Aspen Syndicate 4711 profit rises by 37% in 2024

By Aidan Gregory

March 21 - (The Insurer) - Aspen Syndicate 4711 has reported a 37% increase in profit for 2024 and disclosed a loss estimate of up to 8.6 million pounds ($11.1 million) for January's California wildfires.

In its annual report and accounts, released on Thursday, Aspen said Syndicate 4711 made a profit of 83.7 million pounds in 2024, up from 61.1 million pounds in 2023. The combined ratio improved to 82.4% from 86.7% the previous year.

The syndicate’s stamp capacity grew 17.1% last year to 1.3 billion pounds, which remains unchanged for 2025, while its gross written premium was 1.01 billion pounds, up from 806.3 million pounds in 2023.

Syndicate 4711 writes insurance policies across crisis management, credit and political risks, natural resources and construction, specie, management liability, financial institutions, professional indemnity, cyber, cross-class binders, primary casualty, excess casualty and environmental.

It also has a reinsurance business covering casualty, property, property facultative and specialty.

The syndicate's profit has consistently increased for three consecutive years following a large loss in 2021 due to changes to its reserving.

“The overall result was a profit across all segments, further demonstrating that the strategic changes made to the portfolio in recent years are now well embedded,” the company said.

Aspen said it expects Syndicate 4711’s losses from the Los Angeles wildfires in January to be limited and within expectations.

Assuming an insured industry loss of $35 billion to $45 billion, Syndicate 4711 expects its loss to be in the region of 5.8 million pounds to 8.6 million pounds, net of reinsurance and reinstatement premiums.

These losses will be included in Syndicate 4711’s 2025 results.

Aspen said that it sees the potential for further claims to arise from the war in Ukraine, although the impact of these claims is likely to be limited following a review of its claims and reserving, and its exposure to conflict in the Middle East remains limited.

“Although further claims resulting from the conflict are possible, reasonable provision for all claims identified to date have been made,” said Aspen. “Exposures from conflict in the Middle East are not expected to be material for the Syndicate. Notwithstanding geopolitical events, the economic environment has stabilised somewhat during 2024.”