NU Online News Service, Feb. 7, 3:16 p.m. EDT
Aspen Insurance Holdings says it posted after-tax net income of $13.5 million for the 2011 fourth quarter on $101.5 million of net losses from natural catastrophes occurring during the fourth quarter and increases to previous 2011 catastrophe estimates.
Fourth quarter profit dropped more than 85 percent compared to the same period a year ago.
For the full year 2011, the Hamilton, Bermuda-based insurer says it recorded an after-tax net loss of $105.8 million as catastrophe losses outweighed good performance in casualty and specialty reinsurance lines.
In a statement, the company also says it enjoyed strong performance in its insurance segment, improving the loss ratio from 77.4 percent during the 2010 fourth quarter to 58 percent in the 2011 last quarter.
Aspen recorded a combined ratio of 124 in its reinsurance segment, which includes 42.7 points of catastrophe losses. The company had an 81.6 combined ratio in this segment in the 2010 fourth quarter.
Results were better in the insurance segment, where Aspen posted a combined ratio of 93.4 compared to 108.8 for the fourth quarter of 2010.
Chris O'Kane, chief executive officer, says, "The recent January renewals saw attractive rate increases in certain property catastrophe reinsurance lines and encouraging signs in many commercial insurance lines."
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