Aspen Insurance Holdings says its third-quarter profit skyrocketed on lower catastrophe losses and favorable reserve development.
Aspen says third-quarter net income was $115.1 million compared to net income of $21.2 million during the same quarter in 2011.
Profit from the third quarter makes up nearly 83 percent of Aspen's net income thus far in 2012. The Hamilton, Bermuda-based insurer and reinsurer recorded $278.4 million in net income after nine months compared to a net loss of $122.5 million after nine months in 2011—a year marked with catastrophes such as the Japan and New Zealand earthquakes.
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