Hamilton, Bermuda, June 15, 2007 — Aspen Re (“Aspen”), a subsidiary of Aspen Insurance Holding Limited (NYSE:AHL), today announced the launch of an innovative IT global platform that will enable it to trade live risk messages electronically with Lloyd's brokers anywhere in the world. Using the data standards and processes agreed by the Group of Six (G6) Lloyd's insurers in 2006, risks will initially be traded with brokers on a ‘Peer-to-Peer' basis, with the capability to support a ‘Market Trading Hub' if required. Aspen is the first company to follow in the footsteps of the G6, signalling its continuing commitment to adopting leading edge technology to support its business operations. The project will provide numerous benefits to Aspen's underwriting processes and B2B trading capability.
Aspen's initial implementation of the Peer-to-Peer technology will allow underwriters to receive risk placement messages and endorsements electronically, together with insurance documents downloaded directly from brokers' document repositories. Future phases will focus on internal systems and business processes, introducing customised electronic work management systems (“Workflow”) and integration with Aspen's core underwriting systems.
Lisa Gibbard, Head of IT at Aspen commented: “With the implementation of our Peer-to-Peer messaging gateway, we will be able to offer close integration with our broking partners and reduce the risk of errors associated with manual paper-based processes. Our adoption of this platform will result in significant operational efficiencies worldwide, helping remove, for example, the need to re-type information when transferring from one system to another - a key benefit of electronic risk trading. This will allow our underwriters the time to focus on underwriting risks rather than administrative tasks. In addition, the ‘zero transaction cost' associated with Peer-to-Peer messaging will help to reduce the operational cost of placing Lloyd's risks.”
Peer-to-Peer messaging will also provide regulatory benefits such as improved FSA compliance in the areas of audit and control, and improved Contract Certainty through the associated workflow process management. Future phases are likely to include innovative technology improvements such as ‘intelligent risk handling' based on pre-defined electronic underwriting rules.
The Peer-to-Peer project is an important step in Aspen's continuing commitment to the Lloyd's Market Reform programme – providing the technology foundations for future initiatives such as the Electronic Claims File (ECF) and electronic Accounting and Settlement (A&S), projects which Aspen Re intends to launch later this year.
Aspen Re continues to maximise the use of technology to deliver tangible business benefits to its underwriting and claims departments. These projects form an important contribution towards the goal of ‘end-to-end' electronic trading with broker partners throughout the full risk lifecycle.
CONTACT:
Aspen Re
Tania Kerno, Head of Communications
+ 44 (0) 20 7184 8855
or
Citigate Dewe Rogerson
Justin Griffiths/Hannah Seward
+44 (0) 20 7638 9571
About Aspen Insurance UK Limited (“Aspen Re”)
Aspen Insurance UK Limited was established in London in June 2002 to serve the needs of the London and wider UK insurance market. It is the largest business in the Aspen Group. The company trades under the names of Aspen Insurance and Aspen Re, writing a range of specialty insurance and reinsurance lines respectively Aspen Insurance UK Limited is a wholly owned subsidiary of Aspen Insurance Holdings Limited.
For more information about Aspen Re, please visit www.aspen-re.com.
About Aspen Insurance Holdings Limited
Aspen Insurance Holdings Limited was established in June 2002. Aspen is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and the United States and specialty insurance and reinsurance consisting mainly of marine, liability and energy and aviation worldwide. Aspen's operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States: Aspen Insurance UK Limited, Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen has four operating segments: property reinsurance, casualty reinsurance, specialty insurance and reinsurance and property and casualty insurance. Aspen's principal existing founding shareholders include The Blackstone Group, Candover Partners Limited and Credit Suisse First Boston Private Equity. For more information about Aspen, please visit Aspen's website at www.aspen.bm.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:
This press release contains written, and Aspen's officers may make related oral, "forward-looking statements" within the meaning of the U.S. federal securities laws regarding the implementation and effectiveness of new information technology systems. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," "estimate," "may," "continue," and similar expressions of a future or forward-looking nature.
All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen's control that could cause actual results to differ materially from such statements. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this release, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2006, filed with the U.S. Securities and Exchange Commission on February 22, 2007.
-Ends-
