Profits tumble at Aspen

bermuda-beach-view

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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