Bermuda-based Aspen Insurance Holdings Ltd. reported a net income of $72.2 million, or $1.01 per diluted share, for the three months ended Dec. 31, 2004 and net income of $195.1 million, or $2.74 per diluted share, for the twelve months to Dec. 31, 2004.
Chris O’Kane, CEO, noted, “Our fourth quarter results demonstrate the fundamental strengths of Aspen’s business platform. Our diversification strategy and underwriting discipline have resulted in a strong finish to 2004, with which we are pleased. Our performance to date combined with sound balance sheet management have positioned us to take advantage of new business opportunities in 2005.”
Gross written premiums were $216.2 million for the fourth quarter 2004 and $1,586.2 million for the 12 months to Dec. 31, 2004.
Net investment income was $22.0 million for the fourth quarter 2004 and $68.3 million for the 12 months to Dec. 31, 2004.
The company reports separately on its reinsurance and insurance operations. Gross written premiums for the reinsurance segment were $95.1 million for the fourth quarter 2004 and $1,177.7 million for the 12 months to Dec. 31, 2004. The reinsurance operations reported a combined ratio of 75% for the fourth quarter 2004 and 85% for the 12 months to Dec. 31, 2004.
Gross written premiums for the insurance segment were $121.1 million for the fourth quarter 2004 and $408.5 million for the 12 months to Dec. 31, 2004. The insurance operations reported a combined ratio of 70% for the fourth quarter 2004 and 79% for the 12 months to Dec. 31, 2004.
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