Aspen weathers Superstorm Sandy to return to profit

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