Aspen Insurance Holdings, a Bermuda-based property and casualty reinsurer, has reported a net income after tax of $10.2m, or $0.06 per diluted share, for the second quarter of 2011, compared to $108.9m, or $1.28 per diluted share, in the same quarter of 2010.
Aspen said the net income included $65m of losses resulting from the natural catastrophe events that occurred during the second quarter of 2011, net of reinsurance recoveries, reinstatement premiums and taxes.
Gross written premiums were $582m in the second quarter of 2011, up 6.7%, compared to $545.4m for the second quarter of 2010.
Net premiums earned for the second quarter of 2011 were $459.8m, compared to $479.9m in the second quarter of 2010.
The operating income was $31.9m in the second quarter of 2011, compared to $105.0m for the same period last year.
Aspen Insurance Holdings CEO Chris O’Kane said these positive results were achieved despite above average levels of natural catastrophes, low investment yields, and varied market conditions.