Aspen profits down 90 percent but insurance arm continues growth
Net profits at Aspen Insurance Holdings Ltd plummeted 90 percent from $108.9mn to $10.2mn in the second quarter as the bottom line was battered by $65.0mn of losses from record industry catastrophe events in the period.
Operating profits were down from $105.0mn to $31.9mn despite $32.8mn of reserve releases compared to just $2.1mn in the prior-year period.
The (re)insurer's combined ratio was 105.0 percent, up from 86.9 percent in the second quarter of 2010 generated on gross written premium that...
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