Aspen Insurance Holdings Ltd. on Wednesday reported $91.4 million in net income for the first quarter of 2009, a 12.6% rise compared with the same period in 2008.Gross written premiums were up 6.8% in the period to $636.8 million, while net earned premiums rose 14.2% to $447.3 million, the Hamilton, Bermuda-based insurer and reinsurer said.
Aspen’s property reinsurance segment reported a 19.7% rise in gross written premiums to $220.5 million in the quarter, which it attributed to improving market conditions and favorable prior-year premium development.
Gross written premiums in Aspen's casualty reinsurance operations increased 2.6% to $186.8 million.
For its insurance business, Aspen's U.S. insurance segment reported a 13.7% increase in gross written premiums to $34.8 million in the quarter. But its international insurance segment saw gross written premiums slide 2.3% in the quarter to $194.7 million.
Aspen's combined ratio improved to 84.5% in the quarter vs. 85.4% in 2008, it said.
