Aspen

The loss was the result of non-operating costs relating to its takeover by Apollo and its ongoing efficiency drive.

The executive will work alongside head of international catastrophe Andrew Mellor at the Bermuda reinsurer.

Departing CUO Emil Issavi will be reunited with former Aspen Re chairman Brian Boornazian at Ryan Specialty Group.

Among other promotions, chief risk officer Tim Aman will take responsibility for outwards reinsurance.

The private equity firm has brought in Mark Cloutier as CEO.

Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.

Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.

Aspen CEO Chris O’Kane said the acquisition by Apollo would help the group have additional scale and “take Aspen to the next level”.

Reinsurance chief underwriting officer Emil Issavi has been named as the new CEO of the unit.

For-sale insurer reports a decrease in reinsurance net written premiums as it makes changes to how it cedes risk to Aspen Capital Markets.

Aspen Bermuda's Kendall Re cat bond has priced at 525 basis points, at the lowest end of the reinsurer’s revised forecasts, Trading Risk understands.

The target size of Aspen Bermuda's Kendall Re 2018-1 cat bond has increased by 50 percent to $225mn