NU Online News Service, Oct. 29, 3:55 p.m.EDT

|

In a dramatic turnaround from its 2008 third quarter net loss of$126.1 million, Aspen Insurance Holdings Limited reported thirdquarter net income of $144.7 million.

|

Chris O'Kane, chief executive officer of the Hamilton,Bermuda-based (re)insurer credited the changed profit picture to abenign period for catastrophe losses, improvement in investmentmarkets, and strong performance from the company's propertyreinsurance segment.

|

For the first nine months of 2009, Aspen reported net income of$346.5 million, a 323 percent increase over the same period in 2008figure of $82 million.

|

In the third quarter, gross written premiums were $490.3 millioncompared to 2008 third quarter gross written premiums of $441.3million. Net earned premiums climbed to $470.9 million from $434.2million in the 2008 third quarter.

|

For property reinsurance, gross written premiums increased by 12percent to $171.2 million, Aspen said. Casualty reinsurance showeda 21.1 percent increase to $96.5 million, and internationalreinsurance stayed relatively flat at $183.9 million. The U.S.insurance segment saw gross written premiums increase to $38.7million from a 2008 third quarter figure of $28 million.

|

The 2009 third quarter combined ratio was 80.3, compared to the2008 third quarter combined ratio of 123.3. In propertyreinsurance, the combined ratio fell to 58.1 from 146 for the sameperiod in 2008, which was affected by Hurricane Ike losses.Casualty reinsurance saw the third quarter combined ratio drop to88.3 from 90.4, while international reinsurance fell to 89.8 from119.4. For U.S. insurance, the 2009 third quarter combined ratiofell to 96.6 compared to 172.1 for the same period in 2008.

|

On the investment side, Aspen reported third quarter netinvestment income of $58.9 million compared to 2008 third quarternet investment income of $19.3 million. The company also reportednet realized and unrealized gains of $13.5 million for the quartercompared to a loss of $58.1 million in the previous year's thirdquarter.

|

"The third quarter of 2008 featured $42.2 million of losses fromfunds of hedge funds investments," Aspen said. "The fund of hedgefund investments were redeemed effective June 30, 2009."

|

The company added, "The current quarter included $7.5 million ofmark-to-market gains from the trading portfolios and $1.8 millionof other-than-temporary impairment charges."

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.