Aspen Insurance Holdings’ first-quarter net profit fell to $US96.5 million ($129.23 million) from $US114.4 million ($153.2 million) in the corresponding period last year, hit by catastrophe losses and increased expenses.

Pre-tax catastrophe losses in the March quarter increased to $US29.1 million ($38.97 million) from $US18.7 million ($25.04 million).

CEO Chris O’Kane is pleased with the results, despite the profit decline.

“Aspen Re’s diversified business model, strong client relationships and highly innovative solutions continue to provide a winning combination, resulting once again in strong results for the quarter,” he said.

“At Aspen Insurance, we are focused on areas of expertise where we can provide our clients with the best service and capitalise on opportunities for profitable growth.”

Gross written premium grew 2.3% to $US998 million ($1.34 billion), but net written premium fell to $US686.2 million ($918.91 million) from $US799.7 million ($1.07 billion).

The combined operating ratio weakened to 97% from 91.6%, and the expense ratio increased to 40.5% from 37.7%.

Net investment income fell 3.6% to $US47.7 million ($63.88 million).