Aspen plans to restart professional liability at Lloyd's as conditions improve
Bermuda-based Aspen Insurance Holdings plans to re-commence underwriting professional liability insurance through its Lloyd’s platform, citing "improved" market conditions.
Aspen ceased underwriting this line of business through the Lloyd’s platform in the third quarter of 2018.
The re/insurer stated that "in light of improved market conditions" it has decided to start writing new professional liability insurance business through its Lloyd’s platform towards the end of 2020 or the beginning of next year.
The move follows a "strategic review" of its underwriting portfolio that began in December 2019.
Aspen also determined to cease underwriting international marine and energy liability products, and its global accident and health line of business, having started to wind down in February and March 2020, respectively.
"Following strategic reviews of our underwriting performance, we have pruned unprofitable portfolios of business that did not meet our underwriting performance requirements while refocusing our underwriting on our profitable lines of business," the company said in a recent US Securities and Exchange (SEC) filing.
