Aspen

Aspen joins Counterpart’s paper platform, which has been backed by Markel since the InsurTech launched in 2020.

The business performance is on track for an eventual flotation, but the date will depend on stock market conditions, the CEO said.

The reinsurance segment swung back to underwriting profits as its CoR declined 8.5 points to 93.6% and its LR improved 11.4 points to 63%.

Under the terms of the deal, Aspen will provide paper across multiple geographies with three programs in the US and four in Europe.

Inside P&C’s news team runs you through the key developments from the last week.

Project Leaf will see environmental, social and governance (ESG) information issues woven into Aspen’s decision making for its credit and political risk portfolio.

The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.

In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.

Kevin Chidwick, group CFO at Aspen Insurance Holdings, is to retire by year end and will be succeeded by Christopher Coleman.

“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.

The carrier has non-renewed around $800mn of business in the past 18 months.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.