Aspen
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The (re)insurer reported $30.5mn of fee income for the half-year. -
Aspen’s outwards reinsurance team now also joins the carrier’s capital markets unit.
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The bond will provide industry loss cover against any named storm event, North American earthquake or European windstorm.
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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Pandemic claims contributed to a 670% year-on-year increase in cat losses.
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The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
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Theresa Froelich takes up the role following a restructure of senior leadership at the company.
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Kreuzer previously served as Axis Re head of casualty for North America and London.
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The three ILS-backed syndicates at Lloyd’s narrowed their losses in 2019.
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Cat losses almost halved last year compared with 2018, which the carrier said was evidence of its ongoing reduction of cat risk exposure.
