Results

The ILS firm reported $6.8bn of assets under management at the third-quarter mark.

The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.

The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.

The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.

The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.

The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.

These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.

Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.

The insurance company had set out plans last summer to expand its market share in Florida.

The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.

The ratings agency said there had been no capital inflows through new company formations.

The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier