Aspen profits hit by NZ and casualty deterioration
Fourth quarter net and operating profits slipped at Aspen Insurance Holdings as deteriorating losses from the New Zealand earthquake hit its bottom line.
Net profits were down 26.6 percent to $92.7mn for the period, while operating profits fell 34.2 percent to $85.0mn, as a relatively solid performance by its reinsurance division was offset by an underwriting loss in its insurance business.
The Bermudian (re)insurer's combined ratio reflected a previously announced increase in loss provisions relating to September's Christchurch temblor, but...
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