Aspen suffers Q1 losses
by Richard Kilner
Story link: Aspen suffers Q1 losses
Aspen Insurance Holdings Limited has reported that during the first three months of the year, it incurred a net loss of $151.7m, equating to $2.40 per diluted ordinary share.
During the same period last year the firm made a net profit of $18.3m.
Gross written premiums declined, year-on-year, by 4.5% to $671.3m, with net investment income down 6.6% to $55.5m.
Chief Executive Officer Chris O’Kane described the first quarter of the year as a time of exceptionally high levels of catastrophe.
The numerous global disasters had a significant impact on Aspen’s reinsurance segment, although its insurance business did turn in a modest profit.
O’Kane stressed that the firm’s capital position remained strong and that it was well-placed for the future, when the pricing environment improves.