Aspen says second-quarter net income was more than halved due to$58.7 million in catastrophe losses.
|Second-quarter income was $40.1 million, compared to $84.6million during the same period a year ago.
|The company's gross written premiums increased overall by 3.1percent to $687.3 million in the second quarter. Gross writtenpremiums in the insurance business grew by 6.0 percent for thequarter, but were tempered by flat reinsurance growth.
|Growth in the insurance segment was attributed to growth inglobal Marine, Energy and Construction Liability, Global Casualtyand U.S. Programs, Professional Liability and Marine lines ofinsurance, Aspen says.
|The combined ratio for the second quarter of the year was 97.1percent versus 87.3 percent last year. Pretax catastrophe losses of$58.7 million added 10.9 points to the combined ratio, compared tono catastrophe losses in the second quarter of last year.
|In its insurance segment, Aspen posted a second-quarter combinedratio of 99.8 compared to 92.2 a year ago. The insurance combinedratio included $6.9 million of pre-tax catastrophe reinsurancerecoveries and reinstatement premiums related to U.S. hailstormsand tornadoes. Aspen also reported a favorable prior-year lossreserve development of $3.3 million compared with $14.5 million forthe second quarter of 2012.
|Aspen's combined ratio in its reinsurance segment was 88.9percent this quarter compared with 79.0 percent for the secondquarter of 2012. $51.8 million, or 19.4 percentage points, wererelated to flooding in Central Europe, Canada and India, andtornadoes and hailstorms in the U.S.
|Aspen's six-month net income was $131.9 million in 2013, downfrom $163.3 million in 2012.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
Already have an account? Sign In
© 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.
