Profits plunge at Aspen
Aspen Insurance has revealed a net loss after tax of $141.5m (£86.5m) for the six months to 30 June 2011 in contrast to a profit of $127.2m in the same period of 2010.
In the second quarter of 2011 the Bermuda-based company, which recently acquired renewal business from M4, made a profit of $10.2m, a dramatic fall from 2010 when it made $108.9m in the same period.
Aspen's combined ratio for the first six months of 2011 was 126.6% (H1 2010: 98.4%).
The provider also declared a 3.7% fall in net earned premium to $912.2m (H1 2010: $947.5m) while gross written premium rose marginally to $1253.5m (H1 2010: $1,238.2m).
A breakdown of its insurance division
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