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Disasters push Aspen to another loss

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Californian wildfires, Hurricane Michael and Typhoon Jebi hit Bermuda-based Aspen’s final annual result before its acquisition by Apollo Global Management.

However, its full-year loss narrowed to $US145.8 million ($205.6 million) from $US266.4 million ($375.6 million) in 2017.

Catastrophes pushed the December quarter to a $US146.8 million ($207 million) loss.

CEO Chris O’Kane says the company improved its underwriting performance and achieved its target for reducing the expense ratio.

“We are making good progress with our proposed transaction with the Apollo funds and have received most of the required regulatory approvals,” he said.

The deal is expected to be completed by the end of next month.

Gross written premium gained 2.6% to $US3.45 billion ($4.86 billion) last year and the combined operating ratio improved to 110% from 125.7%.

Investment group Apollo announced its $US2.6 billion ($3.7 billion) deal for Aspen last August.