and $4.1 million of net realized and unrealized foreign exchange gains in the first nine months of 2017. Net income in the first nine months of 2018 also included an $8.6 million make-whole payment associated with the partial redemption of Aspen’s 6.00% Senior Notes due 2020 |
• | Operating income after tax of $156.2 million, or $2.20 per diluted ordinary share, for the nine months ended September 30, 2018 compared with operating (loss) of $(177.6) million, or $(3.46) per diluted ordinary share, for the nine months ended September 30, 2017 |
• | Annualized net income return on average equity of (1.2)% and annualized operating return on average equity of 7.6% for the first nine months of 2018 compared with (5.5)% and (9.6)%, respectively, for the first nine months of 2017 |
• | Investment income of $48.0 million in the third quarter of 2018 compared with $46.4 million in the third quarter of 2017 |
• | The total return on Aspen’s aggregate investment portfolio was 0.32% for the three months ended September 30, 2018 and reflects net realized and unrealized gains and losses mainly in the fixed income portfolio |
• | Aspen’s investment portfolio is comprised primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 3.7 years as at September 30, 2018 |
• | Book yield on the fixed income portfolio as at September 30, 2018 was 2.67% compared with 2.56% as at December 31, 2017 |
• | Total shareholders’ equity was $2.8 billion as at September 30, 2018 |
• | Diluted book value per share was $37.46 as at September 30, 2018, a 6.6% decrease from December 31, 2017 primarily due to retained losses and unrealized investment losses on the available for sale portfolio in the first nine months of 2018 |
As at September 30, 2018 | As at December 31, 2017 | |||||||
ASSETS | ||||||||
Total investments | $ | 6,913.1 | $ | 7,633.0 | ||||
Cash and cash equivalents | 1,026.6 | 1,054.8 | ||||||
Reinsurance recoverables | 2,433.6 | 2,030.7 | ||||||
Premiums receivable | 1,700.1 | 1,496.5 | ||||||
Other assets | 750.8 | 691.4 | ||||||
Total assets | $ | 12,824.2 | $ | 12,906.4 | ||||
LIABILITIES | ||||||||
Losses and loss adjustment expenses | $ | 6,726.2 | $ | 6,749.5 | ||||
Unearned premiums | 1,974.4 | 1,820.8 | ||||||
Other payables | 923.1 | 813.9 | ||||||
Silverton loan notes | — | 44.2 | ||||||
Long-term debt | 424.7 | 549.5 | ||||||
Total liabilities | $ | 10,048.4 | $ | 9,977.9 | ||||
SHAREHOLDERS’ EQUITY | ||||||||
Total shareholders’ equity | 2,775.8 | 2,928.5 | ||||||
Total liabilities and shareholders’ equity | $ | 12,824.2 | $ | 12,906.4 | ||||
Book value per share | $ | 37.87 | $ | 40.59 | ||||
Diluted book value per share (treasury stock method) | $ | 37.46 | $ | 40.10 |
Three Months Ended | ||||||||
September 30, 2018 | September 30, 2017 | |||||||
UNDERWRITING REVENUES | ||||||||
Gross written premiums | $ | 873.2 | $ | 852.5 | ||||
Premiums ceded | (294.3 | ) | (245.1 | ) | ||||
Net written premiums | 578.9 | 607.4 | ||||||
Change in unearned premiums | 44.3 | 45.1 | ||||||
Net earned premiums | 623.2 | 652.5 | ||||||
