Aspen Reports 2017 Q3 Net Loss: $253.8M
In a filing with the Bermuda Stock Exchange, Aspen Insurance Holdings Reported Results for the Third Quarter and Nine Months Ended September 30, 2017.
The full filing stated: “Aspen Insurance Holdings Limited reported today a net loss after tax of $[253.8] million, or $[4.48] per diluted ordinary share, and an operating loss after tax of $[276.6] million, or $[4.78] per diluted ordinary share, for the third quarter of 2017.”
Chris O’Kane, Chief Executive Officer, commented: “The third quarter was characterized by multiple, large-scale natural catastrophes across our industry. While significant, Aspen’s estimated losses from these events are within our expectations for catastrophes of this nature.
“We are encouraged that, following several years of decline, the industry losses this quarter may be the catalyst that leads to improved market conditions and pricing.
“We remain focused on enhancing the long-term positioning of our insurance and reinsurance businesses and we took another important step in this direction today with the announcement of a comprehensive program to drive greater effectiveness and efficiency across Aspen.
“The program will deliver substantial benefits, particularly in our Insurance segment, by providing a more competitive expense ratio in our chosen lines of business, as well as an even more scalable operating platform from which to deliver long-term shareholder value.”
