we also expect to spend a total of approximately $ 55 million in incremental capital expenditure , primarily information technology , in 2018 and 2019 that we expect to be amortized over a period of three to five years from the start of 2020. in 2017 , we have recognized $ 15.2 million of expense associated with the effectiveness and efficiency program . in our insurance segment , we experienced a significant underwriting loss due to a combination of catastrophe losses and an increased incidence of large losses and attritional losses . gross written premium for the insurance segment was $ 1.81 billion in 2017 , an increase of 4.5 % from 2016 . our combined ratio in insurance was 117.9 % in 2017 compared to 99.6 % in 2016 . in our reinsurance segment , our results were dominated by the significant level of natural catastrophe losses primarily in the u.s. gross written premium for the reinsurance segment for 2017 was $ 1.55 billion , an increase of 9.6 % from 2016 , with growth primarily in specialty lines . the combined ratio was 125.1 % in 2017 compared to 90.0 % in 2016 . on december 18 , 2017 , the company acquired through its wholly-owned subsidiary , aspen u.s. holdings , a 23.2 % share of crop re services llc ( “ crop re ” ) , a newly formed u.s.-based subsidiary of cgb diversified services , inc ( “ cgb ds ” ) in exchange for the sale of ag logic holdings , llc and its affiliates ( “ agrilogic ” ) , the company 's u.s. crop insurance business . for further information regarding this transaction , see note 6 of our consolidated financial statements , “ investments . ” total ceded written premiums in 2017 increase d by $ 595.1 million compared to 2016 . ceded written premiums increased in both our insurance and reinsurance segments due to the purchase of a whole account quota share contract . ceded reinsurance premiums increased for our insurance segment due to the restructure of our ceded reinsurance arrangements through the use of significant quota share reinsurance arrangements and the recognition of ceded premiums to reinstate cover following catastrophe and other large losses . ceded premiums also increased in the reinsurance segment due to increased gross written premiums written in conjunction with increased retrocession to third parties , an increase in ceded reinsurance premiums following the sale of agrilogic in december 2017 and due to the recognition of additional ceded premiums as a result of reinstating cover following catastrophe losses . capital management . we continue to focus on capital management and maintain our capital at an appropriate level . in 2017 , we repurchased 648,941 ordinary shares for a total consideration of $ 30.0 million . in addition , in the second quarter of 2017 , we increased our quarterly dividend on our ordinary shares from $ 0.22 to $ 0.24 per ordinary share . on february 8 , 2017 , our board of directors also authorized a new share repurchase program of $ 250.0 million . the share repurchase authorization , which is effective through february 8 , 2019 , permits us to effect repurchases from time to time through a combination of transactions . 74 on january 3 , 2017 , we also elected to redeem all of the outstanding 7.401 % preference shares . each holder of a 7.401 % preference share received $ 25 per 7.401 % preference share , plus any declared and unpaid dividends . we likewise elected to redeem all of the outstanding 7.250 % preference shares on july 3 , 2017. each holder of a 7.250 % preference share received $ 25 per 7.250 % preference share , plus any declared and unpaid dividends . investment management . we follow an investment strategy designed to emphasize the preservation of capital and provide sufficient liquidity for the prompt payment of claims . as of december 31 , 2017 , our investments consisted of a diversified portfolio of fixed income securities including u.s. dollar bbb emerging market debt , global equities and money market funds . our overall portfolio strategy remains focused on high quality fixed income investments . in the third quarter of 2017 , we took advantage of rising equity markets and sold $ 208.1 million of our equity portfolio . proceeds from the sales were reinvested into a core fixed income strategy . as at december 31 , 2017 , we had a 5.8 % ( 2016 — 6.8 % ) position in equities , a 4 % ( 2016 — 3.8 % ) position in u.s. dollar bbb emerging market debt and 0.2 % ( 2016 — 0.2 % ) in risk asset portfolio cash . as at december 31 , 2017 , approximately 10 % of our total cash and investments , excluding catastrophe bonds and funds held by variable interest entities ( the “ managed portfolio ” ) , was invested in equities and u.s. dollar bbb emerging market debt ( 2016 — 10.8 % ) . 