Aspen Insurance profit rises 31% in 2014 first quarter
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Aspen Insurance Holdings Ltd. on Wednesday reported net income of $120.4 million for the first quarter of 2014, an increase of 31.2% over the prior-year period.
Net premiums written increased 16.8% to $697.5 million for the three months ended March 31, while net investment income grew 2.5% to $49.5 million, the Hamilton, Bermuda-based insurer and reinsurer said in its earnings statement.
Broken out, insurance net premiums written increased 10.5% over the first quarter of 2013 to $442.6 million, while reinsurance premiums grew 29.7% to $254.9 million, Aspen said.
The company's combined ratio for the three months improved to 87.6% from 90.1% during the year-ago quarter.
“We continue to execute on targeted growth opportunities building off of our prior investments and the strength of our teams,” Aspen CEO Chris O'Kane said in the statement. “Our annualized operating return on average equity was 14.8%, the highest quarterly ROE since we began significant investments in our U.S. insurance lines in 2010.”
Aspen's U.S. insurance teams “continued their trajectory of profitable growth” while its international insurance business “achieved a solid quarter,” said Mr. O'Kane.
Aspen's reinsurance business had another strong quarter, he added.
Aspen is in the midst of fighting off a hostile $3.2 billion cash-and-stock takeover bid from fellow Bermuda reinsurer Endurance Specialty Holdings Ltd., based in Pembroke, Bermuda.
