Aspen Capital Markets AUM rose 23% to $2.73bn in 2025. Fee income up 15% to $194.4m

Aspen Capital Markets, the third-party, ILS and alternative reinsurance capital management unit that now falls under Sompo after its acquisition of Aspen, grew its assets under management AUM to a new high of almost $2.73 billion in 2025, representing 23% growth over the year.

At the same time, the Aspen Capital Markets team and their insurance-linked strategies, where they partner with third-party investors to share returns of the underwriting undertaken by Aspen, also earned meaningfully more in fee income over the course of 2025.

In fact, fee income for the full-year reached $194.4 million, up by 15% from full-year 2024’s fee income of $169 million.

It’s another very strong year of growth for the third-party capital and insurance-linked securities investments business that operates under the Aspen brand.

On branding, Sompo said when its acquisition of Aspen completed in February, that Aspen will transition over to the Sompo brand in time.

Recall that, when the planned acquisition was announced executives from Sompo said that the integration is expected to expand the opportunity set for Aspen Capital Markets investors, while it intends to continue pursuing a capital light model leveraging third-party capital.

Aspen Capital Markets has delivered meaningful income to its parent in recent years, becoming one of the highest fee income figures seen for a level of assets under management at this level, implying the strategy has high earning potential if it scales further.

Aspen adopted a differentiated model when it came to managing third-party capital for investors in insurance-linked securities (ILS) type vehicles.

The company was a proponent and early adopter of casualty ILS, allowing investors to obtain returns from longer-tailed lines of insurance and reinsurance business. While it also offers more typical catastrophe-linked investment opportunities as well.

Aspen Capital Markets AUM reached just over $2.2 billion at the end of 2024, then grew to $2.4 billion in assets under management in the second quarter of 2025, and has now grown further to end 2025 at just slightly under $2.73 billion.

On the fee income side, the full-year 2025 total reached $194.4 million, up from $169 million earned in 2024.

Aspen said that, “The increase in fee income was due to the growth achieved in the third-party capital and greater ceded earned premium, including the expansion of our capital markets business into long-tail casualty lines.”

Going forwards it will be interesting to see how the Aspen Capital Markets brand and proposition changes over time, as the integration to Sompo continues and is completed.

Being part of a much larger global insurance and reinsurance entity, it could increase opportunities for third-party investors to partner with the combined entity under Sompo, while also perhaps expanding the range of reinsurance-linked returns available.

Aspen Capital Markets is just one of the dedicated insurance-linked securities (ILS) fund managers, and reinsurers offering ILS-style investment opportunities, listed in our Insurance-Linked Securities Investment Managers & Funds Directory.