Fitch Publishes Unrated Issuer Report on Aspen Insurance Holdings Limited
The following is from Fitch Ratings on September 23:
Fitch Ratings has published an Unrated Issuer Report (UIR) on Aspen Insurance Holdings Limited.
UIRs provide analytical perspective and transparency on key issues that impact an organization's creditworthiness but without providing a credit rating or rating-like opinion.
In addition to highlighting what Fitch considers to be Aspen's main credit issues and trends, the report takes a closer look at:
--Business profile;
--Financial performance and earnings.
Aspen and other small to midsize reinsurers are facing increasing market pressures to become larger as a means to survive. This stress can create underwriting and operating risks for companies as they determine how to best adapt to the new world or risk becoming irrelevant. Fitch believes that Aspen may seek to boost operating scale in the future through an acquisition, or become a target for a larger buyer.
Changes in Aspen's business mix, including a shift away from reinsurance and more into insurance should reduce volatility. Expansion into more specialty businesses, Lloyd's of London, and the recent entrance into crop (re)insurance could potentially improve the company's competitive market position and profitability, but also create additional risks in underwriting quality and pricing adequacy on new business.
Aspen's profitability is characterized by combined ratios in the 85 percent-95 percent range and high single-digit to low double-digit returns on equity in most years. However, earnings are exposed to potential volatility and can decline materially in response to large catastrophe-related events. This was the case in 2005 and 2011, when significant insured catastrophe events pushed the company to an underwriting loss and an overall net loss in each year.
A peer analysis and a summary of market-based indicators round out the UIR.
UIRs are not solicited by the issuer, and Fitch receives no compensation from the issuer for the provision of an UIR. While a UIR is typically based primarily on public information, Fitch analysts may ask questions of an issuer's management while preparing the report. The level of management participation, if any, can vary significantly from case to case.
Additional information is available at 'fitchratings.com'.
For more information on Unrated Issuer Reports please go to:
http://fitchratings.com/web_content/product/unrated_reports.pdf.
Related Research
Aspen Insurance Holdings Limited (Challenging Market Conditions Pressure Earnings and Could Force Consolidation)
https://fitchratings.com/site/re/885840
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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Alexandra Scarborough
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The collection includes dresses, skirts, bodysuits and other pieces, ranging in price from $295 to $2,395 and from sizes 0 to 14.
"Collaborating with Gilt on my first bridal ready-to-wear collection was an opportunity I couldn't pass up," said Sarah Jessica Parker. "The team there is brilliant and allowed me to be imaginative and take risks as I was designing for the non-traditional bride. It has been quite fun to play around with colors, fabrics and details to create unique pieces for all kinds of brides." The collection, comprised of ten styles, is inspired by Parker's vision of a modern, non-traditional bride, and is designed to dress a woman for a variety of wedding milestone moments; from her bridal shower through her wedding reception. Styles offered are a unique mix of classic dresses and gowns, modern bodysuits, full skirts, and a jumpsuit. The color palette includes traditional bridal white, sleek black, plus pops of blush, poppy, light gray and blue.
Designed in collaboration with Gilt, the collection was produced in New York City utilizing fabrics like cashmere and stretch crepe sourced from Spain, Italy and France.
The pieces all feature carefully curated details like elegant bows, sophisticated cutouts, feathers, intricate embroidery and beautiful hand-stitched beading.
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As part of the bridal launch, Gilt will also offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear line, each of which are complementary to the bridal collection.
To correspond with the bridal collection launch, Gilt City will present offers from some of Sarah Jessica Parker's favorite places in New York City.
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More Information:
http://www.Gilt.com/SJP -
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Available now in select stores and online at teaforte.com.
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