Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)

Aspen Insurance Holdings Limited (NYSE:AHL)

Q3 2013 Earnings Conference Call

October 31, 2013 09:00 ET

Executives

Kerry Calaiaro - Investor Relations

Chris O’Kane - Chief Executive Officer

John Worth - Chief Financial Officer

Analysts

Max Zormelo - Evercore

Amit Kumar - Macquarie Capital

Samir Khare - Capital Returns Management

Operator

Good morning. My name is Cassandra and I will be your conference operator. At this time, I would like to welcome everyone to the Third Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)

At this time, I would like to turn the call over to Kerry Calaiaro. You may begin.

Kerry Calaiaro - Investor Relations

Thank you and good morning. Presenters on today’s call are Chris O’Kane, Chief Executive Officer; and John Worth, Chief Financial Officer of Aspen Insurance Holdings Limited.

Last night, we issued our press release announcing Aspen’s financial results for the third quarter of 2013. This press release, as well as corresponding supplementary financial information can be found on our website at www.aspen.co. This presentation contains and Aspen may make from time-to-time written or oral forward-looking statements within the meaning under and pursuant to the Safe Harbor provisions of the U.S. federal securities laws.

All forward-looking statements will have a number of assumptions concerning future events that are subject to a number of uncertainties and other factors. For more detailed descriptions of these uncertainties and other factors, please see the Risk Factors section in Aspen’s Annual Report on Form 10-K filed with the SEC and on our website. This presentation contains non-GAAP financial measures, which we believe are meaningful in evaluating the company’s performance. For a detailed disclosure of non-GAAP financials, please refer to the supplementary financial data posted on Aspen’s website.

I will now turn the call over to Chris O’Kane.

Chris O’Kane - Chief Executive Officer

Thank you, Kerry and good morning everyone. In the third quarter of 2013, Aspen grew diluted book value per share by 4% to $40.43 and delivered an annualized operating return on equity of 10.8%. We continue to make good progress on our strategic objectives, our operating results and our profitability. Earlier this year when we announced our target of a 10% operating return on equity in 2014, we described three levers for driving ROE expansion, namely business portfolio optimization, efficient capital management and enhancing investment returns.

Our last quarter earnings call we noted some headwinds relative to this expectation, particularly with regard to the property cat line. Since then, we have made our own tailwinds. And in a few minutes, I will tell you what we mean by this. Not only have we made progress on our own Aspen’s specific initiatives to improve profitability further, but we are also continuing to achieve rate increases across the vast majority of our lines. The pace of rate increases is slowing in some areas, but we are pleased with the overall level of rate increase we have achieved. We have achieved 11% cumulative rate increases within the last years averaged across our entire portfolio.

As we look forward to 2014, we do not anticipate the rate environment significantly deteriorating. There are some areas that are challenging, but across the bulk of the markets in which we operate there are many attractive opportunities. We are therefore reiterating our expectation of a 10% operating ROE for 2014, but with a greatly increased level of conviction. Today, I will provide some additional details about specific actions we are taking to drive ROE growth. I will begin by providing an update on our business portfolio optimization and later on John will address capital management and enhancing investment returns.

We expect business portfolio optimization to make a major contribution to ROE expansion next year. Broadly defined; this initiative covers improving risk adjusted returns and encompasses a number of activities. First, as we mentioned last quarter, we have been taking a rigorous look at our ceded reinsurance needs and practices. While developing the U.S. platform and building out our insurance business in London, we brought on new underwriters who had very strong reputations and excellent track records, but did not yet built a track record at Aspen. Thus we took a very conservative approach and bought a high level of reinsurance for those lines.

Now, many of those underwriters have been with us for a number of years and we have seen the results at Aspen and they have been very good. We are at a point where we can look at our total ceded reinsurance program and evaluate how best to move forward with a view towards retaining a greater share of profitable risks. We expect that this initiative alone will generate as much as $25 million in incremental net income in 2014. Most of the lines, we are looking at are highly diversified and therefore not capital intensive. Consequently, we will only need to hold approximately $20 million of additional capital as a result of this increased risk retention.