UNDERWRITING EXPENSES | ||||||||
Losses and loss adjustment expenses | 431.1 | 776.2 | ||||||
Amortization of deferred policy acquisition costs | 101.0 | 105.4 | ||||||
General, administrative and corporate expenses | 109.4 | 105.7 | ||||||
Total underwriting expenses | 641.5 | 987.3 | ||||||
Underwriting (loss) including corporate expenses | (18.3 | ) | (334.8 | ) | ||||
Net investment income | 48.0 | 46.4 | ||||||
Interest expense | (5.4 | ) | (7.4 | ) | ||||
Other (expenses) income | (0.7 | ) | 7.6 | |||||
Total other revenue | 41.9 | 46.6 | ||||||
Amortization and non-recurring expenses | (51.0 | ) | (5.2 | ) | ||||
Net realized and unrealized exchange (losses) gains | (2.3 | ) | 12.9 | |||||
Net realized and unrealized investment (losses) gains (1) | (0.9 | ) | 17.5 | |||||
(LOSS) BEFORE TAX | (30.6 | ) | (263.0 | ) | ||||
Income tax credit | 15.5 | 9.2 | ||||||
NET (LOSS) AFTER TAX | (15.1 | ) | (253.8 | ) | ||||
Dividends paid on ordinary shares | (14.3 | ) | (14.4 | ) | ||||
Dividends paid on preference shares | (7.6 | ) | (7.7 | ) | ||||
Preference share redemption costs | — | (5.6 | ) | |||||
Proportion due to non-controlling interest | 0.1 | (0.6 | ) | |||||
Retained (loss) | $ | (36.9 | ) | $ | (282.1 | ) | ||
Loss ratio | 69.2 | % | 119.0 | % | ||||
Policy acquisition expense ratio | 16.2 | % | 16.2 | % | ||||
General, administrative and corporate expense ratio | 25.7 | % | 17.0 | % | ||||
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses) | 17.6 | % | 16.2 | % | ||||
Expense ratio | 41.9 | % | 33.2 | % | ||||
Expense ratio (excluding amortization and non-recurring expenses) | 33.8 | % | 32.4 | % | ||||
Combined ratio | 111.1 | % | 152.2 | % | ||||
Combined ratio (excluding amortization and non-recurring expenses) | 103.0 | % | 151.4 | % |
Nine Months Ended | ||||||||
September 30, 2018 | September 30, 2017 | |||||||
UNDERWRITING REVENUES | ||||||||
Gross written premiums | $ | 2,843.8 | $ | 2,672.6 | ||||
Premiums ceded | (1,143.4 | ) | (800.3 | ) | ||||
Net written premiums | 1,700.4 | 1,872.3 | ||||||
Change in unearned premiums | (24.2 | ) | (76.7 | ) | ||||
Net earned premiums | 1,676.2 | 1,795.6 | ||||||
UNDERWRITING EXPENSES | ||||||||
Losses and loss adjustment expenses | 1,051.7 | 1,450.5 | ||||||
Amortization of deferred policy acquisition costs | 277.7 | 315.4 | ||||||
General, administrative and corporate expenses | 319.4 | 342.6 | ||||||
Total underwriting expenses | 1,648.8 | 2,108.5 | ||||||
Underwriting income (loss) including corporate expenses | 27.4 | (312.9 | ) | |||||
Net investment income | 145.7 | 141.5 | ||||||
Interest expense | (20.4 | ) | (22.2 | ) | ||||
Other income | (0.6 | ) | 6.6 | |||||
Total other revenue | 124.7 | 125.9 | ||||||
Amortization and non-recurring expenses | (72.2 | ) | (9.5 | ) | ||||
Net realized and unrealized exchange (losses) gains | (24.4 | ) | 4.1 | |||||
Net realized and unrealized investment (losses) gains (1) | (59.3 | ) | 105.7 | |||||
Realized (loss) on debt extinguishment | (8.6 | ) | — | |||||
(LOSS) BEFORE TAX | (12.4 | ) | (86.7 | ) | ||||
