Aspen insurance holdings' net income after tax for the first quarter of 2006 fell to $61.8m compared to $70.1m in the same period in 2005...
Aspen Insurance Holdings' net income after tax for the first quarter of 2006 fell to $61.8m compared to $70.1m in the same period in 2005.
Chris O'Kane, Aspen CEO, said: “During the first quarter we experienced a benign period for losses. Additionally, we were extremely active in re-focusing our property catastrophe exposures, which resulted in a major reduction in critical zone exposures beyond what we had contemplated in our planning."
"This also resulted in a meaningful reduction in premium. At January 1, in many cases, prices for catastrophe risk did not move sufficiently, but as the quarter progressed, we observed considerable strengthening of critical zone catastrophe pricing.
"We are encouraged by this trend and believe it will enable us to replace considerable parts of the business we have rejected with similar exposures at much better prices as the year advances."
