Bermuda-based insurer improves combined ratio to 90.4%
Aspen swung back to profit in the first half of 2012, driven by a lower level of catastrophes and improved pricing.
The Bermuda-based insurer reported net income after tax of $163.3m in the six months to 30 June 2012 compared to a loss of $143.7m for the same period in 2011.
Profits were up for the second quarter at $84.6m from $9.1m last year.
Aspen improved its combined ratio to 90.4% from 126.8% over the same period.
Gross written premiums increased to $1.4bn in the first half of the year from $1.3bn in 2011.
Aspen chief executive Chris O’Kane said: “I am very pleased with the strong results for the quarter as we enter the second half of the year, with a strong capital base and total assets now over $10bn.
“We continue to be committed to returning capital to shareholders through our share repurchase programme when we are not able to use our capital in a manner that we believe to be sufficiently productive.”
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.
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