Income tax credit | 13.4 | 5.2 | ||||||
NET INCOME (LOSS) AFTER TAX | 1.0 | (81.5 | ) | |||||
Dividends paid on ordinary shares | (42.9 | ) | (42.0 | ) | ||||
Dividends paid on preference shares | (22.8 | ) | (28.7 | ) | ||||
Preference share redemption costs | — | (8.0 | ) | |||||
Proportion due to non-controlling interest | (0.2 | ) | (0.8 | ) | ||||
Retained (loss) | $ | (64.9 | ) | $ | (161.0 | ) | ||
Loss ratio | 62.7 | % | 80.8 | % | ||||
Policy acquisition expense ratio | 16.6 | % | 17.6 | % | ||||
General, administrative and corporate expense ratio | 23.4 | % | 19.6 | % | ||||
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses) | 19.1 | % | 19.1 | % | ||||
Expense ratio | 40.0 | % | 37.2 | % | ||||
Expense ratio (excluding amortization and non-recurring expenses) | 35.7 | % | 36.7 | % | ||||
Combined ratio | 102.7 | % | 118.0 | % | ||||
Combined ratio (excluding amortization and non-recurring expenses) | 98.4 | % | 117.5 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||
(in US$ millions except where stated) | September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | |||||||||||||
Net (loss) income as reported | $ | (15.1 | ) | $ | (253.8 | ) | $ | 1.0 | $ | (81.5 | ) | ||||||
Change in redemption value of preference shares | — | (5.6 | ) | — | (8.0 | ) | |||||||||||
Net change attributable to non-controlling interest | 0.1 | (0.6 | ) | (0.2 | ) | (0.8 | ) | ||||||||||
Preference share dividends | (7.6 | ) | (7.7 | ) | (22.8 | ) | (28.7 | ) | |||||||||
Net (loss) income available to ordinary shareholders | (22.6 | ) | (267.7 | ) | (22.0 | ) | (119.0 | ) | |||||||||
Add (deduct) after tax income: | |||||||||||||||||
Net foreign exchange losses (gains) | 1.6 | (10.6 | ) | 18.8 | (2.5 | ) | |||||||||||
Net realized losses (gains) on investments | 0.6 | (16.6 | ) | 58.7 | (101.8 | ) | |||||||||||
Net realized loss on debt extinguishment | — | — | 8.6 | — | |||||||||||||
Change in redemption value of preference shares | — | 5.6 | — | 8.0 | |||||||||||||
Amortization and non-recurring expenses | 49.8 | 4.4 | 69.1 | 8.2 | |||||||||||||
Operating income (loss) after tax available to ordinary shareholders | 29.4 | (284.9 | ) | 133.2 | (207.1 | ) | |||||||||||
Tax (credit) on operating income | (13.3 | ) | (11.6 | ) | (4.1 | ) | (9.4 | ) | |||||||||
Operating income (loss) before tax available to ordinary shareholders | $ | 16.1 | $ | (296.5 | ) | $ | 129.1 | $ | (216.5 | ) | |||||||
Basic earnings (loss) per ordinary share | |||||||||||||||||
Net (loss) income adjusted for preference share dividends and non-controlling interest | $ | (0.38 | ) | $ | (4.48 | ) | $ | (0.37 | ) | $ | (1.99 | ) | |||||
Add (deduct) after tax income: | |||||||||||||||||
Net foreign exchange losses (gains) | 0.03 | (0.18 | ) | 0.32 | (0.04 | ) | |||||||||||
Net realized losses (gains) on investments | 0.01 | (0.28 | ) | 0.98 | (1.70 | ) | |||||||||||
Net realized loss on debt extinguishment | — | — | 0.14 | — | |||||||||||||
Change in redemption value of preference shares | — | 0.09 | — | 0.13 | |||||||||||||
