Aspen Insurance (NYSE:AHL)
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From Oct 2019 to Oct 2024
Aspen Insurance Holdings Limited (“Aspen") (NYSE:AHL) today announced
that its subsidiary, Aspen Insurance UK Limited, has been authorized by
the Australian Prudential Regulation Authority to operate as a branch
insurer to underwrite general insurance business in Australia.
Aspen’s Australian branch is headquartered in Sydney and will conduct
business under the name “Aspen Insurance UK Limited – Australia Branch.”
Aspen has appointed Ross Littlewood of Littlewood Services Pty. Ltd.
(The ReCentre) as its agent in Australia.
Commenting on the Company’s new Australian branch, Chris O’Kane, Chief
Executive Officer of Aspen said: “We have been writing business in
Australia since the inception of the Company as a direct offshore
foreign insurer and we are delighted to confirm our commitment to the
territory with the establishment of a branch office. This new office is
indicative of Aspen’s continuing efforts to deliver superior services
and products to clients worldwide.”
In Australia, Aspen currently underwrites property and casualty
reinsurance and the following insurance lines: professional liability,
financial institutions, energy physical damage, marine, energy and
specialty liability, and aviation hull and liability.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Bermuda, France, Ireland, the United States, the United
Kingdom, Singapore and Switzerland. For the year ended December 31,
2007, Aspen reported gross written premiums of $1.8 billion, net income
of $489.0 million and total assets of $7.2 billion. For the nine months
ended September 30, 2008, Aspen reported gross written premiums of
$1,566.3 million, net income of $82.0 million and total assets of $7.3
billion. For more information about Aspen, please visit www.aspen.bm.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995:
This press release contains, and Aspen’s earnings conference call may
contain, written or oral “forward-looking statements” within the meaning
of the U.S. federal securities laws. 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 address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors that
could cause actual results to differ materially from those indicated in
these statements. Aspen believes these factors include, but are not
limited to: the continuing impact of the global financial crisis and
credit crunch; changes in market conditions and their impact on our
business; decline in the value of our investment portfolio or a rating
downgrade of the securities in our portfolio; our ability to execute our
business plan to enter new markets, introduce new products and develop
new distribution channels, including their integration into our existing
operations; the impact of acts of terrorism and related legislation and
acts of war; the possibility of greater frequency or severity of claims
and loss activity, including as a result of natural or man-made
catastrophic events than our underwriting, reserving or investment
practices have anticipated; changes in the availability, cost or quality
of reinsurance or retrocessional coverage, which may affect our decision
to purchase such coverage; loss of key personnel; a decline in our
operating subsidiaries' ratings with Standard & Poor's, A.M. Best
Company or Moody's Investors Service; changes in general economic
conditions including inflation, foreign currency exchange rates,
interest rates and other factors that could affect our investment
portfolio and our business; the premium rates available at the time of
such renewals within our targeted business lines; increased competition
on the basis of pricing, capacity, coverage terms or other factors;
decreased demand for Aspen's insurance or reinsurance products and
cyclical downturn of the industry; changes in governmental regulations,
interpretations or tax laws in jurisdictions where Aspen conducts
business; proposed and future changes to insurance laws and regulations.
For a more detailed description of these uncertainties and other
factors, please see the "Risk Factors" section in Aspen's Annual Reports
on Form 10-K as filed with the U.S. Securities and Exchange Commission
on February 29, 2008. Aspen undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made.