Aspen achieves record income for Q3

by Richard Kilner

Story link: Aspen achieves record income for Q3

Aspen Insurance has achieved its highest ever net income in the third quarter of 2007, increasing it by 28.7% on the same time the previous year to reach $117.2m.

The nine months’ income was also significantly higher than the corresponding period last year, up 36.8% to $353.8m.

Chris O’Kane, the firm’s CEO, has expressed his delight at the increasing income and Aspen’s continuing success. He cited the management and diversification of underwriting and the firm’s well-performing investment portfolio as the prime reasons behind the success.

The investments added $72.4m to Aspen’s net income, and hedge funds added $8m to investment income.

Catastrophe losses for the quarter were low, just $10m of which $7m was for the UK following the summer flooding.

This year has also seen Aspen entrance into the areas of global excess casualty, with a team in Dublin, and professional liability insurance, focused on business in the UK and Australia.