Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 22nd of January 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.

 

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