Second, as we previously mentioned, we have been executing a significant controlled reduction of our U.S. E&S open market wind and (indiscernible) U.S. property insurance account. We have released approximately $80 million of capital thus far. We are committed to continue to reduce the volatility of this line and we are on target to achieve our intended capital reduction by the end of 2014. Third, our U.S. insurance teams continue to gain scale and this growth will drive meaningful operating leverage. For many years, we have reduced competitive loss ratios compared with elevated expense ratios, but now we have begun to grow into that expense base. Our U.S. operations have had a combined ratio of less than 100 for three quarters in a row. We have built a profitable value business, which is contributing to earnings.

If I sound more upbeat about the U.S., it’s because I am. Currently, the U.S. teams account for about 35% of our insurance and net earned premiums. We expect this percentage to increase over the next years. Previously, I have said that U.S. operations would be at the scale to support their expense base competitively with about $550 million of net earned premium. At that point, we would expect a more normalized expense rate for U.S. operations of around 16%. We are currently expecting to reach that level towards the end of 2015.

In summary, we are executing on the strategy we previously set out and we have a clear line of sight to how these levers will enable us to continue to improve our operating return on equity.

I am now going to turn the call over to John. Later, I will close with some thoughts on market and on our growth strategies.

John Worth - Chief Financial Officer

Thank you, Chris. I will begin with an overview of the results for the quarter and then provide an update on our capital management and investment leases. Gross written premiums for the group rose 4% to $582 million in the third quarter with underwriting income of $60 million. The combined rate here was 91.8% with $14.2 million, or 2.6 points of net catastrophe losses in the third quarter. Prior year reserve releases were $33.6 million or 6.2 combined ratio points and we experienced net favorable development in both short tail and long tail lines.

For our reinsurance segment, gross written premiums declined 15% to $220 million. This decline was due to a number of adjustments, including prior year premium adjustments and higher commutations compared with last year. On an underwriting year basis, excluding all the noise, our gross written premiums were about flat with rates driven decreases in property catastrophe offset by increases in other property. The reinsurance combined ratio was 80.5% with $11.3 million or 4.5 points of net cats losses in the quarter.

Catastrophe losses included $14.9 million from German hailstorms. The resulting accident year ex-cat combined ratio was 88.7% combined with 81.4% a year ago. The increase was primarily due to $17 million or 6.7 combined ratio points of attritional losses in the reinsurance segment in the third quarter related to a containership loss and a chemical plant fire. These losses occurred in our specialty and other property sub segments.

In our insurance segment, gross written premiums increased 21% to $362 million. This reflects rates and market driven increases in our primary casualty, MEC and financial institutions and our U.S. marine business. Underwriting income for the segment was $10 million and once again both our international and U.S. insurance teams recorded positive underwriting income for the quarter. The combined ratio of the insurance segment in the third quarter was 96.7% with $3 million or 1 point of net catastrophe losses. Prior year reserve releases were $1 million.

For the group, the expense ratio was 38.5% for the third quarter, an increase from 37.6% a year ago. In reinsurance, the expense ratio increased to 32.7% from 31.9% a year ago, mainly reflecting lower net earned premium as the absolute dollar amounts of expenses was relatively flat. In the insurance the expense ratio increased slightly to 38.5% from 38.1% a year ago. The acquisition expense ratio increased due to one-off factors which we do not expect to repeat, whilst the expense ratio elements reduced to 17.2% from 18.1%. This decrease is particularly pleasing and reflects strong cost controls and the build out of our U.S. business.

I will now move down to investments. Investments income was $45 million in the third quarter of 2013, down 7% from the equivalent quarter a year ago. Fixed income book yield for the third quarter 2013 was 2.82%, up 11 basis points from the second quarter. While the duration of the fixed income portfolio was 3.5 years, including the effect of our interest rate swaps the duration was 3.1 years. Our risk asset portfolio now comprises 9% of total investments. At September 30, 2013 we held $442 million in equities, up from $197 million a year ago, reflecting our strategy of tactically diversifying our investment portfolio by investing in high quality global equity income strategies. The equity portfolio generated a gain of 15.3% year-to-date, including a gain of 6.5% in the quarter.

Chris gave an update on the first of three levers for our 10% ROE target for 2014. I would now like to give you an update on the other two levers enhancing investment returns and efficient capital management. On enhancing investment returns, we have found and continue to find opportunities to increase investment returns within acceptable risk parameters. You will remember that in the first quarter we increased our allocation to equities by $200 million. And following after depreciation, equity is now accounts for 5.5% of the investment portfolio. Then in the second quarter, we allocated $75 million to BB rated bank loans bringing our total investment in BB securities to $105 million.