75 financial overview the following overview of our 2017 , 2016 and 2015 operating results and financial condition is intended to identify important themes and should be read in conjunction with the more detailed discussion further below . operating highlights gross written premiums of $ 3,360.9 million in 2017 , an increase of 6.8 % from 2016 . combined ratio of 125.7 % for 2017 , including $ 561.9 million , or 24.6 percentage points of pre-tax catastrophe losses , net of reinsurance and reinstatements , compared with 98.5 % for 2016 , which included $ 164.4 million or 6.3 percentage points of pre-tax catastrophe losses , net of reinsurance and reinstatements , and 91.9 % for 2015 , which included $ 90.5 million or 3.7 percentage points of pre-tax catastrophe losses , net of reinsurance and reinstatements . story_separator_special_tag in addition , we expect the recently enacted u.s. tax cuts and jobs act of 2017 to have a modest impact on the amount of tax that we will pay . we expect that the u.s. tax bill will decrease net income by approximately $ 10 million or more in 2018 although the ultimate impact will depend on where our profits are generated . see “ risk factors ” and “ cautionary statement regarding forward-looking statements ” included in this report . recent developments on january 5 , 2018 , we notified the prudential regulation authority of our intention to close aspen u.k. 's branches in paris , france and cologne , germany . we expect these branches to be closed during the first quarter of 2018. during january 2018 , we sold $ 206.9 million of equity securities from our investment portfolio and realized a net gain of $ 36.7 million . 79 on january 26 , 2018 , s & p affirmed the ratings of our operating subsidiaries but changed their outlook to negative from stable . on february 6 , 2018 , moody 's affirmed the ratings of our operating subsidiaries but changed their outlook to negative from stable . both rating agencies stated certain factors which , if not achieved , could lead the relevant rating agency to downgrade the ratings of our operating subsidiaries . see “ risk factors — our operating subsidiaries are rated and our lloyd 's business benefits from a rating by one or more of a.m. best , s & p and moody 's and a decline in any of these ratings could adversely affect our standing among brokers and customers and cause our premiums and earnings to decrease and limit our ability to pay dividends on our ordinary shares ” for a discussion of some potential risks relating to our ratings . critical accounting policies our consolidated financial statements contain certain amounts that are inherently subjective in nature and require management to make assumptions and best estimates to determine the reported values . we believe that the following critical accounting policies affect the more significant estimates used in the preparation of our consolidated financial statements . a statement of all the significant accounting policies we use to prepare our financial statements is included in the notes to the consolidated financial statements . if factors such as those described in part i , item 1a , “ risk factors ” cause actual events to differ from the assumptions used in applying the accounting policy and calculating financial results , there could be a material adverse effect on our operating results , financial condition and liquidity . written premiums written premiums comprise the estimated premiums on contracts of insurance and reinsurance entered into in the reporting period , except in the case of proportional reinsurance contracts , where written premiums relate only to our estimated proportional share of premiums due on contracts entered into by the ceding company prior to the end of the reporting period . all premium estimates are reviewed regularly , comparing actual reported premiums to expected ultimate premiums along with a review of the collectability of premiums receivable . based on management 's review , the appropriateness of the premium estimates is evaluated , and any adjustments to these estimates are recorded in the periods in which they become known . adjustments to original premium estimates could be material and these adjustments may directly and significantly impact earnings in the period they are determined because the subject premium may be fully or substantially earned . we refer to premiums receivable which are not fixed at the inception of the contract as adjustment premiums . the proportion of adjustment premiums included in the premium estimates varies between business lines with the largest adjustment premiums associated with property and casualty reinsurance business and the smallest with property and liability insurance lines . adjustment premiums are most significant in relation to reinsurance contracts . different considerations apply to non-proportional and proportional treaties as follows : non-proportional treaties . a large number of the reinsurance contracts we write are written on a non-proportional or excess of loss treaty basis . as the ultimate level of business written by each cedant can only be estimated at the time the reinsurance is placed , the reinsurance contracts generally stipulate a minimum and deposit premium payable under the contract with an adjustable premium determined by variables such as the number of contracts covered by