Bermuda-domiciled insurer and reinsurer, Aspen Insurance Holdings, has reported a combined ratio of 86.8% for the third quarter of 2025, an improvement of 8.4 percentage points from the 95.2% achieved in the same period last year.
For the quarter, Aspen’s net written premiums grew by 4.7% to $705.2 million compared to $673.6 million last year, while net earned premiums rose by 2.7% to $717.1 million from $698.3 million last year.
The firm’s insurance segment reported underwriting income of $48 million with a combined ratio of 88.5%, a 3.3 percentage point improvement from last year.
The segment’s adjusted loss ratio of 56.5% improved by 3.6% with current accident year ex-catastrophe performance improving 1.7%. The insurance business experienced catastrophe losses of $13 million in Q3’25, up on the prior year’s $9.7 million.
Insurance GWP were $21 million lower at $679.8 million for Q3’25 compared to $700.6 million last year, due to industry rate decreases in US property and the firm’s decision to be selective on business underwritten in the vertical due to current market conditions.
Aspen’s reinsurance segment reported Q3’25 underwriting income of $47 million with a combined ratio of 84.7%, a strong improvement on the 100.1% reported for Q3’24.
Reinsurance GWP increased by $30 million to $447 million compared to $416 million in Q3’24. This is attributed to continued business growth in the US casualty market.
Meanwhile, the adjusted loss ratio of 46.6% improved by 22.9% from last year, due to a benign catastrophe experience in Q3’25 and favourable development in property lines. Catastrophe losses fell to $2.4 million in Q3’25 from $45.1 million a year earlier.
Group-wide, Aspen’s net income for the quarter rose to $122 million compared to $56.7 million last year.
Additionally, for Q3’25, Aspen recorded net investment income of $82 million, compared to $80 million for the same period in 2024.
The firm’s operating income for Q3’25 is $100 million or $1.08 per diluted ordinary share, resulting in an annualised operating return on average equity of 14.8%.
Mark Cloutier, Executive Chairman and Group Chief Executive Officer, Aspen Insurance Holdings, commented, “Aspen delivered strong results for the third quarter of 2025, continuing the positive trend of the past several quarters, reflecting the quality and stability of our franchise. With market dynamics shifting, including increased competition across several lines of business, I am pleased that we recorded a significantly improved combined ratio.
“Looking forward, I am confident that the high calibre of our people and our culture means we continue to be well placed to deliver best-in-class solutions and products for our trading partners and customers through the market cycle. On August 27, 2025, we announced the acquisition of Aspen by the Sompo Group.”
H3 continued, “The acquisition is a testament to the sustainable performance and value we’ve created, and we continue to work diligently towards its successful completion, and we expect the transaction to close during the first half of 2026, subject to regulatory approval.”
Christian Dunleavy, Group President, Aspen Insurance Holdings, said, “Aspen continues to be focused on underwriting discipline and robust cycle management. This is reflected in both our excellent underwriting results and our thoughtful approach to new business, which has seen our Gross Written Premiums grow modestly as we prioritise sustainable long-term profitability over growth.
“Our teams continue to dynamically allocate risk in response to customer need and the trading environment, and, in this context, we were pleased to see fee income from Aspen Capital Markets increase once again. Our strong performance for the quarter means we are on track to deliver a mid-teens operating return on equity for the full year, as Aspen continues to create value for all its stakeholders. Thank you to all our colleagues for their hard work and commitment in delivering this result.”
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