In August, we funded a $200 million BBB rated emerging market debt portfolio. These actions plus the rising yields, we have seen since May have served to stabilize our book yield. We have continued to focus on capital management initiatives, repurchasing just under $55 million of ordinary shares in the open market during Q3. And this brings our year-to-date total share repurchases to $296 million, essentially meaning that we have already met our share repurchase promise for the year. Assuming current valuations and similar opportunities in the market to deploy risk capital, we expect to continue to opportunistically repurchase shares in the near-term. Taken together, the results of these two levers will make a meaningful contribution to our return on equity in 2014.

I will now turn the call back to Chris.

Chris O’Kane - Chief Executive Officer

Thank you, John. I will now take the opportunity to talk about the current rate environment, as well as specific growth initiatives which we are going to – which are going to drive Aspen’s business in the coming quarters and years. In some instances, the initiatives will have a benefit of rate momentum at their back. And in other areas, the strategy will ensure that our team succeeds within the face of rates that are under pressure. We are not venturing into brand new territories, but rather building up our talents in markets where we already have a presence, our targeted specific niche areas of markets where we see specialty opportunities. In terms of the rate environment for the first nine months of 2013, we achieved an average rate increase of 3% on renewals across our book, reinsurance flat overall and insurance achieving a 5% increase.

First, let me discuss our reinsurance business. As I previously mentioned, we achieved flat renewals for the first nine months of the year on our total reinsurance book. Specifically in property cat reinsurance despite the industry-wide pressures, we experienced a rate decline of only 1% through the nine months of 2013. This is a result of our diversified property catastrophe book, both in geography and payroll, our global office network and our close ties with our clients. Our international offices in the Zurich, Singapore, and Miami within America continued to grow profitably. These offices are well established and the Aspen represents these are influential leading players in their respective markets. This enables us to be closer to our clients and to have a better understanding of their risk profiles.

There are other areas of reinsurance book where we are achieving rate increases. In our (indiscernible) line within other property reinsurance we achieved rate increase of 5% through the nine months reflecting the increases in the primary market. As I mentioned, we are targeting areas of the specialty and niche markets where we see opportunities. Last week, we announced the formation of Rock Re, a new dedicated brokered property facultative unit within our other property reinsurance sub-segment. Rock Re builds upon our existing highly profitable direct property facultative offering in the U.S., and we will focus on the North American brokered property facultative marketplace.

Historically, we have mainly written property facultative business on direct basis. And while this will continue to be a key focus for us, we are establishing Rock Re with a dedicated team to better serve the needs of the broker marketplace. Also in our U.S. reinsurance business, we hired Tom Luning as head of U.S. regional business development in June this year. Regional carriers often have different buying strategies than larger insurers and place a lot of value on their relationships with traditional reinsurers. Tom will ensure that our regional clients have access to the full suite of products that Aspen Re can offer.

In our specialty reinsurance sub-segment, we achieved flat renewal rates overall through the nine months, but rates do vary by line. We achieved a 5% increase through the nine months on our marine line, where we continued to see rate increases following a challenging year of industry losses. On our agriculture line, we achieved an increase of 2% through the first nine months. In our third key initiative, we recently hired Michael Dicker as Global Head of Agriculture to serve this growing marketplace. He will work more closely with our underwriters in Miami, London, Singapore and Zurich as well as throughout North America and provide strategic project direction for this line.

Casualty reinsurance was up 1% and the rate environment continues to vary based on line and geography. We have positive rates in U.S. casualty of 2%, while international casualty reinsurance remains under pressure. In total, our current portfolio continues to achieve good results, with stable loss cost trends. In our insurance line, the rate dynamics are markedly different. As I said earlier, our insurance book achieved a blended rate increase of 5%. There are many pockets of positive rate movement on the primary side. Through the first nine months, we achieved positive rates across all the five of our insurance sub-segments.