the reinsurance , the total premium received by the cedant and the nature of the exposures assumed . minimum and deposit premiums generally cover the majority of premiums due under such treaty reinsurance contracts and the adjustable portion of the premium is usually a small portion of the total premium receivable . for excess of loss contracts , the minimum and deposit premium , as defined in the contract , is generally considered to be the best estimate of the contract 's written premium at inception . accordingly , this is the amount we generally record as written premium in the period the underlying risks incept . during the life of a contract , notifications from cedants and brokers may affect the estimate of ultimate premium and result in either increases or reductions in reported revenue . changes in estimated adjustable premiums do not generally have a significant impact on short-term liquidity as the payment of adjustment premiums generally occurs after the expiration of a contract . many non-proportional treaties also include a provision for the payment to us by the cedant of reinstatement premiums based on loss experience under such contracts . reinstatement premiums are the premiums charged for the restoration of the reinsurance limit of an excess of loss contract to its full amount after payment by the reinsurer of losses as a result of an occurrence . these premiums relate to the future coverage obtained during the remainder of the initial policy term and are included in revenue

liquidity liquidity is a measure of a company 's ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations . management monitors the liquidity of aspen holdings and of each of its operating subsidiaries and arranges credit facilities to enhance short-term liquidity resources on a stand-by basis . as a holding company , aspen holdings relies on dividends and other distributions from its operating subsidiaries to provide cash flow to meet ongoing cash requirements , including any future debt service payments and other expenses , and to pay dividends , if any , to our preference and ordinary shareholders . during the year ended december 31 , 2017 , aspen holdings received dividends of $ 360.0 million ( 2016 — $ 234.5 million ) from aspen bermuda and $ 13.6 million ( 2016 — $ 63.4 million ) from aspen european . in addition , aspen holdings received $ 18.7 million in respect of an intercompany loan from aspen european ( 2016 — $ 21.6 million ) . as at december 31 , 2017 , aspen holdings held $ 111.4 million ( december 31 , 2016 — $ 327.1 million ) of cash , cash equivalents and investments with the reduction largely due to the costs associated with the redemption of the 7.401 % preference shares on january 3 , 2017 and the redemption of the 7.250 % preference shares on july 3 , 2017. management considers the current cash and cash equivalents , together with dividends declared or expected to be declared by subsidiary companies and our credit facilities , sufficient to appropriately satisfy the liquidity requirements of aspen holdings . aspen holdings ' liquidity depends on dividends , capital distributions and interest payments from our operating subsidiaries . aspen holdings has recourse to the credit facility described below .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity liquidity is a measure of a company 's ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations . management monitors the liquidity of aspen holdings and of each of its operating subsidiaries and arranges credit facilities to enhance short-term liquidity resources on a stand-by basis . as a holding company , aspen holdings relies on dividends and other distributions from its operating subsidiaries to provide cash flow to meet ongoing cash requirements , including any future debt service payments and other expenses , and to pay dividends , if any , to our preference and ordinary shareholders . during the year ended december 31 , 2017 , aspen holdings received dividends of $ 360.0 million ( 2016 — $ 234.5 million ) from aspen bermuda and $ 13.6 million ( 2016 — $ 63.4 million ) from aspen european . in addition , aspen holdings received $ 18.7 million in respect of an intercompany loan from aspen european ( 2016 — $ 21.6 million ) . as at december 31 , 2017 , aspen holdings held $ 111.4 million ( december 31 , 2016 — $ 327.1 million ) of cash , cash equivalents and investments with the reduction largely due to the costs associated with the redemption of the 7.401 % preference shares on january 3 , 2017 and the redemption of the 7.250 % preference shares on july 3 , 2017. management considers the current cash and cash equivalents , together with dividends declared or expected to be declared by subsidiary companies and our credit facilities , sufficient to appropriately satisfy the liquidity requirements of aspen holdings . aspen holdings ' liquidity depends on dividends , capital distributions and interest payments from our operating subsidiaries . aspen holdings has recourse to the credit facility described below .
