(Re)insurer's nine-month combined ratio jumps to 97.2% from 84%
Bermuda-based (re)insurer Aspen Insurance Holdings increased reserves by $6.2m in the third quarter, having released $44.2m of reserves in the same period last year.
Reserve releases for the first nine months of the year were $8.8m, down sharply from the $71m released in the first nine months of 2009.
Net income for the first nine months of 2010 fell to $220m from $347.6m. The combined ratio jumped to 97.2% from 84.0%.
The group-wide third-quarter reserve strengthening was driven by a $9.5m reserve boost at the company's insurance segment, which arose mainly from the financial and professional lines business. The boost compares with $11m of releases in the third quarter last year. The insurance segment's underwriting loss in the third quarter was $13.4m, compared with a profit of $20.9m in the same period last year. The segment's combined ratio increased to 107.3% from 88.6%.
The reinsurance segment made an underwriting profit of $53m in the third quarter of 2010, down from $86.3m in the same period last year. The combined ratio rose to 80.1% from 70.1%
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.
