Aspen Insurance Holdings Ltd. reported first quarter earnings dropped 13 percent compared to last year' comparable period.

The Bermuda-based carrier reported a net profit of $61.8 million compared to 70. 1 million in the first quarter of 2005.

Net premiums written dropped 29 percent to $451.9 million in the first quarter, compared to $632.4 million in the first quarter of last year.

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