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 Suspicious Activity Report : we also expect to spend a total of approximately $ 55 million in incremental capital expenditure , primarily information technology , in 2018 and 2019 that we expect to be amortized over a period of three to five years from the start of 2020. in 2017 , we have recognized $ 15.2 million of expense associated with the effectiveness and efficiency program . in our insurance segment , we experienced a significant underwriting loss due to a combination of catastrophe losses and an increased incidence of large losses and attritional losses . gross written premium for the insurance segment was $ 1.81 billion in 2017 , an increase of 4.5 % from 2016 . our combined ratio in insurance was 117.9 % in 2017 compared to 99.6 % in 2016 . in our reinsurance segment , our results were dominated by the significant level of natural catastrophe losses primarily in the u.s. gross written premium for the reinsurance segment for 2017 was $ 1.55 billion , an increase of 9.6 % from 2016 , with growth primarily in specialty lines . the combined ratio was 125.1 % in 2017 compared to 90.0 % in 2016 . on december 18 , 2017 , the company acquired through its wholly-owned subsidiary , aspen u.s. holdings , a 23.2 % share of crop re services llc ( “ crop re ” ) , a newly formed u.s.-based subsidiary of cgb diversified services , inc ( “ cgb ds ” ) in exchange for the sale of ag logic holdings , llc and its affiliates ( “ agrilogic ” ) , the company 's u.s. crop insurance business . for further information regarding this transaction , see note 6 of our consolidated financial statements , “ investments . ” total ceded written premiums in 2017 increase d by $ 595.1 million compared to 2016 . ceded written premiums increased in both our insurance and reinsurance segments due to the purchase of a whole account quota share contract . ceded reinsurance premiums increased for our insurance segment due to the restructure of our ceded reinsurance arrangements through the use of significant quota share reinsurance arrangements and the recognition of ceded premiums to reinstate cover following catastrophe and other large losses . ceded premiums also increased in the reinsurance segment due to increased gross written premiums written in conjunction with increased retrocession to third parties , an increase in ceded reinsurance premiums following the sale of agrilogic in december 2017 and due to the recognition of additional ceded premiums as a result of reinstating cover following catastrophe losses . capital management . we continue to focus on capital management and maintain our capital at an appropriate level . in 2017 , we repurchased 648,941 ordinary shares for a total consideration of $ 30.0 million . in addition , in the second quarter of 2017 , we increased our quarterly dividend on our ordinary shares from $ 0.22 to $ 0.24 per ordinary share . on february 8 , 2017 , our board of directors also authorized a new share repurchase program of $ 250.0 million . the share repurchase authorization , which is effective through february 8 , 2019 , permits us to effect repurchases from time to time through a combination of transactions . 74 on january 3 , 2017 , we also elected to redeem all of the outstanding 7.401 % preference shares . each holder of a 7.401 % preference share received $ 25 per 7.401 % preference share , plus any declared and unpaid dividends . we likewise elected to redeem all of the outstanding 7.250 % preference shares on july 3 , 2017. each holder of a 7.250 % preference share received $ 25 per 7.250 % preference share , plus any declared and unpaid dividends . investment management . we follow an investment strategy designed to emphasize the preservation of capital and provide sufficient liquidity for the prompt payment of claims . as of december 31 , 2017 , our investments consisted of a diversified portfolio of fixed income securities including u.s. dollar bbb emerging market debt , global equities and money market funds . our overall portfolio strategy remains focused on high quality fixed income investments . in the third quarter of 2017 , we took advantage of rising equity markets and sold $ 208.1 million of our equity portfolio . proceeds from the sales were reinvested into a core fixed income strategy . as at december 31 , 2017 , we had a 5.8 % ( 2016 — 6.8 % ) position in equities , a 4 % ( 2016 — 3.8 % ) position in u.s. dollar bbb emerging market debt and 0.2 % ( 2016 — 0.2 % ) in risk asset portfolio cash . as at december 31 , 2017 , approximately 10 % of our total cash and investments , excluding catastrophe bonds and funds held by variable interest entities ( the “ managed portfolio ” ) , was invested in equities and u.s. dollar bbb emerging market debt ( 2016 — 10.8 % ) . 75 financial overview the following overview of our 2017 , 2016 and 2015 operating results and financial condition is intended to identify important themes and should be read in conjunction with the more detailed discussion further below . operating highlights gross written premiums of $ 3,360.9 million in 2017 , an increase of 6.8 % from 2016 . combined ratio of 125.7 % for 2017 , including $ 561.9 million , or 24.6 percentage points of pre-tax catastrophe losses , net of reinsurance and reinstatements , compared with 98.5 % for 2016 , which included $ 164.4 million or 6.3 percentage points of pre-tax catastrophe losses , net of reinsurance and reinstatements , and 91.9 % for 2015 , which included $ 90.5 million or 3.7 percentage points of pre-tax catastrophe losses , net of reinsurance and reinstatements . story_separator_special_tag in addition , we expect the recently enacted u.s. tax cuts and jobs act of 2017 to have a modest impact on the amount of tax that we will pay . we expect that the u.s. tax bill will decrease net income by approximately $ 10 million or more in 2018 although the ultimate impact will depend on where our profits are generated . see “ risk factors ” and “ cautionary statement regarding forward-looking statements ” included in this report . recent developments on january 5 , 2018 , we notified the prudential regulation authority of our intention to close aspen u.k. 