Aspen Insurance Holdings Limited - Annual Reports
Aspen Insurance Holdings Limited
Annual Report & Accounts 2008
Front Cover: Fiona Rae Value Coordinate #1 It's Sweet! 2005 Oil and acrylic on canvas 213.5 x 176 cm The Aspen Re Collection, London Courtesy Timothy Taylor Gallery, London Photo: Prudence Cuming Associates Ltd
P r o p e r t y R e Worldwide Property Treaty Reinsurance
and Facultative Reinsurance, Credit Bond and Political Risk Reinsurance
C a s u a l t y R e International Casualty Treaty Reinsurance,
US Casualty Treaty Reinsurance and Casualty Facultative Reinsurance
International Insurance
UK Commercial Property (including Construction), UK Employers and Public Liability, Marine Hull, Energy, Marine and Specialty Liability, Aviation, Non-Marine Transportation Liability, Financial Institutions, Global Excess Casualty, Professional Liability, Financial and Political Risk, Management and Technology Liability, Specie Insurance and Specialty Reinsurance
US Insurance
Excess and Surplus Lines Property and Casualty consisting of General, Environmental, Professional and Product Liability Insurance, Specialty Construction, Property, Inland Marine and Natural Hazards
1
Aspen
at a glance
About Aspen
Aspen Insurance Holdings Limited (`Aspen') is a leading specialty insurance and reinsurance company, operating through wholly-owned subsidiaries and offices in Bermuda, the UK, the US, France, Ireland, Switzerland and Singapore.
Formed in 2002, the Bermudian holding company has been listed on the New York Stock Exchange since December 2003 (ticker symbol: AHL).
Aspen is a diversified, well-capitalized and strongly rated company, which provides carefully tailored underwriting solutions in select high value-added markets. The Company's progress is built on its ability to identify and respond swiftly to emerging opportunities and to operate across a wide range of geographies and specialist business lines. This approach is underpinned by robust and effective risk management, and has enabled Aspen to broaden its earnings stream, reduce its exposure to any particular risk or event and therefore sustain returns across the cycle.
Principal insurance subsidiaries
Aspen Insurance UK Limited (`Aspen UK') Aspen Insurance Limited (`Aspen Bermuda') Aspen Specialty Insurance Company (`Aspen Specialty') Aspen Underwriting Limited (`AUL') as corporate member of Lloyd's Syndicate 4711 (`Syndicate 4711')
Key strengths
Informed and disciplined approach to underwriting, aiming to deliver consistent shareholder returns
Strong balance sheet
Expertise, focus and presence in select high value-added markets
Development of long-term relationships with clients through excellent service
Investment in people and the development of talent
Strategic agility to realize opportunities and allocate capital effectively and efficiently
Diversified trading platform that increases access to business and aims to reduce earnings volatility
Enterprise-wide risk management as a core strategic enabler.
Diluted Book Value
Per Share at End of Year
Compound annual growth rate
US$
30
7.8%
25
20
15
10
5
0
04 05 06 07 08
Note: See Aspen's quarterly financial supplement for a reconciliation of operating income to net income, average equity to closing shareholders' equity and diluted book value per share to basic book value per share in the Investor Relations section of Aspen's website at aspen.bm
2
Strategic priorities
Resilient performance in face of challenging year
Improving returns through targeted management of the underlying drivers of return Focus on enhancing book value per share rather than top line growth To grow profitably when market conditions allow Enhancing investment income while sustaining security, liquidity and a strong rating profile Optimizing risk-adjusted return from the core risks of underwriting and investment, while minimizing non-core risks such as credit, liquidity and operational risk Reducing earnings volatility through increased portfolio diversification.
Operating ROE
% 25 20 15 10 5 0 -5 -10 -15
04 05 06 07 08
Financial highlights for the year ended December 31, 2008
Diluted book value per share up 3.8% on 2007 to US$28.10
Gross written premium of US$2 billion, up 10% on 2007, largely reflecting contribution of new underwriting teams
Net income of US$103.8 million, down 78.8% on 2007 as a result of Hurricanes Ike and Gustav and reduced investment returns
Net investment income of US$139.2 million, down 53.4% on 2007, attributable to US$97.3 million of losses from funds of hedge funds
Operating return on equity was 5.4% for the year (9.2% for the year excluding our funds of hedge funds performance, net of taxes)
Operating earnings per share of US$1.44, down 71.1% on 2007
Combined ratio of 95.6%, up from 83.0% in 2007 with 11.6 percentage points from Hurricanes Ike and Gustav.
Total Assets at End of Year
Compound annual growth rate
US$b 8
16.6%
6
4
2
0
04 05 06 07 08
Note: See Aspen's quarterly financial supplement for a reconciliation of operating income to net income, average equity to closing shareholders' equity and diluted book value per share to basic book value per share in the Investor Relations section of Aspen's website at aspen.bm
3
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- aspen insurance holdings limited annual reports
- wisconsin corporate guardianship directory wisconsin department
- aspen safe practices for enteral nutrition therapy
- pnv dec 2004
- elizabeth warren harvard law school
- aspen area community plan aspen pitkin county airport
- hospital licensure ahca
- aspen nutrition science practice conference call for abstracts
Related searches
- annual reports of public companies
- company annual reports online
- annual reports for private companies
- financial annual reports of companies
- find annual reports for nonprofits
- why annual reports are important
- annual reports for nonprofits
- non profit annual reports examples
- starbucks annual reports 2019
- free annual reports online
- starbucks annual reports 2010
- annual reports purpose