Aspen’s First Quarter Impacted By Chile Loss
Bermuda-based Aspen Insurance Holdings reported a first quarter net income of $18.3 million, down from $91.4 million in the same quarter last year, which is attributed to the $100.3 million loss from the earthquake in Chile.
Chris O’Kane, Chief Executive Officer said:
The first quarter of 2010 saw an exceptionally high number of natural catastrophes around the world. Catastrophic events in France, Australia and the U.S. had minimal impact on our performance, while our experience in the earthquake in Chile is in line with our expectations but nevertheless has had a significant impact on results in the quarter.
Underwriting conditions generally have continued to deteriorate and we are therefore continuing with our approach, whereby we tend to reduce exposure where prices are falling while carefully allocating more capital where appropriate to the areas where prices are being maintained and to those few areas where we are seeing price increases.
The 2010 first quarter net profit after tax of $18.3 million and operating earnings of $0.01 per diluted ordinary share, compares to a net profit after tax of $91.4 million, and operating earnings of $1.18 per diluted share for the first quarter last year.
Losses from the Chilean earthquake of $100.3 million, after tax and net of reinstatement premiums, accounted for a reduction of $1.25 in diluted earnings per share for the quarter.
Book value per share on a diluted basis of $34.62 increased by 18.5% when compared to March 31, 2009 and by 1.4% since the end of December 2009, mainly as a result of a $22.0 million increase in unrealized gains, net of tax, from the fixed income investment portfolio generated during the first quarter of 2010.
Other 2010 first quarter results of Bermuda based companies here.
