Aspen Insurance UK Limited
The history of Aspen Insurance UK Limited may be traced back to 1974 and the formation in the UK of a company called Wellington Reinsurance Limited (which traded as Wellington Re).
Wellington Re was acquired by the US-based, Bermuda registered, Aspen Insurance Holdings Limited in 2003. At that time, Wellington Re was the largest independent reinsurance company based in London and specialised in casualty reinsurance, property and commercial insurance.
Aspen Insurance Holdings Limited was publicly listed on the New York Stock Exchange the following year, when some $244 million was raised.
A major expansion into European markets was launched in 2007 with the opening of the company's European headquarters in Zurich, Switzerland. In the same year, Aspen entered the professional liability insurance market through its UK subsidiary and also acquired a Lloyds of London a syndicate (Syndicate 4711) and began its own underwriting operations with effect from 1 May 2008.
In 2010 the Aspen Group separated its two principal functions into insurance operations, Aspen Insurance, and reinsurance operations, Aspen Re.
At year end 2013, Aspen Insurance Holdings Limited announced assets of $10.2 billion and employed more than 900 employees in eight countries - the UK, Dublin, Paris, Singapore, Zurich, Australia, Canada and Cologne, together with 15 offices across the US, including Miami and New York.
Aspen's main UK office is in the City of London, but it also mans offices in Birmingham, Bristol, Chelmsford, Croydon, Glasgow and Manchester.
The company's UK subsidiary operates a separate division focusing on:
- business and community insurance;
- property investors; and
Landlord insurance may be viewed as a particular form of property insurance requiring not only the protection of the physical structure of buildings and their contents, but also cover for those risks most commonly faced by businesses - namely:
- employer's liability;
- property owner's liability;
- business interruption; and
- loss of rental income.
These are just some of the risks typically covered by landlord insurance, although others may be included depending on the nature of the property and the business owning it.
Aspen landlord insurance
Coming from a background of reinsurance, Aspen tends to concentrate on cover for major risks faced by larger corporations. It does not specifically market a product labelled landlord insurance although its UK Corporate Property and Casualty division boasts the ability to cover risks that are complex or straight forward, at a competitive price.
As underwriters, Aspen is in the position to offer cover on practically any risk (including landlords), although the company makes a particular speciality of underwriting risks which other insurers may decline to cover. It describes its principal clients as those occupying "select, high value added" markets.
UK landlords operating small to medium sized businesses, therefore, may find that the services of Aspen Insurance UK Limited are not for them.