The latest results season has dealt a blow to Aspen Insurance Holdings Limited.
From a net income of $16.1 million in the first half of 2018, the insurance group took a nosedive to a net loss after tax of $37.3 million in the same period this year.
Aspen’s gross written premium (GWP) in the six months ended June 30 fell 5.9% to less than $1.9 billion. GWP in the insurance and reinsurance segments posted decreases of 4.7% and 7.1%, respectively.
Group operating income after tax, meanwhile, went down to $101.8 million from $119.3 million previously.
A portion of Aspen’s interim results report highlighted various expenses in the six-month period.
“Non-operating expenses in the first half of 2019 were $61.9 million compared with $21.2 million in the first half of 2018,” it noted.
“Non-operating expenses in the first half of 2019 included $43.9 million of expenses related to or triggered by the transaction with affiliates of certain investment funds affiliated with Apollo Global Management, LLC; $6 million of expenses related to the operational effectiveness and efficiency programme; and $12 million of expenses in relation to severance, amortization, and other non-recurring costs.”
Earlier this year, Aspen completed its sale to the Apollo funds.