Aspen Announces Entry into Professional Lines Underwriting
04 July 2007 - 3:55AM
Business Wire
Aspen Insurance Holdings Limited (the �Company�) (NYSE:AHL) today
announced that it will enter the Professional Liability Insurance
market in September 2007 through Aspen Insurance UK Limited.
Underwriting will take place solely from Aspen�s UK offices and
will target customers outside of the USA, principally in the UK and
Australia. The underwriting focus will be on medium to larger sized
customers who will value the risk management services that Aspen
intends to provide. The main business will be indemnity based
coverage for professional firms. The impact on Aspen�s premium
development in 2007 is expected to be minimal although gross
written premiums are anticipated to be in the region of $100
million within three years. The underwriting unit will be headed by
Nick Evans who has 22 years of experience of successfully
underwriting this class of business with a particular focus on the
deployment of risk management techniques. Nick will be supported by
a small group of underwriters and other professionals who will
focus directly on developing this line of business for Aspen. Chris
O�Kane, Chief Executive Officer of Aspen commented, �We are very
excited about welcoming Nick Evans and our new colleagues. We were
attracted to Nick by his strong market reputation and his
thoughtful risk management led approach to underwriting which will
fit extremely well with Aspen�s underwriting philosophy and accords
with the diversification strategy we have pursued since the
inception of our Company.� About Aspen Insurance Holdings Limited
Aspen is a Bermudian holding company providing property and
casualty reinsurance in the global market, property and liability
insurance principally in the United Kingdom and the United States
and specialty insurance and reinsurance consisting mainly of marine
and energy and aviation worldwide. Aspen�s operations are conducted
through its wholly-owned subsidiaries located in London, Bermuda
and the United States: Aspen Insurance UK Limited, Aspen Insurance
Limited and Aspen Specialty Insurance Company. Aspen has four
operating segments: property reinsurance, casualty reinsurance,
specialty insurance and reinsurance and property and casualty
insurance. For more information about Aspen, please visit the
Company�s website at www.aspen.bm. Application of the Safe Harbor
of the Private Securities Litigation Reform Act of 1995 This press
release contains written, and Aspen's officers may make related
oral, "forward-looking statements" within the meaning of the U.S.
federal securities laws regarding new lines of business and the
appointment of employees. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
do not relate solely to historical or current facts, and can be
identified by the use of words such as "expect," "intend," "plan,"
"believe," "project," "anticipate," "seek," "will," "estimate,"
"may," "continue," and similar expressions of a future or
forward-looking nature. All forward-looking statements rely on a
number of assumptions, estimates and data concerning future results
and events and are subject to a number of uncertainties and other
factors, many of which are outside Aspen's control that could cause
actual results to differ materially from such statements. For a
detailed description of uncertainties and other factors that could
impact the forward-looking statements in this release, please see
the "Risk Factors" section in Aspen's Annual Report on Form 10-K
for the year ended December 31, 2006, filed with the U.S.
Securities and Exchange Commission on February 22, 2007.
Aspen Insurance (NYSE:AHL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Aspen Insurance (NYSE:AHL)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Aspen Insurance Holdings Limited Ordinary Shares (New York Stock Exchange): 0 recent articles
More Aspen Insurance Holdings Limited News Articles