Bermuda insurers and reinsurers report strong first-quarterearnings relative to a year ago, with several swinging back intothe black after reporting Q1 losses in 2011.

Among the winners: Aspen Insurance Holdings Inc., which reportsQ1 net income of $78.7 million, compared to a net loss of $152.8million one year ago.

Reinsurance payouts softenedlosses from severe weather and the Costa Concordia shipwreck in theinsurance segment.

Aspen says it booked a $27 million loss, net of reinsurancerecoveries and reinstatement premiums and taxes, during the firstquarter due to the Costa Concordia event. Additionally, theHamilton, Bermuda-based insurer reports $16.9 million incatastrophe losses from U.S. storms during February and March.

However, catastrophe losses were nowhere near the $255.9 million(net of reinsurance recoveries, reinstatement premiums and taxes)in losses suffered by Aspen during 2011's first quarter, whichincluded the earthquake and tsunami in Japan, an earthquake in NewZealand and flooding in Australia.

Everest Re reported Q1 2012 net income of $304.7 million, adramatic swing from the company's $315.9 million net loss in 2011'sfirst quarter.

Gross-written premiums were down 2 percent to $1.05 billion, butEverest Re's loss ratio dropped to 60.4 percent from 123.6 percenta year ago.

“Our underwriting portfolio, particularly forcatastrophe-exposed risks, has seen strong upward rate momentum,which is adding meaningfully to the risk-adjusted returns we wereable to achieve,” says Chairman and CEO Joseph V. Taranto.

Montpelier Re Holdings says net income available to commonshareholders was $107.1 million in Q1 2012 compared to a net lossof $104.3 million in 2011's first quarter. 

The company generated underwriting income of $66 millioncompared to an underwriting loss of $131 million a year ago, andthe combined ratio dropped to 58.9 compared to 178.8 in 2011'sfirst quarter.

Arch Capital Group reports first-quarter net income available tocommon shareholders of $157.8 million, compared to $19 million ayear ago.

Current-year catastrophe losses were $23 million compared to$178.7 million a year ago, and the company's combined ratio droppedto 90.1 compared to 110.

Arch reports underwriting income of $67.2 million for thequarter compared to an underwriting loss of $64 million a yearago.