Aspen Insurance Holdings reported significantly improved underwriting performance in the first quarter of 2026, with underwriting revenue nearly tripling year-over-year to $79.1 million and a combined ratio improving to 89.1% from 96.1% in the same period last year.
Last August, the global specialty reinsurer agreed to be acquired by a wholly-owned subsidiary of Sompo Holdings for $3.5 billion, a deal that was completed in February this year.
The company’s first-quarter results were reported to have benefited from a sharp decline in catastrophe losses, with the catastrophe loss rate falling from 13% in the first quarter of 2025 to 3.5% in the first quarter of 2026. Aspen’s overall loss rate also improved from 64.8% to 55.8%.
Meanwhile, net premiums earned increased to $723.5 million in the first quarter of 2026 from $702.7 million in the same period in 2025.
However, gross written premiums fell from $1.29 billion to $1.21 billion, and net written premiums fell from $751.7 million to $734.9 million.
Aspen’s operating income in the first quarter of 2026 increased to $85 million from $50.4 million in the same period in 2025, and net investment income increased slightly to $77.5 million from $75.9 million.
Meanwhile, Aspen Capital Markets’ fee income increased from $45.6 million to $50.6 million in the first quarter of 2026.
Despite strong underwriting and operating results, Aspen reported a net loss after tax of $55.6 million in the first quarter of 2026, compared with a net profit of $36.8 million in the first quarter of 2025.
This result was impacted by post-acquisition accounting adjustments resulting from the reclassification of the portfolio from available-for-sale to traded in accordance with U.S. GAAP.
