Company History

December 2008

Aspen Insurance UK Limited is authorized by the Australian Prudential Regulation Authority to operate as a branch insurer to underwrite general insurance business in Australia.

August 2008

Aspen wins award for "Best Global Reinsurance Company for Specialty Lines" by Reactions magazine for the second consecutive year.

July 2008

Aspen Insurance Holdings Limited reports net income for the second quarter of 2008 of $126.9 million or diluted earnings per share of $1.44, an increase of 26.3% over the same quarter in 2007.

April 2008

Aspen Insurance Holdings Limited reports first quarter results for 2008 - net income after tax was $81.2 million or $0.85 per share versus $121.9 million and $1.27 per share for the first quarter of 2007.

March 2008

Aspen establishes new Lloyd's Syndicate 4711 to commence underwriting from early April for business incepting from May 1, 2008.

February 2008

Aspen Insurance Holdings Limited reports record fourth quarter and full year results - full year net income of $489 million and fourth quarter net income of $135 million, up 29.3% on 2006 and 13.1% over the same quarter last year.

Aspen enters into Financial Institutions Insurance. The unit is to focus on smaller and medium sized financial institutions.

December 2007

Aspen appoints Head of Political Risk Insurance and begins writing this line of business from London.

November 2007

Aspen Insurance Holdings Limited reports third quarter and nine month results. Net income was $117.2 million for the third quarter and $353.8 million over nine months, up 23.4% over the same quarter last year and 36.8% over prior nine months.

October 2007

Aspen Insurance Holdings enters into an accelerated share repurchase program with Goldman Sachs to buy back $50 million of Aspen's ordinary shares.

Aspen enters the Global Excess Casualty Insurance market and establishes a dedicated underwriting unit based in Dublin.

September 2007

Aspen wins award for "Best Global Reinsurance Company for Specialty Lines" by Reactions magazine.

July 2007

Aspen announces entry into the Professional Liability Insurance market through Aspen Insurance UK.

Aspen Insurance Holdings Limited announced net income for the first half of 2007 - $236.6 million versus $163.6 million for the first half of 2006, up 45%.

June 2007

Aspen announces opening of major office based in Zurich to be hub of European expansion.

Aspen Insurance Holdings Limited added to the Russell 2000 and 3000 investment indexes.

May 2007

Aspen visits the New York Stock Exchange to celebrate its fifth anniversary of founding. In honour of the occasion, CEO Chris O'Kane rings The Closing Bell.

Aspen Insurance Holdings Limited reports first quarter results - net income of $121.9 million versus $1.8 million for the same quarter in 2006, up 97%.

April 2007

Aspen announces Glyn Jones as the new Chairman.

Aspen appoints Richard Houghton to the position of Chief Financial Officer, Matt Yeldham as new Head of International Insurance, and Nathan Warde as president of Aspen Insurance US.

Aspen enters into a multi-year property catastrophe reinsurance agreement with Ajax Re Limited to provide up to $100 million of reinsurance coverage for Aspen's insurance subsidiaries in the event of one or more California earthquakes.

March 2007

Aspen wins award for 'Best Use of IT in Insurance' for 'CATman', Aspen's innovative and proprietary catastrophe risk management tool designed to help manage exposures to catastrophes.

February 2007

Aspen Insurance Holdings Limited reports record net income for fourth quarter and full year 2006. Net income was $119.5 million for the three months ended December 31, 2006, and $378.1 million for the full year.

December 2006

Aspen Insurance Holdings Limited announces the repurchase of 5.9 million ordinary shares from Blackstone Group LP and Credit Suisse Private Equity for $156 million, or $26.50 a share.

November 2006

Aspen appoints three new directors to the board of Aspen Insurance Holdings Limited, Stuart Sinclair, John Cavoores and Glyn Jones.

October 2006

Aspen Insurance Holdings Limited reported a net profit of $95 million. Gross written premiums were $457.5 million.

August 2006

Aspen appoints Stuart Sinclair to the position of President and Chief Operating Officer of Aspen Insurance Holdings Limited.

July 2006

Aspen appoints a US-based Casualty team of casualty treaty underwriters. The new team will develop and market a portfolio of products that will complement the activities of Aspen's established US Casualty Reinsurance team in London.

May 2006

Aspen expands its International Property Facultative team with the appointment of a team based in Paris, the first Aspen Re office to open in continental Europe.

January 2006

Aspen announces the completion of the sale of an additional 600,000 of its Perpetual PIERS. Aspen expands its Insurance underwriting through the formation of a new International Property & Direct Facultative team based in London. Bermuda office moves into new premises.

December 2005

Aspen Insurance Holdings Limited completes the sale of 8,333,333 ordinary shares raising aggregate net proceeds of approximately $195 million, and 4,000,000 Perpetual Income Equity Replacement Securities ("Perpetual PIERS"), raising aggregate net proceeds of approximately $194 million.

October 2005

Aspen successfully raises $400 million of new equity through a block trade of 17,551,558 subsidiary shares with Lehman Brothers.

July 2005

London office moves into new premises. Aspen introduces new global brand.

March 2005

Aspen successfully completes its secondary offering, improving liquidity. 

December 2004

Gross written premiums were $1.6 billion.

January 2005

Aspen further diversifies its portfolio with the recruitment of a new underwriting team to establish an aviation insurance business.

September 2004

Aspen expands its Bermuda property reinsurance underwriting activities to service its existing client base in the US and Japan. Aspen's London-based property reinsurance operations focus on other key markets, including the UK, Europe and Canada.

August 2004

Aspen Specialty expands into Georgia and Arizona. Aspen issues $250 million in senior notes offering.

June 2004

As part of its strategy to grow its insurance business in complex technical lines and help balance its overall portfolio, Aspen expands its London market insurance portfolio with the recruitment of a new underwriting team to establish a marine insurance business.

March 2004

Aspen announces first full year results as public company. Gross written premiums for the twelve months ended 31 December 2003 were $1.3 billion.

January 2004

Aspen expands its U.S. property reinsurance underwriting through the formation of a new property reinsurance team based in Connecticut, U.S.A.

December 2003

Shares in Aspen Insurance Holdings Limited begin trading on the New York Stock Exchange. The IPO raises an additional $244 million, net of expenses.

September 2003

Aspen expands into US Excess and Surplus lines business with the establishment of Aspen Specialty based in Boston, Massachusetts. Aspen Specialty will write a focused book of property and casualty surplus lines business.

March 2003

Wellington Re changes its name to Aspen Insurance UK Limited trading in the London market as Aspen Re and Aspen Insurance.

December 2002

Capital is increased to $850 million to take advantage of continuing favourable conditions in the insurance sector, following which a Bermudian subsidiary is established.

June 2002

Aspen Insurance Holdings Limited is formed in Bermuda. Aspen's UK subsidiary, Wellington Re, starts trading in London. It is the largest independent reinsurance company to be based in the London market, focusing on property and casualty reinsurance and UK commercial insurance. At its launch, Aspen raises capital of £448 million from an investor group led by Blackstone and Candover.