Daily Insurance Industry News
Daily Insurance Industry News
Saturday 21st of July 2018
October 28, 2011

Aspen reports third quarter results

by Richard Kilner

Story link: Aspen reports third quarter results

Aspen Insurance Holdings Limited has reported that it made a net income of $22.2m ($0.23 per diluted share) in the third quarter of 2011.

This included net losses of $55m related to natural catastrophe events and increased estimates of losses due to severe weather in the US.

The quarterly net income is less than a quarter of that made in the corresponding period last year ($92.8m).

However, it is more than twice the net income achieved during the immediately preceding quarter (Q2 2011), when the firm made $10.2m.

Operating income declined, year-on-year, from $72m to $56.5m, with gross written premiums up from $415.8m to $495.6m.

In the first nine months of the year Aspen incurred a net loss of $119.3m, compared to a net profit of $220m in the first nine months of 2011.

Chief Executive Officer Chris O’Kane said that the quarter was dominated by macroeconomic issues, including the ongoing sovereign debt crisis in Europe.


News posted:

Related stories to Aspen reports third quarter results: