Aspen reports 50% jump in COR as it increases GWP by $100m
Aspen Insurance Holdings reported an improvement of more than 50% to its combined operating ratio (COR) from 148.7% in the first three months of 2011 to 93.8% in the first quarter of 2012.
COR for the insurance arm of the business deteriorated slightly from 100.1% in the three months ended March 2011 to 104.2% for the first quarter of 2012, a change the company attributed primarily to $26.5m worth of losses arising out of the Costa Concordia disaster.
The insurer reported 16.5% growth in gross written premiums (GWP) in Q1 2012, up to $782.1m (£482.9m) from $671.3m in the same period of 2011.
GWP for the insurance segment of the business was up 31.5% to $307.9m, compared with $234
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