Bermuda-based Aspen Insurance Holdings reported second-quarter net income of $US49 million ($66.93 million), down from $US130.8 million ($178.66 million) in the corresponding period last year.

CEO Chris O’Kane says results were affected by US weather losses and an increased loss frequency in energy business.

“We reduced our exposure in certain energy-related Lloyd’s lines, where rates were under pressure and competition was intense, and as a result our level of insurance premiums declined,” he said. “This, combined with several mid-sized losses, had a negative effect on this quarter’s insurance results.”

But Mr O’Kane says the reinsurance segment “once again had an excellent performance”.

Gross written premium (GWP) fell 7.3% to $US722.8 million ($987.3 million), and the combined operating ratio deteriorated to 93.6% from 90.1%.

Investment income increased slightly to $US46.7 million ($63.8 million) from $US46.1 million ($63 million).

For the first half, GWP was $US1.64 billion ($2.24 billion), up 0.4% on the previous corresponding period, and net income fell 30% to $US177 million ($242.77 million).