Aspen reports annual loss in 2011

by Richard Kilner

Story link: Aspen reports annual loss in 2011

Aspen Insurance Holdings Limited has reported its financial results for 2011 and for the fourth quarter of the year.

Aspen reported quarterly net income of $13.5m, equating to $0.11 per diluted share.

This marks a decline from the $1.12 per diluted share the firm managed in the corresponding period last year and was just under half the $0.23 per diluted share it made in Q3 2011.

Quarterly gross written premiums increased, year-on-year, from $412.8m to $458.7m.

The firm also stated that it had made an annual net loss of $105.8m ($1.82 per diluted share), compared to a net profit of $312.7m in 2010.

Chief Eexecutive Officer Chris O’Kane said that the combination of global economic uncertainty and widespread natural disasters in 2011 had made the year a difficult one for the insurance industry.