Aspen weathers Superstorm Sandy to return to profit
Aspen Insurance Holdings weathered the impact of Superstorm Sandy to post a $280.4m (£178.1m) profit for the year ended December 2012.
In 2012, Aspen blamed a "difficult year" as it reported a net loss of $105.8m and recorded a combined ratio of 115.6% for the full year 2011.
However, Aspen's combined ratio for 2012 dropped by 21% to 94.3%, which included 10.8% or $205m of pre-tax catastrophe losses, net of reinsurance and reinstatements.
Gross written premiums were also up 17% to $2.6bn but net investment income edged down from $225.6m in 2011 to $204.9m.
Aspen also announced a new $500m share repurchase authorisation to
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