Aspen produced a strong set of results for the first quarter of 2024 delivering $103 million of operating income driven by an 86.3% adjusted combined ratio, that resulted in an annualized operating return on equity of 19% for the period. We benefited from continuing favorable trading conditions in many of our classes of business achieving 17% growth in year over year gross written premium. In addition, we achieved risk adjusted rate change and adequacy metrics on the aggregate portfolio that were better than planned.
The results for the quarter include a provision within catastrophe losses for our exposure to the tragic Francis Scott Key Bridge event, which was within expectations given the size of this industry event. The current accident year losses also include a modest provision for losses on certain policies exposed to credit risk. The strong performance for the quarter aligns well with our expectations of producing mid to high teen returns across industry cycles and loss event sets.
Executive Chairman and Group Chief Executive Officer
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