Amortization and non-recurring expenses | 0.83 | 0.07 | 1.16 | 0.14 | |||||||||||||
Operating income (loss) adjusted for preference shares dividends and non-controlling interest | $ | 0.49 | $ | (4.78 | ) | $ | 2.23 | $ | (3.46 | ) | |||||||
Diluted earnings (loss) per ordinary share | |||||||||||||||||
Net (loss) income adjusted for preference share dividends and non-controlling interest | $ | (0.38 | ) | $ | (4.48 | ) | $ | (0.37 | ) | $ | (1.99 | ) | |||||
Add (deduct) after tax income: | |||||||||||||||||
Net foreign exchange losses (gains) | 0.03 | (0.18 | ) | 0.31 | (0.04 | ) | |||||||||||
Net realized losses (gains) on investments | 0.01 | (0.28 | ) | 0.97 | (1.70 | ) | |||||||||||
Net realized loss on debt extinguishment | — | — | 0.14 | — | |||||||||||||
Change in redemption value of preference shares | — | 0.09 | — | 0.13 | |||||||||||||
Amortization and non-recurring expenses | 0.83 | 0.07 | 1.15 | 0.14 | |||||||||||||
Operating income (loss) adjusted for preference shares dividends and non-controlling interest | $ | 0.49 | $ | (4.78 | ) | $ | 2.20 | $ | (3.46 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
Basic earnings per ordinary share | |||||||||||||||
Net (loss) income adjusted for preference share dividend and non-controlling interest | ($0.38 | ) | ($4.48 | ) | ($0.37 | ) | ($1.99 | ) | |||||||
Operating income (loss) adjusted for preference share dividend and non-controlling interest | $0.49 | ($4.78 | ) | $2.23 | ($3.46 | ) | |||||||||
Diluted earnings per ordinary share | |||||||||||||||
Net (loss) income adjusted for preference share dividend and non-controlling interest | ($0.38 | ) | ($4.48 | ) | ($0.37 | ) | ($1.99 | ) | |||||||
Operating income (loss) adjusted for preference share dividend and non-controlling interest | $0.49 | ($4.78 | ) | $2.20 | ($3.46 | ) | |||||||||
Weighted average number of ordinary shares outstanding (in millions) (1) | 59.693 | 59.760 | 59.637 | 59.863 | |||||||||||
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions) | 60.412 | 59.760 | 60.543 | 59.863 | |||||||||||
Book value per ordinary share | $37.87 | $44.59 | $37.87 | $44.59 | |||||||||||
Diluted book value per ordinary share (treasury stock method) | $37.46 | $44.00 | $37.46 | $44.00 | |||||||||||
Ordinary shares outstanding at end of the period (in millions) | 59.698 | 59.407 | 59.698 | 59.407 | |||||||||||
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions) | 60.356 | 60.200 | 60.356 | 60.200 |
(1) | The basic and diluted number of ordinary shares is the same because the inclusion of dilutive securities in a loss-making period would be anti-dilutive. |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | |||||||||||||||||||
Reinsurance | Insurance | Total | Reinsurance | Insurance | Total | |||||||||||||||
Gross written premiums | $ | 396.4 | $ | 476.8 | $ | 873.2 | $ | 431.5 | $ | 421.0 | $ | 852.5 | ||||||||
Net written premiums | 356.4 | 222.5 | 578.9 | 363.6 | 243.8 | 607.4 | ||||||||||||||
Gross earned premiums | 475.3 | 498.3 | 973.6 | 464.0 | 449.3 | 913.3 | ||||||||||||||
