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Aspen defies ‘challenging’ market to grow Q2 profit

Aspen Insurance Holdings increased its second-quarter net income to $US75.8 million ($95.4 million) from $US64.9 million ($81.6 million) in the corresponding period last year.

Lower catastrophe losses and growth in several lines lifted the result.

Gross written premium (GWP) grew 2.5% to $US822.1 million ($1.03 billion) in the three months to June 30.

Insurance GWP gained 3.7% to $US486.5 million ($612 million) due to growth in the financial and professional lines segment, while reinsurance GWP improved 0.9% to $US335.6 million ($422.2 million) on increased business in the specialty segment.

The combined operating ratio improved to 100% from 100.7%.

“With a strong regional network and deep local relationships, the Aspen Re team has been able to capture new opportunities and again deliver strong results in an operating environment that remains challenging,” CEO Chris O’Kane said.

He hails “significant profitable growth in areas such as excess casualty, environmental liability, professional liability and related lines”.

Pre-tax catastrophe losses, net of reinsurance recoveries, fell to $US37.4 million ($47 million) during the June quarter from $US65.1 million ($81.9 million).

The loss ratio, including pre-tax catastrophe losses, improved to 61.6% from 65%.

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