Aspen weathers Superstorm Sandy to return to profit

hurricane-sandy

Aspen Insurance Holdings weathered the impact of Superstorm Sandy to post a $280.4m (£178.1m) profit for the year ended December 2012.

In 2012, Aspen blamed a "difficult year" as it reported a net loss of $105.8m and recorded a combined ratio of 115.6% for the full year 2011. 

However, Aspen's combined ratio for 2012 dropped by 21% to 94.3%, which included 10.8% or $205m of pre-tax catastrophe losses, net of reinsurance and reinstatements.

Gross written premiums were also up 17% to $2.6bn but net investment income edged down from $225.6m in 2011 to $204.9m.

Aspen also announced a new $500m share repurchase authorisation to

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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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