Aspen Insurance has reported record quarterly results for the period ended 31 December 2006, and for the full year 2006. Net income was $119.5m for the fourth quarter of 2006, the highest income Aspen has achieved in any quarter, and $378.1m for the full year.
Net investment income in the fourth quarter of 2006 increased by 59.5% to $62.7m compared to the fourth quarter of 2005, and was up 68.5% to $204.4m for the full year versus $121.3 million for 2005.
The combined ratio for the fourth quarter of 2006 was 76.8% versus 104.8% for the same quarter in 2005. For the full year, the 2006 combined ratio was 82.4% compared to 117.2% for 2005.
Chief executive Chris O'Kane said: “The net income we achieved in the final quarter of 2006 is the highest of any quarter in the history of Aspen and contributed to a record full year result.
"I am particularly pleased that we achieved these results in a transitional year, where we reduced catastrophe exposures by about 50% while maintaining significant retrocessional spend. This underscores the strengths of our diversified business model and is highly encouraging for 2007 and beyond.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
