Aspen Insurance Holdings profits drop in 2010

HAMILTON, Bermuda—Aspen Insurance Holdings Ltd. on Monday said its net income after tax for 2010 was $312.7 million, a decrease from net income of $473.9 million a year ago.

Gross written premiums increased by 0.5% in 2010 to $2.08 billion, Aspen said. Investment income fell by 6.6% to $232 million in 2010.

Aspen’s combined ratio for 2010 was 96.7%, compared with 84.1% in 2009.

Chris O’Kane, CEO of Aspen, said in a statement that the Hamilton, Bermuda-based insurer and reinsurer’s results had seen a “significant impact from natural catastrophes.”

Aspen announced in December that it was increasing its estimate from the September 2010 earthquake in New Zealand to $53 million from a previously announced estimate of $20 million.