In April this year, we announced the hire of Tony Carroll in the U.S. in our energy business, which is part of our marine, energy and transportation sub-segment. Tony complements our established global energy team. He has hired a team in the U.S. including underwriters, engineers, and claims professionals. They are focused on a variety of onshore energy and construction classes. The team is growing the business with sound, fundamental underwriting as well as the momentum of the rate environment. The marine, energy and transportation sub-segment achieved an overall rate increase of 9% from the first nine months of the year. And we foresee that the rate environment will continue to be positive. In our financial and professional lines sub-segment, we achieved a rate increase of 2% through the nine months. Again, rates varied by line with notable rate improvements in financial institutions, and in the U.S. professional indemnity.

Turning now to casualty insurance, both global and U.S. combined achieved 5% renewal rate through the nine months. Recently, there has been a changing market dynamic in the U.S., following a number of agency downgrades of competitors. These downgrades have created some opportunities in primary markets and will continue to create further opportunities for those companies who are strongly rated, and conservatively reserved. We are well positioned to take advantage of additional opportunities that arise. The most notable areas where we are seeing increased opportunities from downgrades are within property and casualty, both primary and excess. Specifically in casualty, in the areas of hospitality and real estate we are seeing pricing up anywhere from 30% to 200% with higher attachments, and tighter terms and conditions.

Accounts we previously quoted and did not win and are on back in the market and our brokers are positioning Aspen as being a stable alternative with an ability to develop creative and flexible solutions. We expect the combined effect of these growth initiatives to contribute $180 million to gross written premium by 2015 with a $100 million of that in reinsurance and the balance of $80 million in insurance. As you can see, we have a number of initiatives that we are very excited about. We are driving towards the 10% operating ROE in 2014 through continued execution of our three levers combined with the progress we are making in the underlying business. We are focused on this goal throughout the organization and the compensation of the senior management team is significantly tied to this 10% ROE target. I look forward to continuing to update you on our progress on future earnings calls.

That concludes the Halloween edition of earnings call and we hope to agree that there have been lots of treats and no tricks at all. Thanks for listening. John and I are ready to take your questions.

Question-and-Answer Session

Operator

(Operator Instructions) The first question comes from the line of Max Zormelo (Evercore).

Max Zormelo - Evercore

Hi, good morning. My first question, Chris I wanted to follow up on the – your comments about again you scaled the U.S. insurance business, I think you mentioned it’s 35% of insurers net and premiums value, do you think it’s going to grow up increase in the next couple of years? Wanted to get a sense for what it will grow to next year within our total business, maybe then in 2015? And I also wanted to get some more color on the 16% – 16% expense ratio by end of 2015, is that for this insurance business or is it for the whole book you are talking about?

Chris O’Kane

Well, let’s take the expense ratio first. What I have been saying for sometime is we have got a great underwriting business. And we have got an expense base that’s appropriate to bigger size of business. So the business has to grow into the expense base. We have taken our time to do that, because we wanted to move at a pace that the underwriting opportunities are lied. Recently, of course, rate increases have held us, it has been a bit of a tailwind from rate increases. So what we are saying to is around that 16%, 17% area, U.S. insurance has a competitive expense ratio and is going to get to that before the end of 2015 that I think is the tail end of your question. Growth rates for U.S., I mean, I don’t think we have actually published anything and I don’t think I want to rose that now, but historically it’s been going along sort of the last couple of years is sort of 20% plus annually. And this change in momentum there, the market is generally favorable, so that’s probably a reasonable assumption, but it’s not a careful prediction. So as we said, 35% of insurance currently with good loss ratio in the U.S., with a less than competitive expense ratio moving into line within the next two years, changes the way we think the U.S. insurance has been – has been profitable this year to-date. Interestingly, it’s profitable even if you strip out the effects of caps it’s on plan when you do that. 2014, we are expecting a decent return from the U.S. 2015 we are expecting as good a return from the U.S. as the average of the rest of our business. And so I would say in the U.S., congratulations to all the guys who worked there, because it’s the job very well done. Does that help you, Max?

Max Zormelo - Evercore

Yes, that’s helpful. Thank you. Next question I had was on capital management. The share repurchase was very strong this quarter. I am just wondering looking out into Q4, is it fair to assume that you could have the share repurchases slowing down a little bit versus Q3?

John Worth

Max, thank you. Yes, I mean, we committed to $300 million for the year. We have achieved that. In terms of going forward, we are committed to continuing to buyback shares. We will do it on opportunistic basis and of course take into consideration, business opportunities capital requirements for those business opportunities, market conditions and any opportunities we see for investing in the investment portfolio.

