Bermuda-based reinsurer Aspen reported improved full-year underwriting performance in 2025, with underwriting revenue rising to $370.8 million from $345.8 million in 2024.
The company’s gross written premiums increased slightly to $4.67 billion in 2025, compared with $4.61 billion the previous year, while net written premiums declined to $2.84 billion from $2.94 billion, reflecting continued portfolio management actions.
Aspen manages its underwriting business through two distinct divisions: insurance (Aspen Insurance) and reinsurance (Aspen Re) to “enhance and better serve” its global customer base.
In 2025, the total premiums of the insurance sector will increase by 1.6% year-on-year, and the premiums of the reinsurance sector will increase by 1.0%.
Growth in the reinsurance segment was driven primarily by new business in casualty reinsurance, with Aspen Re continuing to capitalize on favorable market conditions.
Meanwhile, Aspen’s combined ratio improved to 86.9% from 87.9% in 2024, primarily due to a higher loss ratio of 54.6%, partially offset by a higher expense ratio of 32.3%.
After adjustment, the combined ratio increased from 86.8% to 86.2%.
Cat losses contributed $151.5 million, or 5.3 percentage points, to Aspen’s combined ratio in 2025, compared with $187.3 million, or 6.5 percentage points, in 2024.
Catastrophe losses in 2025 include the impact of California wildfires and other weather-related events, while losses in 2024 are caused by Hurricane Milton, Dubai floods, Hurricane Helen, the Francis Scott Key Bridge incident and other weather-related events.
Despite strong underwriting performance, Aspen’s net income fell to $340.2 million in 2025 from $486.1 million in 2024.
The decrease was primarily due to fluctuations in investment and foreign exchange performance, which included foreign exchange losses of $78.5 million compared with gains of $60.2 million in the prior year, as well as lower realized and unrealized investment gains.
The 2025 results come amid a major corporate shift for Aspen, with Japanese insurer Sompo Holdings completing a roughly $3.5 billion acquisition in February, taking the company private and delisting its Class A shares from the New York Stock Exchange.
Aspen currently operates as a wholly-owned subsidiary of Sompo, a move expected to strengthen Sompo’s global specialty and reinsurance businesses and support long-term growth objectives.
