NU Online News Service, April 26, 2:14 p.m.EDT

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

Aspen Insurance Holdings Inc. says Q1 net income was $78.7million, compared to a net loss of $152.8 million a year ago.

Reinsurance results bolstered losses from severe weather and theCosta Concordia event in the insurance 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 wreck in Italy. Additionally, the Hamilton,Bermuda-based insurer reports $16.9 million in catastrophe lossesfrom U.S. storms during February and March.

However, catastrophe losses were nowhere near the $255.9million—net of reinsurance recoveries, reinstatement premiums andtaxes—of losses suffered by Aspen during 2011's first quarter,which included the earthquake and tsunami in Japan, an earthquakein New Zealand, and flooding inAustralia.

Everest Re reported 2012 Q1 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.

Chairman and Chief Executive Officer Joseph V. Taranto says,“Our underwriting portfolio, particularly for catastrophe-exposedrisks, has seen strong upward rate momentum, which is addingmeaningfully to the risk-adjusted returns we were able toachieve.

Montpelier Re Holdings says net income available to commonshareholders was $107.1 million in the 2012 first quarter comparedto a net loss of $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 2012 first-quarter net incomeavailable to common shareholders of $157.8 million compared to $19million a year 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.