Max Zormelo - Evercore

Okay, that’s fair. And then just a couple of quick numbers ones if I may please. The first one was on the tax rate, if that was lower this quarter, what should we expect for the rest of the year, and then this...

John Worth

Yes.

Max Zormelo - Evercore

Okay, go ahead please.

John Worth

Sorry, sorry. Yes, I mean I think now on the tax rate, it is tracking down. And I think you should expect to see that going forward really as a function of the tax rates in the UK, which is decreasing.

Max Zormelo - Evercore

Okay. So should we expect this quarter’s rate to be – next quarter’s rate to be similar to this quarter’s?

John Worth

Yes, I am not sure we are giving any guidance on the tax rate for the next quarter, but I mean as I say as the general comment, you can see a trending down on over time and in line with the corporate tax rates in the main jurisdiction in which we pay tax being the UK.

Max Zormelo - Evercore

Alright, so that’s fair. And then last one please, the fixed income portfolio yield is going on, but the duration has also gone up, I guess part of that is also because of the – I guess part of it is due to the investment in the bank loans, but I was just wondering looking out what should we expect for the yields, I mean, I was surprised that actually picked up last quarter just what should we expect in future quarters? Thank you.

John Worth

Yes, you are right, the duration has increased slightly. And during the August, we invested $200 million in emerging market debts, which is the main reason for the increase. Sorry, the second part of your question is in terms of yields going forward?

Max Zormelo - Evercore

Yes.

John Worth

Yes, I think overall yields going forward we can expect to sustain the same sort of rate. I mean, of course, if we saw an increase in interest rates, then we could see a yield pickup in 2014, but of course we are not anticipating anything significant at the moment.

Max Zormelo - Evercore

Okay, thanks for the answers.

Chris O’Kane

Thank you, Max. Thanks for the questions.

Operator

Your next question comes from the line of Amit Kumar from Macquarie Capital.

Amit Kumar - Macquarie Capital

Thanks and good morning. Just one quick question, I guess, starting off with the sidecars up, did you talk about the discussion in the press regarding your new sidecar? I think it’s called a Silverton Re, can you just expand on that?

Chris O’Kane

Amit, we didn’t talk about that and we really can’t talk about rumors in the press, I am sorry.

Amit Kumar - Macquarie Capital

Okay, because I thought the $65 million capital thing was going to go online very shortly. The other question and I apologize I was on another call. Did you talk about that the commutations, were they sort of one-off or should we anticipate more of that going forward in your reinsurance segment?

John Worth

We did talk about the commutations and some prior year adjustments in the reinsurance segment. They are one-off. And if I look forward to GWP over the medium term, if anything I’d expect it to track upwards. So these are really just one-off occurrences for this quarter.

Amit Kumar - Macquarie Capital

Got it. And the growth in insurance, I presume that’s from the usual teams etcetera, right, in U.S. and UK or was there any other factor on the growth?

John Worth

I know, I mean, you are right to take it in looking at the U.S. and the UK in turn slightly different reasons in the U.S. We are seeing deal flow and price increases as much as anything due to some consolidation in the markets and rating actions, which has impacted some of our competitors. We are also seeing growth in the U.S. energy book, which of course we invested in earlier this year. And the growth in the U.S. is very much in line with the plans that we have. In international, a slightly different story, more mixed on pricing, but we are seeing price improvements in some of the lines so marine, energy and construction liability, financial institutions and global casualty. And we are taking advantage of those price increases and improved margins in those lines. And for example, in MEC, some of the increases that we are seeing are as much as 20%.

Amit Kumar - Macquarie Capital

Got it, okay. And then just I guess finally on the buyback, I see that you bought back some stock in Q4 to-date. Can you sort of talk about the pace from here going into 2014? Thanks.

John Worth

Yes, I mean the buyback pace that we have had has been very significant, I mean it’s been averaged $100 million a quarter so far this year. I wouldn’t anticipate that it is going to be at that sort of rate going forward. So just want to manage your expectations in that respect. But nevertheless, we are committed to a share buyback program as I’ve said earlier.

Amit Kumar - Macquarie Capital

And how should we then think about it going forward, I guess, are you thinking of some ranges in terms of return on capital going forward?

