Aspen takes $23.5 million hit for U.K. floods

HAMILTON, Bermuda— Aspen Insurance Holdings Ltd., the Bermuda-based insurance and reinsurance company, reported a loss of $23.5 million for the floods that ravaged Northern England in June within its second quarter results.

Overall, the company reported a net profit of $114.7 million compared with $101.8 million for the same quarter in 2006, up 13%.

For the first half of 2007, net profit was $236.6 million against $163.6 million for the first half of 2006, an increase of 45%.

The combined ratio for the second quarter of 2007 was 88.4% versus 81.6% for the same quarter in 2006, Aspen said in a statement.

Net earned premium increased for the quarter to $451.2 million versus $429.0 million in the same period in 2006, up 5%.