Aspen

The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.

The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.

Woodlands Financial Services listing is likely in Q2, but overall environment is subdued.

Putting together two “show me” stories risks investor skepticism.

It was announced earlier today that former Aspen UK CEO Richard Milner was set to join Chaucer as group CEO.

The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.

Based in Chicago, Michael Tate will be responsible for the design, implementation and execution of insurance solutions related to the US inland marine business.

The announcement comes almost two months after this publication revealed that the carrier had lined up Goldman Sachs, Citibank and Jefferies to run its $4bn H1 IPO in New York.

CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.

Inside P&C’s morning summary of the key stories to get you up to speed fast.