John Worth

No, we are not giving ranges. I don’t think that would be fair, but only to say that we are pursuing it on an opportunistic basis. That takes into consideration a number of factors. But it won’t be at the same rate as you have seen earlier this year.

Amit Kumar - Macquarie Capital

Got it, okay, I will stop here. Thanks for all the answers.

John Worth

Thank you.

Operator

Your next question comes from the line of Samir Khare from Capital Returns Management.

Samir Khare - Capital Returns Management

Yes, good morning. I am just curious about any exposure that Aspen might have to the recent Supreme Court rulings in the Spanish surety market?

Chris O’Kane

We don’t believe that we have any exposure to those, so there is a couple of reasons for that. Two insurance companies are involved and we are not one of those. Second, we don’t reinsure those companies. So they relate to a time period before we wrote the credit and surety class, we have been in there for about four years, these relate back to seven years, eight years. And finally, we have actually look for what was been sold there, we would describe it is very ambiguous policy language. Ambiguous policy language in an environment where the courts which they would in Spain favor the consumer quite heavily, are going to land you in problems. So I think if we had the chance to write that stuff, we wouldn’t have done anyway, but the good news is we just we have zero exposure for a variety of reasons.

Samir Khare - Capital Returns Management

Very good, thank you.

Chris O’Kane

Sure.

Operator

(Operator Instructions) Your next question comes from the line of Josh Schwartz from [CJE Investment].

Unidentified Analyst

Yes. Hi. Congratulations on the excellent quarter.

Chris O’Kane

Thank you, Josh.

John Worth

Thank you.

Unidentified Analyst

No problem. On your last conference call, Mr. Worth, said the expense ratio would benefit as the U.S. operations grew. This year total premiums earned have been up 5%, but the combined expense ratio of insurance and reinsurance is higher in Q3 than throughout the rest of 2013, and it’s higher compared to 2012. And from 2003 to 2012, Aspen averaged 29.7% combined expense ratio and Aspen is currently significantly above our competitors, so does the company have a future expense ratio target and a timeline to achieve it?

John Worth

Yes. In terms of the target, I mean the guidance we have given as you know is just around ROE, but to comment specifically on the expenses and you referred specifically to the U.S. insurance area there. In the U.S. we are actually very pleased with the operating expense ratio improvement, which is one percentage points across the insurance and there are two reasons for that rating. One is the build out of the U.S., and the other is, tight cost control in the U.S. But overall we have seen an increase and that’s due to a modest increase in the reinsurance segment. In absolute terms, it’s only $1 million quarter-on-quarter. So the increase in terms of the ratio is due to the denominator and the fact that we have seen the GDP come down this quarter for a number of one-off reasons as we talked about earlier.

Unidentified Analyst

Okay, is the target, much lower or I guess that’s an internal target?

John Worth

Well, it is an internal target, but it comes back to as you pointed out, some of the comments we have made previously that we would expense – expect to see in particular the expense ratio for the insurance segment come down over time as we build out in the U.S. And actually with respect to that component, we are already starting to see some of that.

Unidentified Analyst

Okay, but just the last thing on that, reinsurance is also a little higher than the average too. So would that expense ratio expect to drop there?

John Worth

Yes, I would expect that to come back down, and that’s in line with our expectations on gross earned premium, and the fact that it’s down this quarter as I said for one-off reasons.

Unidentified Analyst

Okay, perfect. And I have one more question, as the reinsurance sales declined 15.4% this year, is it expected to stabilize next quarter or – and in 2014?

John Worth

Yes. I mean, as I referred to earlier that there are commutations, there are one-off prior year adjustments but that’s come through on the GWP line for reinsurance this quarter. So going forward, if anything, I would expect to see an increase in GWP for the rest of this year and going into 2014 and beyond.

Unidentified Analyst

Okay, perfect. Thank you for your answers.

John Worth

You are welcome. Thank you.

Operator

(Operator Instructions) There are no further questions at this time.

Chris O’Kane - Chief Executive Officer

Okay. Cassandra thanks for helping us this morning and thanks to everyone for listening. Have a good day. Good bye.

Operator

This concludes today’s conference call. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Aspen Insurance Holdings' CEO Discusses Q3 2013 Results - Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts