Profits tumble at Aspen
Aspen Insurance Holdings has revealed a 76% fall in third quarter profits to $22.2m (£13.8m) compared to the same period of 2010 when it made $92.8m.
The Bermuda-based insurer saw a near 20% increase in gross written premiums for the three months ending 30 September to $495.6m (Q3 2010: $415.8m).
However its combined operating ratio deteriorated to 96.7% from 94.4% in the same period of 2010.
However, for the year to date the insurer's combined operating ratio is 116.1% with after tax losses currently totalling $119.3m.
Chris O'Kane, chief executive officer at Aspen, said: "This was a quarter dominated by macroeconomic issues ranging from the
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