Net earned premiums | 388.5 | 234.7 | 623.2 | 382.0 | 270.5 | 652.5 | ||||||||||||||
Losses and loss adjustment expenses | 281.5 | 149.6 | 431.1 | 502.2 | 274.0 | 776.2 | ||||||||||||||
Amortization of deferred policy acquisition expenses | 75.7 | 25.3 | 101.0 | 61.5 | 43.9 | 105.4 | ||||||||||||||
General and administrative expenses | 34.7 | 58.7 | 93.4 | 32.8 | 59.4 | 92.2 | ||||||||||||||
Underwriting (loss) income | $ | (3.4 | ) | $ | 1.1 | $ | (2.3 | ) | $ | (214.5 | ) | $ | (106.8 | ) | $ | (321.3 | ) | |||
Net investment income | 48.0 | 46.4 | ||||||||||||||||||
Net realized and unrealized investment (losses) gains | (0.9 | ) | 17.5 | |||||||||||||||||
Corporate expenses | (16.0 | ) | (13.5 | ) | ||||||||||||||||
Amortization and non-recurring expenses (1) | (51.0 | ) | (5.2 | ) | ||||||||||||||||
Other (expenses) income (2) | (0.7 | ) | 7.6 | |||||||||||||||||
Interest expense | (5.4 | ) | (7.4 | ) | ||||||||||||||||
Net realized and unrealized foreign exchange (losses) gains(3) | (2.3 | ) | 12.9 | |||||||||||||||||
(Loss) before tax | $ | (30.6 | ) | $ | (263.0 | ) | ||||||||||||||
Income tax credit | 15.5 | 9.2 | ||||||||||||||||||
Net (loss) | $ | (15.1 | ) | $ | (253.8 | ) | ||||||||||||||
Ratios | ||||||||||||||||||||
Loss ratio | 72.5 | % | 63.7 | % | 69.2 | % | 131.5 | % | 101.3 | % | 119.0 | % | ||||||||
Policy acquisition expense ratio | 19.5 | % | 10.8 | % | 16.2 | % | 16.1 | % | 16.2 | % | 16.2 | % | ||||||||
General and administrative expense ratio (4) | 8.9 | % | 25.0 | % | 25.7 | % | 8.6 | % | 22.0 | % | 17.0 | % | ||||||||
General and administrative expense ratio (excluding amortization and non-recurring expenses) (4) | 8.9 | % | 25.0 | % | 17.6 | % | 8.6 | % | 22.0 | % | 16.2 | % | ||||||||
Expense ratio | 28.4 | % | 35.8 | % | 41.9 | % | 24.7 | % | 38.2 | % | 33.2 | % | ||||||||
Expense ratio (excluding amortization and non-recurring expenses) | 28.4 | % | 35.8 | % | 33.8 | % | 24.7 | % | 38.2 | % | 32.4 | % | ||||||||
Combined ratio | 100.9 | % | 99.5 | % | 111.1 | % | 156.2 | % | 139.5 | % | 152.2 | % | ||||||||
Combined ratio (excluding amortization and non-recurring expenses) | 100.9 | % | 99.5 | % | 103.0 | % | 156.2 | % | 139.5 | % | 151.4 | % | ||||||||
Accident Year Ex-cat Loss Ratio | ||||||||||||||||||||
Loss ratio | 72.5 | % | 63.7 | % | 69.2 | % | 131.5 | % | 101.3 | % | 119.0 | % | ||||||||
Prior year loss development | 2.0 | % | 5.1 | % | 3.2 | % | 4.8 | % | 0.3 | % | 2.8 | % | ||||||||
Catastrophe losses | (13.0 | )% | (3.4 | )% | (9.4 | )% | (74.6 | )% | (30.3 | )% | (55.9 | )% | ||||||||
Accident year ex-cat loss ratio | 61.5 | % | 65.4 | % | 63.0 | % | 61.7 | % | 71.3 | % | 65.9 | % |
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | |||||||||||||||||||
Reinsurance | Insurance | Total | Reinsurance | Insurance | Total | |||||||||||||||
Gross written premiums | $ | 1,345.9 | $ | 1,497.9 | $ | 2,843.8 | $ | 1,332.4 | $ | 1,340.2 | $ | 2,672.6 | ||||||||
Net written premiums | 1,048.3 | 652.1 | 1,700.4 | 1,097.3 | 775.0 | 1,872.3 | ||||||||||||||
Gross earned premiums | 1,216.5 | 1,445.2 | 2,661.7 | 1,112.2 | 1,302.1 | 2,414.3 | ||||||||||||||
