Bermuda-based (re)insurer Aspen Insurance Holdings made a loss of $141.5m (£86.3m) in the first half of 2011, compared with a $127.2m loss in the same period last year.

The company’s combined ratio increased to a loss-making 126.6% from a profitable 98.4%. This was despite prior-year reserve releases of $54.7m (H1 2010: $15m).

In the second quarter of 2011 alone, Aspen made a profit of $10.2m, a 91% drop from the $108.9m it made in last year’s second quarter.

Despite the slump in profits, Aspen chief executive Chris O’Kane praised the second quarter result given the difficult market conditions. “Our performance in the second quarter of 2011 reflects the continued successful execution of our diversified business strategy,” he said in a statement. ““These positive results were achieved despite above average levels of natural catastrophes, low investment yields, and varied market conditions.”

He added that there are signs of improving market conditions, particularly in property reinsurance.

Aspen’s first-half gross written premiums were flat at $1.3bn.

Aspen’s H1 2011 results in $m (compared with H1 2010)

  • Gross written premium: 1,253.5 (1,248.2)
  • After tax result: -141.5 (+127.2)
  • Combined ratio: 126.6% (98.4%)
  • Reserve releases: 54.7 (15)

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