's branches in paris , france and cologne , germany . we expect these branches to be closed during the first quarter of 2018. during january 2018 , we sold $ 206.9 million of equity securities from our investment portfolio and realized a net gain of $ 36.7 million . 79 on january 26 , 2018 , s & p affirmed the ratings of our operating subsidiaries but changed their outlook to negative from stable . on february 6 , 2018 , moody 's affirmed the ratings of our operating subsidiaries but changed their outlook to negative from stable . both rating agencies stated certain factors which , if not achieved , could lead the relevant rating agency to downgrade the ratings of our operating subsidiaries . see “ risk factors — our operating subsidiaries are rated and our lloyd 's business benefits from a rating by one or more of a.m. best , s & p and moody 's and a decline in any of these ratings could adversely affect our standing among brokers and customers and cause our premiums and earnings to decrease and limit our ability to pay dividends on our ordinary shares ” for a discussion of some potential risks relating to our ratings . critical accounting policies our consolidated financial statements contain certain amounts that are inherently subjective in nature and require management to make assumptions and best estimates to determine the reported values . we believe that the following critical accounting policies affect the more significant estimates used in the preparation of our consolidated financial statements . a statement of all the significant accounting policies we use to prepare our financial statements is included in the notes to the consolidated financial statements . if factors such as those described in part i , item 1a , “ risk factors ” cause actual events to differ from the assumptions used in applying the accounting policy and calculating financial results , there could be a material adverse effect on our operating results , financial condition and liquidity . written premiums written premiums comprise the estimated premiums on contracts of insurance and reinsurance entered into in the reporting period , except in the case of proportional reinsurance contracts , where written premiums relate only to our estimated proportional share of premiums due on contracts entered into by the ceding company prior to the end of the reporting period . all premium estimates are reviewed regularly , comparing actual reported premiums to expected ultimate premiums along with a review of the collectability of premiums receivable . based on management 's review , the appropriateness of the premium estimates is evaluated , and any adjustments to these estimates are recorded in the periods in which they become known . adjustments to original premium estimates could be material and these adjustments may directly and significantly impact earnings in the period they are determined because the subject premium may be fully or substantially earned . we refer to premiums receivable which are not fixed at the inception of the contract as adjustment premiums . the proportion of adjustment premiums included in the premium estimates varies between business lines with the largest adjustment premiums associated with property and casualty reinsurance business and the smallest with property and liability insurance lines . adjustment premiums are most significant in relation to reinsurance contracts . different considerations apply to non-proportional and proportional treaties as follows : non-proportional treaties . a large number of the reinsurance contracts we write are written on a non-proportional or excess of loss treaty basis . as the ultimate level of business written by each cedant can only be estimated at the time the reinsurance is placed , the reinsurance contracts generally stipulate a minimum and deposit premium payable under the contract with an adjustable premium determined by variables such as the number of contracts covered by the reinsurance , the total premium received by the cedant and the nature of the exposures assumed . minimum and deposit premiums generally cover the majority of premiums due under such treaty reinsurance contracts and the adjustable portion of the premium is usually a small portion of the total premium receivable . for excess of loss contracts , the minimum and deposit premium , as defined in the contract , is generally considered to be the best estimate of the contract 's written premium at inception . accordingly , this is the amount we generally record as written premium in the period the underlying risks incept . during the life of a contract , notifications from cedants and brokers may affect the estimate of ultimate premium and result in either increases or reductions in reported revenue . changes in estimated adjustable premiums do not generally have a significant impact on short-term liquidity as the payment of adjustment premiums generally occurs after the expiration of a contract . many non-proportional treaties also include a provision for the payment to us by the cedant of reinstatement premiums based on loss experience under such contracts . reinstatement premiums are the premiums charged for the restoration of the reinsurance limit of an excess of loss contract to its full amount after payment by the reinsurer of losses as a result of an occurrence . these premiums relate to the future coverage obtained during the remainder of the initial policy term and are included in revenue