Net earned premiums | 960.0 | 716.2 | 1,676.2 | 932.2 | 863.4 | 1,795.6 | ||||||||||||||
Losses and loss adjustment expenses | 615.4 | 436.3 | 1,051.7 | 797.9 | 652.6 | 1,450.5 | ||||||||||||||
Amortization of deferred policy acquisition expenses | 194.4 | 83.3 | 277.7 | 174.4 | 141.0 | 315.4 | ||||||||||||||
General and administrative expenses | 94.2 | 179.5 | 273.7 | 117.4 | 186.9 | 304.3 | ||||||||||||||
Underwriting income (loss) | $ | 56.0 | $ | 17.1 | $ | 73.1 | $ | (157.5 | ) | $ | (117.1 | ) | $ | (274.6 | ) | |||||
Net investment income | 145.7 | 141.5 | ||||||||||||||||||
Net realized and unrealized investment (losses) gains | (59.3 | ) | 105.7 | |||||||||||||||||
Realized (loss) on debt extinguishment | (8.6 | ) | — | |||||||||||||||||
Corporate expenses | (45.7 | ) | (38.3 | ) | ||||||||||||||||
Amortization and non-recurring expenses (1) | (72.2 | ) | (9.5 | ) | ||||||||||||||||
Other (expense) income (2) | (0.6 | ) | 6.6 | |||||||||||||||||
Interest expense | (20.4 | ) | (22.2 | ) | ||||||||||||||||
Net realized and unrealized foreign exchange (losses) gains(3) | (24.4 | ) | 4.1 | |||||||||||||||||
(Loss) before tax | $ | (12.4 | ) | $ | (86.7 | ) | ||||||||||||||
Income tax credit | 13.4 | 5.2 | ||||||||||||||||||
Net income (loss) | $ | 1.0 | $ | (81.5 | ) | |||||||||||||||
Ratios | ||||||||||||||||||||
Loss ratio | 64.1 | % | 60.9 | % | 62.7 | % | 85.6 | % | 75.6 | % | 80.8 | % | ||||||||
Policy acquisition expense ratio | 20.3 | % | 11.6 | % | 16.6 | % | 18.7 | % | 16.3 | % | 17.6 | % | ||||||||
General and administrative expense ratio (4) | 9.8 | % | 25.1 | % | 23.4 | % | 12.6 | % | 21.6 | % | 19.6 | % | ||||||||
General and administrative expense ratio (excluding amortization and non-recurring expenses) (4) | 9.8 | % | 25.1 | % | 19.1 | % | 12.6 | % | 21.6 | % | 19.1 | % | ||||||||
Expense ratio | 30.1 | % | 36.7 | % | 40.0 | % | 31.3 | % | 37.9 | % | 37.2 | % | ||||||||
Expense ratio (excluding amortization and non-recurring expenses) | 30.1 | % | 36.7 | % | 35.7 | % | 31.3 | % | 37.9 | % | 36.7 | % | ||||||||
Combined ratio | 94.2 | % | 97.6 | % | 102.7 | % | 116.9 | % | 113.5 | % | 118.0 | % | ||||||||
Combined ratio (excluding amortization and non-recurring expenses) | 94.2 | % | 97.6 | % | 98.4 | % | 116.9 | % | 113.5 | % | 117.5 | % | ||||||||
Accident Year Ex-cat Loss Ratio | ||||||||||||||||||||
Loss ratio | 64.1 | % | 60.9 | % | 62.7 | % | 85.6 | % | 75.6 | % | 80.8 | % | ||||||||
Prior year loss development | 4.9 | % | 7.4 | % | 6.0 | % | 7.8 | % | 2.5 | % | 5.2 | % | ||||||||
Catastrophe losses | (7.9 | )% | (3.6 | )% | (6.0 | )% | (34.3 | )% | (12.9 | )% | (23.9 | )% | ||||||||
Accident year ex-cat loss ratio | 61.1 | % | 64.7 | % | 62.7 | % | 59.1 | % | 65.2 | % | 62.1 | % |
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Ticker: AHLEvents:
CIK: 1267395
Form Type: 8-K Corporate News
Accession Number: 0001267395-18-000111
Submitted to the SEC: Wed Oct 24 2018 4:26:29 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Fire Marine And Casualty Insurance