Aspen sees net income dip in Q1’25 as CoR deteriorates to 96.1%

Aspen Insurance has reported a net income of $36.8 million in Q1 2025, down from $111.8 million in the same period of 2024, as its combined ratio increased to 96.1%.

The firm reported growth in both gross and net written premiums in Q1 2025, which rose to $1.28 billion and $751.7 million, respectively.

Aspen’s reinsurance segment accounted for $600.7 million of the gross written premiums, while the insurance segment contributed $686.5 million.

However, the firm’s underwriting income declined sharply in Q1 2025, falling to $27.2 million from $89.5 million in the same period last year.

The drop was primarily driven by a $4 million underwriting loss in Aspen’s reinsurance segment, compared to a $55.5 million underwriting gain in Q1 2024.

Aspen’s total losses and loss adjustment expenses rose to $455.3 million in Q1 2025, up from the prior year, driven in part by a significant increase in catastrophe losses, which totalled $91.4 million compared to $32.4 million in Q1 2024.

The Q1 2025 catastrophe losses included claims related to the California wildfires and other weather-related events.

As a result, Aspen’s combined ratio rose to 96.1% in Q1 2025, up from 86.6% in the same period last year. Notably, the combined ratio in the firm’s reinsurance segment deteriorated to 101.4%.

Despite the impact of elevated catastrophe activity in Q1 2025, it is worth noting that Aspen’s total revenues grew to $702.7 million. Net investment income remained stable and positive at $75.9 million.

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