Sompo announced in August that it would acquire Aspen for US$37.50 per Class A ordinary share in a transaction valued at about US$3.5 billion, a 35.6% premium to Aspen’s August 19 closing price, with completion targeted for the first half of 2026 subject to regulatory approvals.
Aspen delivered underwriting income of US$94 million for the quarter, supported by a combined ratio of 86.8%, an improvement of 8.4 percentage points from the prior year. Operating income reached US$100 million, or US$1.08 per diluted ordinary share, producing an annualised operating return on average equity of 14.8%. Adjusted underwriting income was US$91 million and the adjusted combined ratio was 87.3%.
Aspen Capital Markets generated US$47 million in fee income, up 6.4% year on year, while gross written premiums increased by US$10 million, driven by US Excess Casualty and offset by reductions in certain Property portfolios.
For the nine months ended September 30, 2025, net income available to ordinary shareholders was US$166 million, or US$1.82 per diluted ordinary share, and operating income was US$261 million, or US$2.86 per diluted ordinary share. Underwriting income for the period totalled US$222 million with a combined ratio of 89.5%. Adjusted underwriting income was US$233 million and the adjusted combined ratio was 89.0%. Fee income from Aspen Capital Markets rose to US$146 million, a 29.9% increase from the same period in 2024. Third-party capital supporting the platform totalled US$2.5 billion.
Executive chairman and group chief executive officer Mark Cloutier said, “Aspen delivered strong results for the third quarter of 2025 continuing the positive trend of the past several quarters, reflecting the quality and stability of our franchise. With market dynamics shifting, including increased competition across several lines of business, I am pleased that we recorded a significantly improved combined ratio… we expect the transaction to close during the first half of 2026, subject to regulatory approval.”
Group president Christian Dunleavy said, “Aspen continues to be focused on underwriting discipline and robust cycle management… our strong performance for the quarter means we are on track to deliver a mid-teens operating return on equity for the full year.”
Aspen’s quarter followed its return to public markets earlier in 2025, when its New York Stock Exchange listing raised approximately US$397.5 million and reduced Apollo Global Management’s ownership from 99.8% to 86.7% (Supplementary 2–4). Total shareholders’ equity reached US$3,474 million at September 30, 2025, and book value per ordinary share rose to US$30.21, up US$5.22 from the prior year.
