Aspen eyes growth after a reset that shrank its book last year

After shrinking its reinsurance book in the 1/1 2023 year-end renewal on the back of worries of cat-related volatility and exposure to US mortgage markets ahead of a potential recession,  Aspen Insurance Holdings is seeking growth mode again—measured growth, its chief underwriting officer has clarified.

John Welch was appointed CUO, Reinsurance, in June, joining from AXA XL Re, where he led local reinsurance underwriting teams around the world. He was not with Aspen at the end of last year, but he explained its strategy, which resulted in a 16 percent decrease in gross written premiums for its reinsurance segment for the first six months of 2023.